Sat, Sep 5, 2015
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: New Detroit-based CTA seeks to take advantage of coming volatility[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging manager has just set up his one-man shop in the city of Detroit. Synchronicity Futures,

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  4. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

  5. Launches - BlackRock’s McKenna starts hedge fund with $270m, Ex-BlueBay fund managers Phillips, Fayman to launch hedge fund in 2016, Dallas lawyer, Wall Street-savvy doctor team up to form biotech-focused hedge fund[more]

    BlackRock’s McKenna starts hedge fund with $270m From Bloomberg.com: BlackRock Inc. has started an event-driven hedge fund one year after hiring Harvard Management Co.’s Mark McKenna to run the strategy. Global Event Partners, which seeks to profit from corporate events such as takeovers

 

banner