FATCA is a US domestic statute enacted in 2010 with the purpose of enforcing US tax compliance for foreign accounts and cross-border transactions. Since its coming into force on 1 July 2014, FATCA has had a gigantic global impact and caused repercussions in the financial sector worldwide.
In an effort to promote transparency and to improve tax compliance, Mauritius and the United States signed a Model 1, Reciprocal and Inter-Governmental Agreement (IGA) and a Tax Information Exchange Agreement on 27 December 2013.
Our FATCA team (the “Team”) has requisite experience and know-how to provide advice and administrative solutions to clients on all aspects of the Automatic Exchange of Financial Account Information ("AEOI") due diligence and reporting regimes under the FATCA with respect to Mauritian and Seychelles financial institutions.
Our understanding of the application and evolution of FATCA is unparalleled, as the Team has worked closely with Mauritian and Seychelles authorities in relation to the development of the regimes within these jurisdictions.
We provide constructive and insightful advice to a range of clients, including investment managers, investment advisors, brokers, funds and trusts, offering flexible and cost effective solutions that can be tailored to ensure clients meet the necessary requirements.
Our services include:
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Providing entities, incorporated in Mauritius and Seychelles, advice and assistance in relation to the potential application of FATCA
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Entity classification for FATCA purposes
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Registration with the IRS and obtaining a Global Intermediary Identification Number (GIIN), where applicable
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Due diligence pertaining to FATCA
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Onboarding new accounts to ensure that the required data is captured, obtaining forms and due diligence documentation for validation up front to facilitate compliance
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Reporting to Competent Authority for FATCA purposes
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Preparation and filing of reports that are compliant with applicable legal requirements
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Registration with Competent Authority for reporting purposes, including application for TAN for FATCA purposes or Dummy TAN where applicable
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FATCA periodic reviews
