Wed, May 25, 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. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. West Virginia objects to Alpha Natural sale to hedge fund[more]

    From AP/Heraldcourier.com: West Virginia's environmental authority has filed an objection to the proposed $500 million sale of Alpha Natural Resources' assets to a hedge fund, arguing that the deal could leave the state holding hundreds of millions in reclamation liabilities. The Register-Hera

  3. Mitch Petrick leaves Carlyle as his hedge fund unit suffers losses while assets expand[more]

    Komfie Manalo, Opalesque Asia: Mitch Petrick will be leaving Carlyle Group as head of its hedge funds unit overseeing about $34bn as of March 31, after several funds under his management suffered losses while assets expanded, various media reported. Petrick joined Carlyle in 2010 and was a former

  4. Institutions - Kentucky pension leans into hedge funds amid governance turmoil, Korea's NPS names finalists for initial $1 billion hedge fund-of-funds allocation[more]

    Kentucky pension leans into hedge funds amid governance turmoil From AI-CIO.com: The Kentucky Retirement Systems moved to increase its hedge fund allocation as controversy reigned over fund leadership. Following a string of high-profile hedge fund exits, the Kentucky Retirement Systems (

  5. Fund Profile - The hedge fund that couldn't stay open long enough for a big payday[more]

    From Bloomberg.com: Toby Dodson waited six months for his bet against a fragile Portuguese bank to pay off. But before the reckoning, word came down from his hedge fund bosses at Achievement Asset Management in Chicago: get ready to clear out your desk and unwind your trades, we’re shutting down. Th