FATCA and CRS Services
What are FATCA and CRS?
FATCA and CRS are international automatic exchange of financial account information mechanisms aimed at addressing perceived tax abuse by a country's tax payers through the use of foreign accounts and related structures. US FATCA requires non-US investment funds to report detailed information about their US investors, UK FATCA (often referred to as CD/OT) requires investment funds in the UK Crown Dependencies and Overseas Territories to report detailed information about their UK tax resident investors, and CRS requires investment funds in a CRS participating country to report detailed information about any investor tax resident in another CRS participating country. The purpose of such reporting is to deter tax evasion by persons tax resident in participating countries who might hold investments in such foreign funds.
Who does FATCA and CRS affect?
Under FATCA and CRS, both hedge funds, private equity funds, CLOs and other structured products that constitute financial institutions are required to identify and report on relevant accounts held either by persons tax resident in a participating country or by non-financial entities that have controlling persons tax resident in a participating country. With respect to US FATCA, where funds are not FIs but instead constitute certain types of NFE they may be required to identify to US withholding agents their controlling persons where those persons are US persons.
How can MaplesFS help?
MaplesFS has an experienced and dedicated regulatory compliance team that offers clients a flexible, cost effective compliance solution that can be tailored to ensure clients meet the full spectrum of FATCA and CRS requirements.