Indicating the serious impact the US Foreign Account Tax Compliance Act (FATCA) is anticipated to have on people in the Cayman Islands, Cayman Finance and the Government’s Ministry for Financial Services have again joined forces to bring another FATCA seminar to those individuals wanting further information on how it will affect them. This time the seminar will focus on how the new legislation will impact the individual rather than business.
To be held at the Westin Grand Cayman on Thursday 3rd October from 4:00 – 6:00 PM, all persons born in the US, holding a US passport or a green card, or who have a US address are encouraged to attend and find out more about what needs to be done to prepare themselves for compliance.
Financial Services Minister Wayne Panton said that while Cayman’s financial services industry has been working diligently to prepare for FATCA, local residents also need to take careful note.
“This may be an American law, but it has impact and consequences in the Cayman Islands as well. Everyone with a close US connection will likely be affected by FATCA to some degree,” he warns.
Minister Panton said he is delighted his Ministry is again teaming up with Cayman Finance to ensure this important information reaches as broad an audience as possible.
“We have continued to strengthen our relationship with Cayman Finance, and we are very happy to be able to reinforce our message by joining forces with the private sector in this way,” he states.
Gonzalo Jalles, CEO of Cayman Finance, furthers the Minister’s message with regard to just how high a priority FATCA needs to be given by anyone with a US connection. He says if you are a US person, as defined by the IRS, living or working in the Cayman Islands, it is necessary for you to understand the effect FATCA regulations may have on your particular situation.
“The way taxes are levied in the US means, for example, all Caymanians born in the US (even if they never lived there nor have a US passport) are liable to pay taxes and file tax returns yearly,” he explains. “FATCA will expose those persons who have not been complying with the US tax law, including some Caymanians. It is therefore vital people are fully aware of how the legislation can impact them.”
The Seminar is sponsored by Dillon Eustace and KPMG. Confirmed speakers include Councillor Roy McTaggart with the Ministry for Financial Services; Steven L. Cantor, Cantor & Webb P.A.; and Doug Harrell of KPMG.