Fatca legislation pierces corporate veil, says DMS

Strict liability for governance exposes compliance risk

cayman-0513

The US Foreign Account Tax Compliance Act (Fatca) has officially arrived in the Cayman Islands and spawned a new era of international tax compliance that was inconceivable only a few short years ago. Fund directors and other fiduciaries of investment funds must now comply with the US and UK intergovernmental agreements (IGAs) with Cayman.

These IGA regulations followed the amendment to the 2013 Tax Information Authority Law and the competent authority of any other country with which it has an IGA

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