A seminar focusing on how the US Foreign Account Tax Compliance Act (FATCA) will impact individuals has been set for early next month, and everyone who was born in the US, holds a US passport or a green card, or who has a US address is encouraged to attend and find out more about what they need to do to prepare themselves for compliance. The event will be co-hosted by Cayman Finance and the Financial Services Ministry, which both stress the serious impact the new legislation is anticipated to have on individuals, as well as businesses, in the Cayman Islands. Financial Services Minister Wayne Panton said that while Cayman’s financial services industry has been working diligently to prepare for FATCA, local residents also need to take careful note.
“This may be an American law, but it has impact and consequences in the Cayman Islands as well. Everyone with a close US connection will likely be affected by FATCA to some degree,” he warned.
Panton said he was delighted his Ministry is again teaming up with Cayman Finance to ensure this important information reaches as broad an audience as possible. “We have continued to strengthen our relationship with Cayman Finance, and we are very happy to be able to reinforce our message by joining forces with the private sector in this way,” he said.
Urging anyone with a US connection to understand how high a priority FATCA should be for them, Gonzalo Jalles, CEO of Cayman Finance, said that any US person, as defined by the IRS, living or working in the Cayman Islands, must understand the effect that FATCA regulations may have on their particular situation.
“The way taxes are levied in the US means, for example, all Caymanians born in the US (even if they never lived there nor have a US passport) are liable to pay taxes and file tax returns yearly,” he explained. “FATCA will expose those persons who have not been complying with the US tax law, including some Caymanians. It is therefore vital people are fully aware of how the legislation can impact them.”
The Seminar, which is sponsored by Dillon Eustace and KPMG, will be held at the Westin Grand Cayman on Thursday, 3 October, from 4:00 – 6:00pm.
Confirmed speakers include Councillor Roy McTaggart with the Ministry for Financial Services; Steven L. Cantor, Cantor & Webb P.A.; and Doug Harrell of KPMG.
