On 8 February the IRS released draft regulations covering the implementation of FATCA, the controversial US tax law aimed at gathering information about Americans holding financial assets abroad. The regulatory burden that FATCA will impose on financial institutions located in the Isle of Man is significant.
Although there has been a relaxation of some of the most contentious elements of the FACTA proposals, there has been no deferral of the implementation timeframe for the core provisions. Therefore, the time to act is now.