Foreign Account Tax Compliance Act (FATCA)
The US government has introduced tax regulations aimed at combating tax evasion by US tax residents using foreign accounts (commonly known as the ‘FATCA Regulations’). The Crown Dependencies of Guernsey, Jersey and the Isle of Man have entered into agreements with the US to enable FATCA to be implemented.
Tax Regulations have been introduced in the Channel Islands to implement the provisions of these agreements. These Regulations take effect from 1 July 2014.
Channel Island financial institutions are now required to identify and report on certain accounts held directly or indirectly by persons who are tax residents in the US. The information will be sent to the Guernsey or Jersey tax authorities who will then send it to the tax authorities in those countries.
Investec Bank (Channel Islands) Limited is committed to becoming fully compliant with these Regulations. Other Channel Island banks and financial institutions will also be affected by these Regulations.
In order to comply with these Regulations, Investec Bank (Channel Islands) Limited may have to request further information and documentation from you to confirm your tax residency/residencies.
If you have multiple relationships with different members of the Investec Group, you may receive more than one request for information and/or documentation. Please respond to all such requests separately, even if you believe you have already supplied the requested information and/or documentation.
Investec Bank (Channel Islands) Limited does not offer tax advice. If you require further information on these Regulations please speak to your tax adviser.