The US Internal Revenue Service and US Treasury have published what we regard as one of the most important sets of regulations to appear in some time – at least for anyone who happens to be a trustee of one or more trustee documented trusts; or who is a compliance specialist with an institution such as a fund administrator, bank, brokerage firm or in any other similar entity with US persons among their clients, settlers and trust beneficiaries.
The “Regulations Relating to Verification and Certification Requirements for Certain Entities and Reporting by Foreign Financial Institutions (FFI’s),” (issued as TD 9852), focus on the way key information is provided to the US tax authorities under the Foreign Account Tax Compliance Act (FATCA) regime.
These regulations were effective as of March 25, 2019. There is obviously much to digest in this document, however, a few key points are essential to take on board for those in the business of looking after trusts with US connections, or similar cross-border arrangements involving American citizens, clients or beneficiaries.
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