NEWS

• Posted May 15, 2014

May - International Tax News

FATCA (Foreign Account Tax Compliance Act)

The U.S. Department of Treasury has announced that Cyprus is one of the jurisdictions that have reached into an Intergovernmental Agreement with the U.S. Department of Treasury to improve International Tax Compliance with respect to FATCA.

FATCA is a new US law aimed to prevent tax evasion by US citizens and residents through the use of offshore accounts by foreign financial institutions and other financial intermediaries.

The implementing legislation is expected to be effective within the next few months.

Should you have any questions or require any assistance regarding FATCA compliance, please contact us at [email protected]