Foreign Account Tax Compliance Act (FATCA)

FATCA is a U.S. legislation which aims to combat tax evasion by U.S. persons. The intent behind the law is for Foreign Financial Institutions (FFIs), i.e. non-U.S. financial institutions, to identify and report any U.S. persons that hold assets abroad to the Internal Revenue Service (IRS)

The following are the FATCA and CRS compliance services provided by Bestfolio:

• Entity Classification – determining the classification of the entity under both FATCA and CRS regulations.
• Impact assessment – analyzing the impact on the entity systems, products, departments, policies and procedures and identifying the gaps that need to be addressed in order to comply with the regulations.
• Support – supporting the entity to implement due diligence requirements.
• Policy and procedures – creating policies and procedures in line with the regulations.
• Compliance Review – conducting a comprehensive review to validate if the organization is following the policies and procedures and complying with the regulations.
• Reporting Support – assistance in reporting process to the relevant authority.