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FATCA: are you up to date?

As the global reach of FATCA becomes ever more real and invasive, Iain Younger provides a comprehensive summary and update on the legislation

29 September 2015

Although forming part of the Hiring Incentives to Restore Employment (HIRE) act, the impact of FATCA has been felt far more widely than the US and its territories.

As is now commonly understood, the US tax system for citizens and green card holders is global, irrespective of where the taxpayer actually lives. As such, it was necessary to introduce a system of enforcing US tax compliance, which is the sole purpose of FATCA, that itself is global.

In the five years that have passed, there have been many changes to the way in which FATCA is intended to be implemented. Many of these changes have occurred as a result of the reaction from taxpayers, financial institutions and governments.

How does FATCA work?

FATCA is intended to enforce full tax compliance by all US persons in respect of their foreign (i.e. non-US) i...

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