Providenciales, 23 Sept 2014 – Turks and Caicos Islanders are prepared to renounce American citizenship in the face of the coming FATCA legislation being enacted; but for now it is delayed implementation in the TCI. Magnetic Media spoke to FSC managing Director, Kevin Higgins last week who explained what’s happening as full enactment approaches. FATCA or Foreign Accounts Tax Compliance Act requires there to be reporting on all Americans and their bank accounts in the islands.
Higgins also confirmed that the FSC and other local companies supported the SEC investigation of an alleged Ponzi scheme; an improvement from four years ago when the TCI was seen as a haven and not at all helpful in these white collar crime probes.
