Offshore FATCA Compliance

FATCA Advice to Foreign Entities and Individuals

The main purpose behind the Foreign Account Tax Compliant Act (FATCA) is to gather information on offshore U.S. financial accounts and discourage U.S. citizens from hiding their money outside the United States.

As a part of increased U.S. compliance and informational reporting, the United States has entered into Inter-Governmental Agreements (IGAs) between many foreign countries. IGAs are categorized as Model 1 or Model 2. Depending on the different Model, FFIs in each country has to report to the local tax authority or to the IRS.

FFIs that are not compliant under FATCA, 30% withholding tax will be imposed upon on all U.S. source FDAP income payments to the FFIs.

THEVOZ Attorneys has offices in Switzerland and in the United States and provides FATCA advice to clients worldwide.

FATCA Compliance:

  • FATCA classification
  • FFI registration and certification
  • FATCA due diligence on account holders, investors, and payees
  • Reporting to the IRS or to the local tax authority
  • FATCA withholding
  • FATCA record detention and management

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