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Foreign Account Tax Compliance Act (FATCA) is a U.S. law designed to prevent tax evasion by U.S. taxpayers through the use of offshore accounts and companies. FATCA is generally focused on “foreign financial institutions” such as banks, custodians, trust companies, life insurance companies and asset management firms. However, FATCA also affects insurance clients, insurance brokers and insurance carriers.
FATCA is a complex law. Please consult your tax advisor to determine how FATCA may apply to your situation. In order to assist our clients and their obligations under FATCA legislation we are making available our form for downloading:
Alesco Risk Management Services Limited
For any FATCA related questions and any issues relating to FATCA forms please contact us.