The Foreign Account Tax Compliance Act (FATCA) came into effect in the USA in March 2010. Its aim is to prevent US taxpayers from using accounts held outside of the USA to evade taxes. FATCA requires financial institutions to report annually on specified accounts held outside of the USA by US taxpayers. This reporting will be made available to the US Internal Revenue Service either directly or through local regulatory agencies. FATCA is supported in some countries by local legislation and regulations. A financial institution that fails to comply with FATCA will face a 30% withholding tax on a wide range of US-sourced payments to its clients. In addition, countries that pass regulations supporting FATCA will enforce those regulations through their own regulatory agencies.<\/p>\n\n\n\n
FATCA applies to \u201cUS Persons\u201d, who are persons falling into any of the following categories: You are a dual citizen, one of which is US citizenship; you are a US citizen residing outside the USA; you are a US passport holder; you were born in the USA; you are a \u2018Green Card\u2019 holder; or you are a non-US citizen who has substantial presence in the US, for at least 183 days (6 months).<\/p>\n\n\n\n\n\n\n\n
If you are a \u201cUS person\u201d and you have US$50,000 or more in savings or investment in any non-US territory, you are likely to be affected by FATCA and may be required to provide additional information to facilitate an assessment of whether a reporting obligation arises in relation to your account.<\/p>\n\n\n\n
MVL Stockbrokers Limited is committed to keeping clients’ personal information accurate, confidential, secure, and private. In every jurisdiction, our response to FATCA will be held to the highest standard of strict compliance with the applicable laws, and our approach will reflect our longstanding commitment to client privacy and client service.<\/p>\n\n\n\n
Where we determine that an account may be affected by FATCA, we will contact the account holder to explain why the account may be affected and work with the client to ensure that the situation is handled correctly. MVL Stockbrokers Limited will meet all obligations imposed under FATCA in accordance with the applicable law.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Foreign Account Tax Compliance Act (FATCA) came into effect in the USA in March 2010. Its aim is to prevent US taxpayers from using accounts held outside of the USA to evade taxes. FATCA requires financial institutions to report annually on specified accounts held outside of the USA by US taxpayers. This reporting will […]<\/p>\n","protected":false},"author":1,"featured_media":71421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-71367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policies"],"acf":[],"yoast_head":"\n