FATCA and Insurance. Ninth Annual International Insurance Training Program

Size: px
Start display at page:

Download "FATCA and Insurance. Ninth Annual International Insurance Training Program"

Transcription

1 Ninth Annual International Insurance Training Program FATCA and Insurance Stewart Kasner, Baker & McKenzie LLP, Miami Lyubomir Georgiev, Baker & McKenzie Zurich Four Points by Sheraton Zurich, Switzerland January 30, Baker & McKenzie 2013 Baker & McKenzie 1

2 Foreign Account Tax Compliance Act (FATCA) Goal Incentive Actions Information reporting of US persons investing through a non- US ("foreign") financial institution ("FFI") 30% withholding tax on certain US source payments to an FFI that does not participate Passthru Payment Withholding by FFIs FFI to enter into an agreement with the IRS Non-US jurisdictions to enter into intergovernmental agreement with the USA 2013 Baker & McKenzie 2

3 FATCA - FFI Definition A Foreign Financial Institution (FFI) includes: a foreign entity that is an insurance company that issues or is obligated to make payments with respect to a cash value insurance or annuity contract a holding company that is a member of an expanded affiliated group that includes an insurance company if it issues or is obligated to make payments with respect to a cash value insurance contract or annuity contract 2013 Baker & McKenzie 3

4 FATCA - Insurance Company Definition Insurance company means an entity or arrangement i. That is regulated as an insurance business under the laws, regulations, or practices of any jurisdiction in which the company does business; or ii. The gross income of which arising from insurance, reinsurance, and annuity contracts (e.g. gross premiums and gross investment income) for the immediately preceding calendar year exceeds 50% of total gross income for such year; or 2013 Baker & McKenzie 4

5 FATCA - Insurance Company Definition Insurance company means an entity or arrangement iii. The aggregate value of the assets of which associated with insurance, reinsurance, and annuity contracts at any time during the immediately preceding calendar year exceeds 50% of total assets at any time during such year. Plain language definition Local law definitions and practices 2013 Baker & McKenzie 5

6 FATCA - Insurance Company Non-US insurance company that has made US Internal Revenue Code section 953(d) election but is not licensed to do business in any State of the USA Election for limited reporting: (1) a cash value or annuity contract s account balance or value; (2) any amount paid under the contract as a gross distribution on Form 1099-R; and (3) Indication that the taxable amount is not determined 2013 Baker & McKenzie 6

7 FATCA - Insurance Companies An insurance company that is not a specified insurance company must independently determine whether it is a depository institution, custodial institution, or investment entity The reserve activities with respect to its insurance contracts and annuity contracts are not taken into consideration in that determination An foreign insurance company that is not an FFI is an Non-Financial Foreign Entity (NFFE) 2013 Baker & McKenzie 7

8 FATCA - Insurance Contracts An insurance contract means a contract (other than an annuity contract) under which the issuer in exchange for consideration agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk An investment-linked insurance contract means an insurance contract under which benefits, premiums, or the period of coverage are adjusted to reflect the investment return or market value of assets associated with the contract 2013 Baker & McKenzie 8

9 FATCA Cash Value Insurance Contracts A cash value insurance contract means an insurance contract (other than an indemnity reinsurance contract between two insurance companies and a term life insurance) that has an aggregate cash value greater than US$50,000 at any time during the calendar year A PFFI may elect to disregard the US$50,000 threshold by reporting all contracts with a cash value greater than zero 2013 Baker & McKenzie 9

10 FATCA Cash Value Definition The term cash value means any amount (determined without reduction for any charge or policy loan) that 1) is payable under the contract to any person upon surrender, termination, cancellation, or withdrawal; or 2) any person can borrow under or with regard to (for example, by pledging as collateral) the contract Cash value does not include an amount payable a) solely by reason of the death of the individual insured b) as a personal injury or sickness benefit or a benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against 2013 Baker & McKenzie 10

11 FATCA Cash Value Definition Cash value does not include an amount payable c) As a refund of a previously paid premium (less cost of insurance charges whether or not actually imposed) under an insurance contract (other than a life insurance or annuity contract) due to cancellation or termination of the contract, decrease in risk exposure during the effective period of the contract, or arising from the correction of a posting or similar error with regard to the premium for the contract d) As a policyholder dividend (other than a termination dividend) related to certain insurance contracts e) As a return of an advance premium or premium deposit for an insurance contract for which the premium is payable at least annually if the amount in question does not exceed the next annual premium that will be payable under the contract 2013 Baker & McKenzie 11

12 FATCA - Annuity Contracts An annuity contract means i. a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals, or ii. a contract that is considered to be an annuity contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years An investment-linked annuity contract means an means an annuity contract under which benefits or premiums are adjusted to reflect the investment return or market value of assets associated with the contract 2013 Baker & McKenzie 12

13 FATCA Depository Account A depository account includes an amount that an insurance company holds under a guaranteed investment contract or similar agreement to pay or credit interest A depository account does not include an advance premium or premium deposit received by an insurance company, if the prepayment or deposit relates to an insurance contract for which the premium is payable annually and the amount does not exceed the annual premium Such amounts are excluded from cash value for purposes of determining whether a contract is a cash value insurance contract 2013 Baker & McKenzie 13

14 FATCA Preexisting Obligation A preexisting account means a financial account that is a preexisting obligation A preexisting individual account is a preexisting account held by one or more individuals A preexisting obligation means any account, instrument, contract, debt, or equity interest maintained, executed, or issued by a withholding agent that is outstanding on December 31, 2013 A preexisting obligation means also any account, instrument, or contract (including any debt or equity interest) maintained, executed, or issued by a PFFI withholding agent that is outstanding on the effective date of its FFI agreement 2013 Baker & McKenzie 14

15 FATCA Identification and Documentation Not required to perform identification and documentation procedures for a preexisting individual account that is a cash value insurance or annuity contract the aggregate balance or value is $250,000 or less as of the effective date of the FFI agreement, until there is change in circumstances 2013 Baker & McKenzie 15

16 Potential FATCA Withholding Policy Level Withholding can apply upon receipt of US source premium payments Account Level When a custodian bank or other FI maintaining accounts supporting a contract makes a payment to the insurance company Investment Level Payment from investment to custodian bank or FI maintaining account 2013 Baker & McKenzie 16

17 FATCA Grandfathered Obligation A grandfathered obligation means any obligation outstanding on January 1, 2014 Solely for purposes of a foreign passthru payment, grandfathered obligation also includes any obligation that is executed on or before the date that is six months after the date on which final IRS regulations defining foreign passthru payment are filed with the US Federal Register An obligation means any legally binding agreement or instrument but does not include an investment linked insurance contract or an investment linked annuity contract 2013 Baker & McKenzie 17

18 FATCA Obligation An obligation does not include (i) a deferred annuity contract or (ii) a life insurance contract or annuity contract that permits a substitution of a new individual as the insured or as the annuitant under the contract A deferred annuity contract means an annuity contract other than an immediate annuity contract A immediate annuity means an annuity contract (i) is purchased with a single premium or annuity consideration and (ii) no later than one year from the purchase date of the contract commences to pay annually or more frequently substantially equal periodic payments 2013 Baker & McKenzie 18

19 FATCA Intergovernmental Agreements (IGA) Model 1 IGA signed by the UK, Denmark, Mexico and Ireland, initialed by Spain and Norway and to be concluded by France, Germany, and Italy Model 2 IGA initialed by Switzerland and to be concluded by Japan Generally following the definitions and rules of the US Treasury Regulations on FATCA 2013 Baker & McKenzie 19

20 FATCA Model IGA - Definitions Financial Institution includes Specified Insurance Company Specified Insurance Company means any entity: insurance company or holding company of an insurance company issues or is obligated to make payments with respect to a Cash Value Insurance Contract or an Annuity Contract Financial Account includes: Cash Value Insurance Contract or Annuity Contract issued or maintained by a Financial Institution 2013 Baker & McKenzie 20

21 FATCA Model 1 IGA - Definitions Insurance Contract the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk. Cash Value Insurance Contract Cash Value greater than $50,000 not an indemnity reinsurance contract between two insurance companies 2013 Baker & McKenzie 21

22 FATCA Model 1 IGA - Definitions Cash Value: the greater of (i) the amount that the policyholder is entitled to receive upon surrender or termination (without reduction for any surrender charge or policy loan), and (ii) the amount the policyholder can borrow Cash Value does not include: a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against 2013 Baker & McKenzie 22

23 FATCA Model 1 IGA - Definitions Cash Value does not include: a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against a refund to the policyholder of a previously paid premium (other than under a life insurance contract) due to policy cancellation or termination, decrease in risk exposure during the effective period of the Insurance Contract, or arising from a redetermination of the premium due to correction of posting or other similar error a policyholder dividend based upon the underwriting experience 2013 Baker & McKenzie 23

24 FATCA Model 1 Registration & Transition Yes, FATCA registration with the IRS No FATCA Agreement between FFI and the IRS Pre-existing accounts potentially require less or no due diligence depending on the account s balance or value Expanded transition for pre-existing accounts: transition relief to accounts that are in existence as of December 31, 2013 Review of pre-existing entity accounts with an account balance or value that exceeds US$250,000 must be completed by December 31, Baker & McKenzie 24

25 FATCA Model 1 IGA - Review No review of Preexisting Individual Accounts of US$250,000 or less for a Cash Value Insurance Contract or Annuity Contract No review of Preexisting Individual Accounts that are Cash Value Insurance Contracts or Annuity Contracts if the law of the IGA partner country or US law or regulations effectively prevents their sale to U.S. residents (e.g. without registration under U.S. law or UK law requires reporting or withholding with respect to insurance products held by UK residents) 2013 Baker & McKenzie 25

26 FATCA Model 1 IGA - Review Review of individual high-value accounts (balance or value exceeds US$1 million) by December 31, 2014 Review of individual lower value accounts (balance or value exceeds US$250,000 for a Cash Value Insurance Contract or Annuity Contract but does not exceed US$1 million) by December 31, Baker & McKenzie 26

27 FATCA Model 1 IGA - Reporting Reporting dates: Foreign tax authority to transfer the 2013 information collected from FFIs to the IRS by September 30, 2015 Foreign tax authority to transfer the 2014 information collected from FFIs to the IRS by September 30 of the following calendar year FFI not to report cash value insurance or annuity contracts if FATCA partner country law or US law prohibit such contracts from being sold to US residents, and if the FATCA implementing rules permit the FFI not to report 2013 Baker & McKenzie 27

28 FATCA Model 1 IGAs - Withholding Yes, withholding on withholdable payments to nonparticipating FFIs No FATCA withholding for payments to other FFIs in FATCA partner country or to recalcitrant account holders if FFI in the FATCA partner country comply with requirements to identify US accounts and report information to the FATCA partner tax authority The FATCA partner tax authority provides the IRS information (e.g. name, TIN, and account balance) on each US account maintained by each FFI in the FATCA partner country that reports to the FATCA partner tax authority Yes, withholding on payments to non-compliant branches outside the FATCA partner country but FFI with such branches qualifies as compliant under the IGA indefinitely 2013 Baker & McKenzie 28

29 Circular 230 Pursuant to requirements relating to practice before the Internal Revenue Service, any tax advice in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties imposed under the United States Internal Revenue Code, or (ii) promoting, marketing or recommending to another person any tax related matter Baker & McKenzie 29

30 Questions? Stewart Kasner Baker & McKenzie LLP 1111 Brickell Ave., Ste Miami, Florida 33131, USA Phone: Lyubomir Georgiev Baker & McKenzie Zurich Holbeinstrasse 30 CH-8034 Zurich, Switzerland Phone: Baker & McKenzie 30

Global FS Tax Newsflash How do the proposed FATCA regulations impact Insurers?

Global FS Tax Newsflash How do the proposed FATCA regulations impact Insurers? Global FS Tax Newsflash How do the proposed FATCA regulations impact Insurers? February 20, 2012 How do the proposed FATCA regulations impact Insurers On February 8th, the highly anticipated proposed regulations

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) FATCA REGISTRATION GUIDANCE NOTES Issued by Inland Revenue, New Zealand 30 July 2014 Version 1.4 [Note: These Guidance Notes replace version 1.3, dated 13 January

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) Applying FATCA to Funds and other Collective Investment Vehicles Jonathan Sambur Partner + 1 202 263-3256 jsambur@mayerbrown.com February 2013 Mayer Brown

More information

US FATCA FAQ and Glossary of FATCA terms

US FATCA FAQ and Glossary of FATCA terms US FATCA FAQ and Glossary of FATCA terms These FAQs are intended to aid you in your understanding how FATCA affects your relationship with UBS. This is not intended as tax advice. If you are uncertain

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) U.S. REPORTABLE ACCOUNTS GUIDANCE NOTES Issued by Inland Revenue, New Zealand 30 July 2014 Version 1.0 Please direct all comments and correspondence to FATCA@ird.govt.nz

More information

Spotlight on the US. Christopher Brown US Tax Desk, KPMG In the UK

Spotlight on the US. Christopher Brown US Tax Desk, KPMG In the UK Spotlight on the US Christopher Brown US Tax Desk, KPMG In the UK 24 June 2016 Agenda 1 2 3 4 5 6 7 8 FATCA: An overview Definition of FIs under FATCA FATCA reportable accounts and account holders Remediation

More information

Insurance Authority Workshop Foreign Account Tax Compliance Act. Abu Dhabi 28 January 2014

Insurance Authority Workshop Foreign Account Tax Compliance Act. Abu Dhabi 28 January 2014 Insurance Authority Workshop Foreign Account Tax Compliance Act Abu Dhabi 28 January 2014 Agenda q q q q q q FATCA and IGAs FATCA Timeline Focus for next 6 months US Treasury and IRS update Matters Arising

More information

FATCA: Challenges and insights for insurance companies

FATCA: Challenges and insights for insurance companies FATCA FATCA: Challenges and insights for insurance companies The Foreign Account Tax Compliance Act (FATCA) is a complex reporting and withholding regime enacted to encourage U.S. persons to disclose their

More information

PwC Insurance Tax Alert

PwC Insurance Tax Alert PwC Insurance Tax Alert February 22, 2012 How do the proposed FATCA regulations impact insurers? On February 8th, the highly anticipated proposed regulations were issued, providing guidance on the various

More information

FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance

FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance www.pwc.com/us/fatca July 2011 FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance Act 1. What is FATCA? FATCA is an acronym for The Foreign Account Tax Compliance Act (FATCA)

More information

Facilitators Michael Miles Phil Ferrari

Facilitators Michael Miles Phil Ferrari Product Tax Seminar September 20 21, 2012 Washington, DC 1B: FATCA for Actuaries Chair Howard Stecker Facilitators Michael Miles Phil Ferrari What Actuaries Need to Know About The Impact of FATCA on Insurance

More information

Foreign Account Tax Compliance Act

Foreign Account Tax Compliance Act www.pwc.co.za Foreign Account Tax Compliance Act 7t h March 2012 An overview The Foreign Account Tax Compliance Act provisions which were included in the Hiring Incentives to Restore Employment ( HIRE

More information

IRS Issues Final FATCA Regulations

IRS Issues Final FATCA Regulations IRS Issues Final FATCA Regulations The United States Internal Revenue Service (IRS) has issued long-awaited final regulations (the Final Regulations) under the Foreign Account Tax Compliance Act (FATCA).

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) Introduction As a global financial services organisation, it is necessary for Standard Bank to comply with the laws and regulations of many different authorities,

More information

This notice provides guidance to foreign financial institutions (FFIs) entering into

This notice provides guidance to foreign financial institutions (FFIs) entering into Part III Administrative, Procedural, and Miscellaneous FFI agreement for Participating FFI and Reporting Model 2 FFI Notice 2013-69 SECTION I. Purpose. This notice provides guidance to foreign financial

More information

Whereas, the Government of the Republic of Poland is supportive of the underlying policy goal of FATCA to improve tax compliance;

Whereas, the Government of the Republic of Poland is supportive of the underlying policy goal of FATCA to improve tax compliance; Agreement between the Government of the Republic of Poland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA Whereas, the Government of the

More information

US FATCA, CRS and EUSD Insurance Considerations

US FATCA, CRS and EUSD Insurance Considerations US FATCA, CRS and EUSD Insurance Considerations Prepared for Swiss-American Chamber of Commerce Tax Chapter Conference June 2014 Carl Emanuel Schillig Objective and key features of US FATCA, OECD CRS and

More information

Agreement between the United States of America and the Kingdom of the Netherlands to Improve International Tax Compliance and to Implement FATCA

Agreement between the United States of America and the Kingdom of the Netherlands to Improve International Tax Compliance and to Implement FATCA Agreement between the United States of America and the Kingdom of the Netherlands to Improve International Tax Compliance and to Implement FATCA Whereas, the United States of America and the Kingdom of

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) I. OVERVIEW A. What is FATCA? FATCA, as it is colloquially known, refers to Chapter 4 of the US Internal Revenue Code, which was enacted by the Hiring Incentives

More information

FATCA Overview for Non-U.S. Insurance Companies

FATCA Overview for Non-U.S. Insurance Companies Stewart Patton U.S. Tax Services P.O. Box 2651 Belize City, Belize www.ustax.bz +501 610-0689 (Belize phone number) (312) 675-8571 (U.S. VOIP number) stewart.patton1 (Skype ID) stewart@ustax.bz FATCA Overview

More information

Agreement Between the United States of America and the Kingdom of Spain to Improve International Tax Compliance and to Implement FATCA

Agreement Between the United States of America and the Kingdom of Spain to Improve International Tax Compliance and to Implement FATCA Agreement Between the United States of America and the Kingdom of Spain to Improve International Tax Compliance and to Implement FATCA Whereas, the United States of America and the Kingdom of Spain (each,

More information

IRS regulations The Foreign Account Tax Compliance Act (FATCA) and its impact on the US foreign withholding tax and reporting system

IRS regulations The Foreign Account Tax Compliance Act (FATCA) and its impact on the US foreign withholding tax and reporting system IRS regulations The Foreign Account Tax Compliance Act (FATCA) and its impact on the US foreign withholding tax and reporting system What is FATCA? The Foreign Account Tax Compliance Act (FATCA) is a new

More information

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND While every effort is made to ensure that the information given in this guide is accurate, it is not a legal document. Responsibility cannot be

More information

F.A.T.C.A. in a Nutshell: Questions and Answers to Tickle the Fancy of a Compliance Officer 1 By Fabien Gaglio and Stanley C.

F.A.T.C.A. in a Nutshell: Questions and Answers to Tickle the Fancy of a Compliance Officer 1 By Fabien Gaglio and Stanley C. F.A.T.C.A. in a Nutshell: Questions and Answers to Tickle the Fancy of a Compliance Officer 1 By Fabien Gaglio and Stanley C. Ruchelman The following F.A.Q. provides a general overview of the Foreign Account

More information

PRESENTATION ON THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) FOR CONSULTATIONS WITH THE INDUSTRY

PRESENTATION ON THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) FOR CONSULTATIONS WITH THE INDUSTRY PRESENTATION ON THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) FOR CONSULTATIONS WITH THE INDUSTRY Prepared for the Meeting with ECCU Non-Bank Financial Institutions February 2014 EASTERN CARIBBEAN CENTRAL

More information

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND While every effort is made to ensure that the information given in this guide is accurate, it is not a legal document. Responsibility cannot be

More information

The N eeds of W ealth Ow ning Fam ilies and the Tools that W ork

The N eeds of W ealth Ow ning Fam ilies and the Tools that W ork The N eeds of W ealth Ow ning Fam ilies and the Tools that W ork Use of Insurance Products as Tax and Succession Planning Tools 18 November 2010 Stewart L. Kasner, Esq. (Miami) LawInContext Pte. Ltd. (

More information

Version 3.0 (29.07.2014) Table of Contents

Version 3.0 (29.07.2014) Table of Contents Guidelines for the implementation of the FATCA Agreement and the FATCA Regulations in Malta issued in terms of Article 96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta) Version 3.0 (29.07.2014)

More information

THE GENERAL INSURANCE ASSOCIATION OF JAPAN

THE GENERAL INSURANCE ASSOCIATION OF JAPAN April 27, 2012 THE GENERAL INSURANCE ASSOCIATION OF JAPAN Non-Life Insurance Building, 9 Kanda Awajicho 2-Chome, Chiyoda-Ku, Tokyo 101-8335, Japan Tel: +81-3-3255-1232 Fax: +81-3-3255-1240 E-mail: kikaku@sonpo.or.jp

More information

SAINT CHRISTOPHER AND NEVIS. No. of 2015 A BILL FOR

SAINT CHRISTOPHER AND NEVIS. No. of 2015 A BILL FOR No. of 2015. Foreign Account Tax Compliance Saint Christopher (United States of America) and Nevis. (Implementation and Enforcement of Inter-Governmental Agreement) Bill, 2015. SAINT CHRISTOPHER AND NEVIS

More information

David Weisner. Carolina Caballero. Today s Speakers. U.S. Tax Counsel for Asia Pacific. Citi

David Weisner. Carolina Caballero. Today s Speakers. U.S. Tax Counsel for Asia Pacific. Citi 1 2 Understanding FATCA David Weisner, U.S. Tax Counsel for Asia Pacific, Citi Carolina Caballero, Product Risk and Regulatory Strategy Manager, Clearing and FI Payments, Citi Treasury and Trade Solutions

More information

Key Aspects of the FATCA Regime

Key Aspects of the FATCA Regime TAX CLIENT PUBLICATION May 2012... Key Aspects of the FATCA Regime... The US withholding and information reporting regime under the Foreign Account Tax Compliance Act of 2010 ( FATCA ), 1 when implemented,

More information

Whereas, Article I of the TIEA authorizes the exchange of information for tax purposes, including on an automatic basis;

Whereas, Article I of the TIEA authorizes the exchange of information for tax purposes, including on an automatic basis; Agreement between the Government of the United States of America and the Government of the Federative Republic of Brazil to Improve International Tax Compliance and to Implement FATCA Whereas, the Government

More information

Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement Model 1 Latest Updates and Requirements

Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement Model 1 Latest Updates and Requirements Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement Model 1 Latest Updates and Requirements - Regulatory Timeline - Overview of Requirements - Registration Process Naidira Alemova-Goeres

More information

UNITED STATES OF AMERICA

UNITED STATES OF AMERICA TREATIES AND OTHER INTERNATIONAL ACTS SERIES 15-630 TAXATION Foreign Account Tax Compliance Agreement Between the UNITED STATES OF AMERICA and BULGARIA Signed at Sofia December 5, 2014 with Annexes NOTE

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) What We Know and Don t Know Nicole Tanguy, Citigroup Inc. November 30, 2011 What is FATCA? The State of the Law New Chapter 4 of the Internal Revenue Code (IRC)

More information

How does the recent FATCA guidance affect asset managers?

How does the recent FATCA guidance affect asset managers? from Asset Management How does the recent FATCA guidance affect asset managers? April 10, 2014 In brief On February 20, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service

More information

ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: This document contains proposed regulations under chapter 4 of

ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: This document contains proposed regulations under chapter 4 of [4830-01-p] DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 301 [REG-121647-10] RIN 1545-BK68 Regulations Relating to Information Reporting by Foreign Financial Institutions and

More information

IRS releases updated QI agreement providing guidance for QIs under FATCA and Chapter 3

IRS releases updated QI agreement providing guidance for QIs under FATCA and Chapter 3 IRS releases updated QI agreement providing guidance for QIs under FATCA and Chapter 3 July 3, 2014 In brief On June 27, 2014, the Internal Revenue Service (IRS) released Revenue Procedure 2014-39 which

More information

Foreign Account Tax Compliance Act FATCA Onboarding Requirements for Payees U.S. Financial Institutions

Foreign Account Tax Compliance Act FATCA Onboarding Requirements for Payees U.S. Financial Institutions Paris New York London Rome Milan Casablanca Dubai Amsterdam Brussels Hong Kong Singapore Foreign Account Tax Compliance Act FATCA Onboarding Requirements for Payees U.S. Financial Institutions June 13,

More information

IRAS e-tax Guide. Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act

IRAS e-tax Guide. Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act IRAS e-tax Guide Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act Published by Inland Revenue Authority of Singapore Published on 17 Mar 2015

More information

Foreign Account Tax Compliance Act ( FATCA )

Foreign Account Tax Compliance Act ( FATCA ) May 2011 Foreign Account Tax Compliance Act ( FATCA ) www.steptoe.com Table of Contents Overview Definition of Foreign Financial Institution ( FFI ) FFI Agreement with IRS Preexisting Individual Accounts

More information

TAXATION (INTERNATIONAL TAX COMPLIANCE) (CROWN DEPENDENCY [CD]) REGULATIONS 2014 GUIDANCE NOTES. RELEASE DATE: 1 April 2014

TAXATION (INTERNATIONAL TAX COMPLIANCE) (CROWN DEPENDENCY [CD]) REGULATIONS 2014 GUIDANCE NOTES. RELEASE DATE: 1 April 2014 TAXATION (INTERNATIONAL TAX COMPLIANCE) (CROWN DEPENDENCY [CD]) REGULATIONS 2014 GUIDANCE NOTES RELEASE DATE: 1 April 2014 Note : These draft Guidance Notes dated 1 April 2014 have been revised to reflect

More information

Simplified Instructions for Completing a Form W-8BEN-E

Simplified Instructions for Completing a Form W-8BEN-E Simplified Instructions for Completing a Form W-8BEN-E For Non-Financial Institutions Only Updated April 2015 Circular 230 Disclaimer: Any tax advice contained in this communication is not intended or

More information

Now, therefore, the Parties have agreed as follows: ARTICLE 1. Definitions

Now, therefore, the Parties have agreed as follows: ARTICLE 1. Definitions AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND TO IMPROVE INTERNATIONAL TAX COMPLIANCE AND TO IMPLEMENT

More information

United States of America No. 1 (2012) Agreement

United States of America No. 1 (2012) Agreement United States of America No. 1 (2012) Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International

More information

Sight FATCA. line of. Frequently asked questions. table of contents. November 2, 2012

Sight FATCA. line of. Frequently asked questions. table of contents. November 2, 2012 line of Sight FATCA Frequently asked questions FOR INSTITUTIONAL INVESTORS table of contents November 2, 2012 PART I PROPOSED REGULATIONS and IRS Announcement OVERVIEW 1. What is the objective of the Foreign

More information

U.S. Tax Services Stewart H. Patton 610-0689 stewart@ustax.bz. FATCA Overview. March 2014

U.S. Tax Services Stewart H. Patton 610-0689 stewart@ustax.bz. FATCA Overview. March 2014 U.S. Tax Services Stewart H. Patton 610-0689 stewart@ustax.bz FATCA Overview March 2014 FATCA Terminology FATCA: The U.S. Foreign Account Tax Compliance Act, added by the HIRE Act of 2010. FATCA added

More information

UPDATED INFORMATION ON USE OF FORM W-8IMY (REVISION DATE FEBRUARY 2006) BEFORE JANUARY 1, 2015

UPDATED INFORMATION ON USE OF FORM W-8IMY (REVISION DATE FEBRUARY 2006) BEFORE JANUARY 1, 2015 UPDATED INFORMATION ON USE OF FORM W-8IMY (REVISION DATE FEBRUARY 2006) BEFORE JANUARY 1, 2015 This Form W-8IMY (revision date April 2014) reflects the changes made in the Foreign Account Tax Compliance

More information

LifeStages Annuity. Chubb Life

LifeStages Annuity. Chubb Life LifeStages Annuity Chubb Life LifeStages Annuity LifeStages Annuity guarantees you within a stream of monthly income starting from your Retirement Age as long as you alive up to age 105. Annuity Income

More information

FBAR s: 2011 Final (BSA) Regulations and How they apply to Protectors, Directors and other Powerholders

FBAR s: 2011 Final (BSA) Regulations and How they apply to Protectors, Directors and other Powerholders FBAR s: 2011 Final (BSA) Regulations and How they apply to Protectors, Directors and other Powerholders STEP Miami Branch One Day Conference Friday, June 10, 2011 Conrad Hotel, Miami, FL Stewart L. Kasner

More information

3. The term Financial Institution means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.

3. The term Financial Institution means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company. Common Reporting Standard ( CRS ) Defined Terms Extracted from The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations 2015 of the Cayman Islands. A. Reporting

More information

FATCA Final Regulations: Definitions List

FATCA Final Regulations: Definitions List FATCA Final Regulations: Definitions List By Craig Cohen Chapter 4 of the Internal Revenue Code and the Treasury regulations thereunder commonly known as the Foreign Account Tax Compliance Act, or FATCA

More information

Analysis of FATCA Regulations for Foreign Financial Institutions

Analysis of FATCA Regulations for Foreign Financial Institutions Analysis of FATCA Regulations for Foreign Financial Institutions Withholding, Information Reporting February 2014 kpmg.com FATCA - Regulations on information reporting by foreign financial institutions;

More information

I want to build up my wealth for a promising future

I want to build up my wealth for a promising future life protection & savings I want to build up my wealth for a promising future wealth advance savings plan Table of Contents What are your dreams and life goals? 1 Realise your dreams with Wealth Advance

More information

US Foreign Account Tax Compliance Act Intergovernmental Agreement. Frequently Asked Questions

US Foreign Account Tax Compliance Act Intergovernmental Agreement. Frequently Asked Questions US Foreign Account Tax Compliance Act Intergovernmental Agreement Frequently Asked Questions This document aims to provide background information regarding the intergovernmental agreement ( IGA ) to be

More information

[Mutual Legal Assistance (Tax Matters) Act, 2003 (as amended)] British Virgin Islands RELEASE DATE: [ ] JULY 2014

[Mutual Legal Assistance (Tax Matters) Act, 2003 (as amended)] British Virgin Islands RELEASE DATE: [ ] JULY 2014 This document is a DRAFT of the proposed Guidance Notes for the US and UK FATCA Agreements with the Government of the British Virgin Islands and at this stage it is for discussion purposes ONLY! [Mutual

More information

Tax Group Client Alert

Tax Group Client Alert Tax Group Client Alert For Beijing Frankfurt Hong Kong London Los Angeles Munich New York São Paulo Singapore Tokyo Washington, DC FATCA 2.0 FOR FUNDS AND SECURITIZATION VEHICLES Introduction On February

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) February 13, 2014 Spanish Chinese Russian Foreign Account Tax Compliance Act (FATCA) Introduction to FATCA and IGAs The Foreign Account Tax Compliance Act (FATCA) is a US law enacted in 2010 as part of

More information

FATCA for Multinational Companies

FATCA for Multinational Companies FATCA for Multinational Companies Alan J. Schwartz February 27, 2015 www.mwe.com Boston Brussels Chicago Düsseldorf Frankfurt Houston London Los Angeles Miami Milan Munich New York Orange County Paris

More information

ACE GOLDEN TOUCH SAVER PLAN II

ACE GOLDEN TOUCH SAVER PLAN II ACE GOLDEN TOUCH SAVER PLAN II AN IDEAL PLAN TO HELP YOU BUILD A GOLDEN FUTURE ACE Golden Touch Saver Plan II ( Golden Touch ) provides you a customized one-stop financial solution to enjoy wealth accumulation

More information

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions For Momentum Retail (excluding Momentum Wealth International) General FATCA questions 1. What is FATCA? FATCA is the acronym for the

More information

FATCA The Foreign Account Tax Compliance Act

FATCA The Foreign Account Tax Compliance Act FATCA The Foreign Account Tax Compliance Act July 2012 July 2012 Table of Contents 1. Classification 2 2. Due Diligence 7 3. Withholding Payments 14 4. Reporting 21 What You Need to Take Away From This

More information

Guidance for companies, trusts and partnerships on completing a self-certification form

Guidance for companies, trusts and partnerships on completing a self-certification form Guidance for companies, trusts and partnerships on completing a self-certification form In order to combat tax evasion by both individuals and businesses, the UK and many other countries have entered into

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) What We Know and Don t Know Nicole Tanguy, Citi Phil Garlett, Burt, Staples & Maner LLP 11-12 July 2011 What is FATCA? The State of the Law New Chapter 4 of the

More information

CHAPTER 12 REGULATION GOVERNING REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES

CHAPTER 12 REGULATION GOVERNING REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES CHAPTER 12 REGULATION GOVERNING REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES Section 1. Authority These rules and regulations governing the replacement of life insurance policies and annuities

More information

Foreign Account Tax Compliance Act ( FATCA )

Foreign Account Tax Compliance Act ( FATCA ) Chio Lim Audit Tax Advisory Tax Update Foreign Account Tax Compliance Act ( FATCA ) 2 May 2014 Contacts: Cindy Lim Partner, International Tax Division T +65 6594 7852 cindylim@rsmchiolim.com.sg Chow Khen

More information

I want lifetime return to realise my dreams

I want lifetime return to realise my dreams life protection & savings 檢 No Medical Exam I want lifetime return to realise my dreams fortune goal saver Build your financial future and realise dreams with your loved ones To realise your dreams, what

More information

The Impact of FATCA on U.S. and Non-U.S. Private Equity & Hedge Funds Closing the distance

The Impact of FATCA on U.S. and Non-U.S. Private Equity & Hedge Funds Closing the distance The Impact of FATCA on U.S. and Non-U.S. Private Equity & Hedge Funds Closing the distance Global Financial Services Industry Overview The Foreign Account Tax Compliance Act ( FATCA ) regime signifies

More information

traditional life fortune protector life insurance

traditional life fortune protector life insurance traditional life fortune protector life insurance Achieve your aspiration with ease of mind While you strive to get the best for your family, you need a protection solution that safeguards their financial

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) GUIDANCE NOTES: APPLICATION OF FATCA TO COLLECTIVE INVESTMENT VEHICLES Issued by Inland Revenue, New Zealand 30 July 2014 Version 1.0 Please direct all comments

More information

WHITE PAPER. Impact of FATCA on Client Onboarding Achieve FATCA compliance with effective, result-oriented IT and operational changes.

WHITE PAPER. Impact of FATCA on Client Onboarding Achieve FATCA compliance with effective, result-oriented IT and operational changes. WHITE PAPER Impact of FATCA on Client Onboarding Achieve FATCA compliance with effective, result-oriented IT and operational changes Abstract In March 2010, the Foreign Account Tax Compliance Act (FATCA)

More information

The widespread reach of FATCA How will it affect your business?

The widespread reach of FATCA How will it affect your business? www.pwc.com/us/fatca The widespread reach of FATCA How will it affect your business? August 2013 Contents The short answer 1 Now is the right time to learn more and take action 2 What are some specific

More information

TAXATION (INTERNATIONAL TAX COMPLIANCE) (JERSEY) REGULATIONS 2014 DRAFT GUIDANCE NOTES. RELEASE DATE: 9 Sept 2015

TAXATION (INTERNATIONAL TAX COMPLIANCE) (JERSEY) REGULATIONS 2014 DRAFT GUIDANCE NOTES. RELEASE DATE: 9 Sept 2015 TAXATION (INTERNATIONAL TAX COMPLIANCE) (JERSEY) REGULATIONS 2014 DRAFT GUIDANCE NOTES RELEASE DATE: 9 Sept 2015 Note : The Draft Guidance Notes have been further revised in response to requests from interested

More information

BURT, STAPLES & MANER, LLP SUITE 850 1250 EYE STREET, NW WASHINGTON, DC 20005-3922 PHONE (202)783-1500 - FACSIMILE (202)783-1523 www.bsmlegal.

BURT, STAPLES & MANER, LLP SUITE 850 1250 EYE STREET, NW WASHINGTON, DC 20005-3922 PHONE (202)783-1500 - FACSIMILE (202)783-1523 www.bsmlegal. BURT, STAPLES & MANER, LLP SUITE 850 1250 EYE STREET, NW WASHINGTON, DC 20005-3922 PHONE (202)783-1500 - FACSIMILE (202)783-1523 www.bsmlegal.com TO: FROM: RE: Distribution Burt, Staples & Maner, LLP Final

More information

Further Guidance on the Implementation of FATCA and Related Withholding Provisions

Further Guidance on the Implementation of FATCA and Related Withholding Provisions Further Guidance on the Implementation of FATCA and Related Withholding Provisions Notice 2014-33 I. PURPOSE This notice announces that calendar years 2014 and 2015 will be regarded as a transition period

More information

FATCA Regs Come Up Short For P&C Insurance Industry

FATCA Regs Come Up Short For P&C Insurance Industry Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com FATCA Regs Come Up Short For P&C Insurance Industry

More information

The IRS Issues Final FATCA Regulations

The IRS Issues Final FATCA Regulations The IRS Issues Final FATCA Regulations On January 17, 2013, the Internal Revenue Service (IRS) released 544 pages of final regulations implementing the provisions of the Foreign Account Tax Compliance

More information

Global IRW Newsbrief Information reporting and withholding (IRW)

Global IRW Newsbrief Information reporting and withholding (IRW) www.pwc.com Global IRW Newsbrief Information reporting and withholding (IRW) February 27, 2012 The new proposed FATCA regulations: Overview On October 27, 2009, members of the U.S. Senate Finance Committee

More information

FOREIGN ACCOUNT TAX COMPLIANCE ACT ( FATCA ): COMPLIANCE TO ELIMINATE WITHHOLDING TAX. November 19, 2013

FOREIGN ACCOUNT TAX COMPLIANCE ACT ( FATCA ): COMPLIANCE TO ELIMINATE WITHHOLDING TAX. November 19, 2013 FOREIGN ACCOUNT TAX COMPLIANCE ACT ( FATCA ): COMPLIANCE TO ELIMINATE WITHHOLDING TAX November 19, 2013 MICHAEL HIRSCHFELD DECHERT LLP (212) 698-3635 michael.hirschfeld@dechert.com 12116187v1 1 FATCA Overview

More information

FATCA Frequently Asked Questions

FATCA Frequently Asked Questions FATCA Frequently Asked Questions FATCA overview 1. What is FATCA? 2. What is the impact of FATCA? 3. How do I know if I am affected? 4. When will the FATCA legislation become effective? 5. Is HSBC the

More information

Implementation of The International Tax Compliance (United States of America) Regulations 2013. Guidance Notes

Implementation of The International Tax Compliance (United States of America) Regulations 2013. Guidance Notes Implementation of The International Tax Compliance (United States of America) Regulations 2013 Guidance Notes 14 August 2013 1 Guidance Contents 1. Background 1.1 The purpose of these Guidance notes 1.2

More information

The Impact of FATCA on Mutual Funds and other Regulated, Open-ended Funds Closing the distance

The Impact of FATCA on Mutual Funds and other Regulated, Open-ended Funds Closing the distance The Impact of FATCA on Mutual Funds and other Regulated, Open-ended Funds Closing the distance Global Financial Services Industry Overview The Treasury Department and the Internal Revenue Service ( IRS

More information

Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014)

Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014) Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014) Section references are to the Internal Revenue Code unless otherwise noted. Future developments. For

More information

Guide on the U.S. Foreign Account Tax Compliance Act (FATCA)

Guide on the U.S. Foreign Account Tax Compliance Act (FATCA) Guide on the U.S. Foreign Account Tax Compliance Act (FATCA) Guide on the U.S. U.S. Foreign Account Tax Compliance Act (FATCA) i Guide on the U.S. Foreign Account Tax Compliance Act (FATCA) Preface This

More information

Joint Industry FATCA Seminar Breakout Session 3 - Insurance

Joint Industry FATCA Seminar Breakout Session 3 - Insurance Joint Industry FATCA Seminar Breakout Session 3 - Insurance Y-Le Ho Senior Manager, U.S. Tax, PricewaterhouseCoopers Hong Kong Lennard Yong Councillor of Life Insurance Council, Hong Kong Federation of

More information

SIGHT FATCA. line of FREQUENTLY ASKED QUESTIONS FOR FUND MANAGERS TABLE OF CONTENTS. July 2012 OVERVIEW... 2

SIGHT FATCA. line of FREQUENTLY ASKED QUESTIONS FOR FUND MANAGERS TABLE OF CONTENTS. July 2012 OVERVIEW... 2 line of SIGHT FATCA FREQUENTLY ASKED QUESTIONS FOR FUND MANAGERS TABLE OF CONTENTS July 2012 OVERVIEW... 2 NORTHERN TRUST S ROLES AND RESPONSIBILITIES... 7 PREVENTING FATCA WITHHOLDING... 8 A PARTICIPATING

More information

www.pwc.com U.S. Legislative Outlook Tom Patten 2 March 2011

www.pwc.com U.S. Legislative Outlook Tom Patten 2 March 2011 www.pwc.com U.S. Legislative Outlook Tom Patten 2 Agenda Understanding the U.S. legislative process. Recent legislative developments. Proposals. 2 Understanding the U.S. Legislative Process The Long Road

More information

Fiduciary and Investment Risk Management Association 28 th National Risk Management Training Conference

Fiduciary and Investment Risk Management Association 28 th National Risk Management Training Conference Fiduciary and Investment Risk Management Association 28 th National Risk Management Training Conference Foreign Account Tax Compliance Act: Considerations for Trusts April 30, 2014 Michael Shepard Principal

More information

FATCA self-certification form

FATCA self-certification form FATCA self-certification form We, the undersigned, representing, Registered Company name (in full) Trade name (if different from registered) hereby confirm to Clearstream Banking S.A. ( CBL ) our FATCA

More information

Analysis - the worldwide reach of FATCA

Analysis - the worldwide reach of FATCA January 2012 Analysis - the worldwide reach of FATCA This article was first published in the Tax Journal in July 2011 SPEED READ Recent US legislation effectively makes non-us banks and non US financial

More information

www.pwc.com/us/fatca Ready, set, FATCA: How the new rules will affect insurers, and why early action is the best policy July 2011

www.pwc.com/us/fatca Ready, set, FATCA: How the new rules will affect insurers, and why early action is the best policy July 2011 www.pwc.com/us/fatca Ready, set, FATCA: July 2011 How the new rules will affect insurers, and why early action is the best policy Introduction In March of 2010, the Foreign Account Tax Compliance Act (FATCA)

More information

Agreement 1 Between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA

Agreement 1 Between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA Agreement 1 Between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA Whereas, Switzerland and the United States of America ( United States, each, a

More information

Frequently Asked Questions (FAQ) FATCA

Frequently Asked Questions (FAQ) FATCA Frequently Asked Questions (FAQ) FATCA Table of Contents General... 3 What is FATCA?... 3 What is the purpose of FATCA?... 3 When does FATCA begin?... 3 Who is impacted by FATCA?... 3 What information

More information

Agreement Between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA

Agreement Between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA Agreement Between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA Whereas, Switzerland and the United States of America ( United States, each, a Party

More information

The International Tax Authority. Version 2.0

The International Tax Authority. Version 2.0 The International Tax Authority GUIDANCE NOTES ON THE INTERNATIONAL TAX COMPLIANCE REQUIREMENTS OF THE LEGISLATION IMPLEMENTING THE INTERGOVERNMENTAL AGREEMENTS BETWEEN THE BRITISH VIRGIN ISLANDS AND THE

More information

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death. The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry

More information

WEALTH MANAGEMENT PERPETUAL LIFE SERIES

WEALTH MANAGEMENT PERPETUAL LIFE SERIES WEALTH MANAGEMENT PERPETUAL LIFE SERIES Maintaining your wealth means keeping it safe and secure throughout your lifetime. With the Perpetual Life Series, ACE Life offers the key to whole life protection

More information

How do the final FATCA regulations affect asset managers?

How do the final FATCA regulations affect asset managers? How do the final FATCA regulations affect asset managers? February 6, 2013 In brief The long-awaited final Foreign Account Tax Compliance Act (FATCA) regulations have arrived and, while much analysis still

More information