By Gonzalo Jalles, CEO
As you probably have seen in the media and possibly in one of
many of our responses and articles, FATCA is not only here to stay
but being expanded.
It is clear, at the minimum, we are moving towards a new global
standard of automatic exchange of information.
We have gone from pretty basic automatic reporting of only the
year-end balance and based on the main account holder (EUSD) to a
system where balance and income of all kinds has to be reported,
based not on the account holder but on the ultimate beneficiary or
any suspicion the ultimate beneficiary might be from a certain
country.
The cost of implementing such a system is not to be
underestimated, and the complexities of trying to produce a new
international standard will keep officials and Cayman Finance busy
for many months of years to come. The good news if any is that
Cayman has taken a lead role, and we expect to be engaged in the
discussions to come in implementing the G5
