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ARTICLE · 03 AUGUST 2015

FATCA – Taxing Issues For Self-Administered Funds

Maples Group
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Tim Frawley and Julian Ashworth provide an overview of the law as it relates to FATCA in the Cayman Islands and the taxing issues for self-administered funds.

Cayman IslandsFinance and Banking
Tim Frawley
Tim Frawley
Julian Ashworth
Julian Ashworth
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Maples and Calder and Maples Fund Services representatives explain how US and UK Fatca will impact Cayman-based funds.

The implementation of the US Foreign Account Tax Compliance Act (US Fatca) and the less well-known but equally applicable UK equivalent (UK Fatca) have been a topical and core focus for Cayman Islands' regulators within the past 12 months. US and UK Facta directly apply to the vast majority of Cayman Islands-domiciled funds vehicles, notably notwithstanding they have no assets or investors in either the US or the UK.

Pursuant to commitments given in the Fatca inter-governmental agreements signed with the US and the UK, the Cayman Islands' government has enacted laws to give effect to US and UK Fatca.

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