The Bahamas’ Minister for Financial Services Ryan Pinder said that the local financial services industry must adapt to automatic information exchange under the Foreign Account Tax Compliance Act.
Topic: FATCA
The Bahamas will host a Regional Foreign Accounts Tax Compliance Act (FATCA) workshop as Caribbean countries seek to comply with new regulations outlined by the United States.
The survey, in particular, examines the preparations already undertaken and planned undertakings by those entities deemed as “foreign financial institutions” (FFIs) under the United States’ Foreign Account Tax Compliance Act (FATCA).
A move by the US government to crack down on foreign financial institutions (FFIs) holding accounts for American taxpayers has forced the government in the Bahamas to look at the status of thousands of trusts.
