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Fund Foreign Account Tax Compliance Act (FATCA) Advisory

Valsen Fiduciaries provides independent FATCA reporting which is a U.S. law that has been adopted by Inter-Governmental Agreements in the majority of offshore and onshore jurisdictions. Its aim is to reducing tax evasion by US citizens and residents through the use of offshore assets and accounts.

Valsen Fiduciaries will assist its clients establish which funds are classified under Foreign Financial Institutions (FFIs) such as Banks, Investment Funds, Investment Managers, Brokers, Custodians and Insurance Companies among others and are reportable and we shall collect certain data on their investors and report the required information. We shall also ensure the FFIs are registered with the U.S. Internal Revenue Service (IRS) and obtain their own Global Intermediary Identification Number (GIIN).

Valsen Fiduciaries ensures our FATCA reporting meets the below key components:

  • U.S. taxpayers must report on certain foreign financial accounts and offshore assets
  • Foreign Financial Institutions (FFIs) must report on financial accounts held by U.S. taxpayer or foreign entities in which U.S. taxpayers hold a substantial ownership interest
Fund Administration

FATCA Advisory services offered include:

  • Advising on the laws relating to FATCA and offering assisting in relation to the potential application of FATCA and Common Reporting Standard (CRS), including entity classification, local and foreign tax authority registration and notification requirements
  • Registering a client with the IRS and obtaining GIIN, and registration, notification and liaison with local authorities as applicable
  • Drafting or reviewing language for incorporation into offering materials, constitutional and other documents where relevant
  • Drafting or reviewing self-certification forms, sponsored entity agreements
  • Classification, validation and remediation of pre-existing accounts
  • Onboarding new accounts to ensure required data is captured and obtaining forms and due diligence documentation for validation up front to facilitate compliance
  • Preparation and filing of reports that are compliant with applicable legal requirements
  • Classifying your corporate and account structures to determine FATCA status
  • Performing detailed due diligence reviews to determine “US accounts”
  • Contacting existing investors where there is insufficient data to determine US status