ARTICLE · 18 MARCH 2014

UK FATCA: Reporting Requirements For Bermuda Trusts

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Financial institutions in Bermuda, such as banks and trust companies, will soon be obliged to provide information to foreign tax authorities.

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Financial institutions in Bermuda, such as banks and trust companies, will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of United States (US) and United Kingdom (UK) resident clients.

The Foreign Account Tax Compliance Act 2009 (US FATCA) is a US law designed to prevent tax evasion by US taxpayers.

On 19 December 2013, Bermuda entered into an intergovernmental agreement with the US that requires financial institutions in Bermuda to identify and annually report key information about US persons directly to the US tax authorities.

In addition to US FATCA, the UK has also entered into similar agreements with various jurisdictions.

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