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ARTICLE · 22 JANUARY 2020

Upcoming FATCA - CRS Issues: What The Alternative Fund Industry Needs To Know

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The world of alternative investment funds was not the primary target of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) norms.

LuxembourgTax
Antoine Dupuis
Antoine Dupuis
Gilles Sturbois
Gilles Sturbois

The world of alternative investment funds was not the primary target of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) norms. These regulations were aimed rather at the "wealth planning" industry, cross-border wealth management and the "offshore" economy. However, the widespread success of this type of investment fund along with the complexity and the number of structures put in place by industry actors have led alternative investment funds to be significantly impacted by these rules.

The Luxembourg tax administration has been increasingly monitoring the proper application of these rules, especially as regards financial penalties in the event of confirmed violations. In the last few months, we have witnessed exponential fines applied to late filings or the absence of FATCA and CRS reports. The amounts of the fines have become discouraging and have even captured the attention of industries which generate substantial cash flow such

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