Tue, Jul 29, 2014
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 Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  4. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by

  5. Winton’s low-cost equities fund tops $1bn for first time[more]

    From FT.com: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1bn for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals. Winton, which manages about $25bn in total ass