Providenciales, 18 Dec 2014 – It is done, signed that Agreement between the Government of the United States of America and the Government of the Turks and Caicos Islands to Improve International Tax Compliance and to Implement FATCA. Since December 1st the Turks and Caicos Islands has signed onto the Inter-Governmental Agreement or IGA with the United States; which means reporting on US owned bank or financial accounts have to be reported upon to the local FSC and in turn to the IRS. KPMG, which held a session to better understand the IGA earlier this year has published the agreement at their website.
The document calls for a serious change on the horizon, and it will require financial information from US citizens with accounts in this country and of companies that may be Turks and Caicos Islander owned but with US partners or interests to share, forensically all financial information. Seven areas are outlined as what financial institutions must soon do to satisfy the FATCA arrangement. The IRS wants to know, for example, the name, address, and U.S. TIN of each Specified U.S. Person that is an Account Holder of an account.
The requirements are far reaching and will require automatic reporting of financial institutions on these bank accounts and bank account holders every nine months… but there is already talk about getting information on Americans living in the territory even faster than that… we will post that agreement to MagneticMediaonTV.com for your public perusal.