FATCA is an American tax act intended to combat tax avoidance and tax evasion. To achieve this, all financial institutions around the world must provide the United States with information about American clients. In principle, FATCA primarily aims at financial institutions, but non-financial institutions including “passive non-financial foreign entities” may also be affected by FATCA.
FATCA has created extreme difficulty for organisations that operate in various areas of law to implement processes and systems that meet the various requirements for each type of entity and area of law. Non-compliance can have negative consequences for the entire organisation.
Impact of FATCA on your organisation
FATCA has direct consequences for financial institutions and American persons and entities. Indirectly, non-US persons and entities are also affected by FATCA due to various due diligence obligations.
Even those companies with no ties to the United States are still often affected by FATCA obligations. It is therefore extremely important to identify FATCA’s impact on your organisation in order to properly handle the risks.
VanLoman can help you
VanLoman very often provides FATCA-related assistance to financial and non-financial institutions that operate in various sectors. VanLoman can provide your organisation with a FATCA impact analysis. We analyse the current policy and the procedures that must be followed in conjunction with your business model and structure.
In addition, our FATCA experts also provide online and offline training courses for you and your organisation.
Would you like to know more about FATCA? Feel free to contact me on +31 (0)6 2903 1814.
