Sat, Jul 30, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Alternatives firms get more clarity as Cayman opts for model 1 on FATCA

Monday, March 18, 2013

Bailey McCann, Opalesque New York: Opalesque first reported in January that while the final rules for the Foreign Account Tax Compliance Act (FATCA) in the US were issued, some key countries still had to decide which model of tax reporting they were going to choose. In essence, FATCA gives foreign countries two options - Model 1, which calls for individuals to report to a country what their taxable investments are, and that country reports back to the US on an automated basis. Or, Model 2 which requires investment firms or investors to set up their reporting relationship with the IRS mostly on their own, with some additional oversight from the local government. Some tax advisers were advising their hedge fund clients to hold off on some FATCA preparation until those decisions were made. This month, Cayman announced that it would be opting for model 1, on FATCA reporting.

According to an advisory from attorneys at Walkers, the Cayman Islands Government (CIG) will adopt model one in an effort to add credibility to its transparency initiatives. The country has also made a similar agreement with the UK. The full scope of rules and terms with both countries should be implemented in the next few months.

The attorneys note that, the Cayman Island......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. HFR: Hedge funds post strong gains in mid-July as markets recover from Brexit losses[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted strong gains through mid-July as the equity markets continued the recovery from Brexit losses. The HFRX Market Directional Index gained +2.17% (+4.22% YTD) and the HFRX Global Hedge Fund Index gained +1.03% through mid-month (+0.19%

  4. News Briefs - Carlyle goes on trial for a financial-crisis meltdown, Private equity and venture capital outperformed public markets in 2015, Pippa Middleton gets engaged to hedge fund manager James Matthews[more]

    Carlyle goes on trial for a financial-crisis meltdown Carlyle Group co-founder Bill Conway was in court on this small island last week recounting one of the most bruising episodes in his private-equity firm’s history: the 2008 collapse of mortgage-bond fund Carlyle Capital Corp. Carlyle

  5. …And Finally - Two men fall off cliff playing Pokemon Go[more]

    From BizarreNews.com: Two men who fell from a seaside cliff north of San Diego told authorities they became distracted while playing augmented reality game Pokemon Go. Encinitas fire Battalion Chief Robbie Ford said one of the men fell about 50 feet down the bluff in Encinitas while the other man fe