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The problem with FATCA

April 20, 2011

The Foreign Account Tax Compliance Act was designed to raise $100 billion in revenue for the U.S. Treasury by clamping down on offshore tax cheats. But the cost of compliance has already been raising hackles around the world. The Act casts its net over a broad range of targets, affecting not just major financial institutions but also retired U.S. citizens living and banking abroad.

Will FATCA be “one of the final nails in the coffin for offshore bank account secrecy,” as a blogger on tax issues puts it? Or will it turn “Americans into financial pariahs,” as a blogging attorney suggests? Will foreign financial institutions create the systems they need to report to the IRS? Or will they avoid the recordkeeping altogether by  kicking out their U.S. clients or avoid the potential penalties by selling their U.S. investments?

In an upcoming NICSA webinar we’ll talk about how FATCA will affect the fund industry, both here in the United States and abroad. Jon Griffin, Managing Director of J.P. Morgan Asset Management, and Jennifer Sponzilli, Principal at KPMG, will be our expert guides to the topic. Join us at 11 am Eastern Time on Wednesday, April 27, to learn why you should care about FATCA.

NICSA Webinar | FATCA: Why You Should Care
11 am – 12 noon Eastern Time
Wednesday, April 27
Free to NICSA members.
To register, click here.

ALFI logo

This webinar is co-sponsored by ALFI, the association of the Luxembourg Fund Industry.

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