FATCA Update

Two important dates have now passed in relation to Foreign Account Tax Compliance Act ("FATCA") – 30 June 2014 when Financial Institutions were required to capture details of their existing customers for remediation purposes and 1 July 2014 when Financial Institutions were required to have procedures in place which would enable them to identify US or UK indicia at new business take on.

To coincide with these dates, the Isle of Man government brought into force the implementing Regulations which now, along with the inter-governmental agreements, mandate that Financial Institutions on the Isle of Man comply with their FATCA obligations. The implementing Regulations are specifically The International Tax Compliance (United States of America) Regulations 2014 and The International Tax Compliance (United Kingdom) Regulations 2014.