There has been much debate about FATCA and the IGAs with the US and the UK. The fact that the Bermuda IGA’s are signed mean that it really is now time to act.
FATCA is expected to have the greatest impact on financial institutions, or businesses operating in the banking, trust, funds, investment, corporate service provider and insurance sectors. Other sectors are expected to be impacted to a lesser extent, depending on the ownership structure in place.
At KPMG, we recognise that financial institutions have complex issues to deal with in complying with the rules, and yet there may not be the resource or expertise internally available to take the first steps towards entity classification, portal registration and so on.
To assist you in taking these steps, KPMG has developed a package of “first steps” assistance. For a competitive price, we can offer:
- an initial one hour FATCA/IGA training session for senior management, focusing on the issues facing your business and the timelines to be achieved;
- practical guidance on entity classification in relation to you and your clients;
- an agreed number of follow-up meetings over the next 3 to 6 months to monitor your progress in implementing the necessary steps; and
- an agreed number of hours of ad-hoc technical support during the engagement period.
Feedback from clients to date is that such a package of assistance enables them to demystify FATCA and get started on the compliance process. We would be pleased to discuss our “first steps” assistance with you. A short meeting with you at your convenience is all that is needed start the ball rolling.