US & UK FATCA Reporting Obligations for Cayman Funds

23rd April 2015...Deadlines loom for both the Cayman Islands FATCA Model I Intergovernmental Agreement (“IGA”) with the United States and for the United Kingdom version of FATCA, the “UK–Cayman Agreement to Improve International Tax Compliance.” The nearest of the deadlines is 30th April 2015.

Approximately 29,000 Cayman Islands domiciled financial institutions have registered under U.S. FATCA. This represents nearly one-fifth of all foreign financial institutions (FFIs) registered under U.S. FATCA.  Private equity and other investment funds domiciled in the Cayman Islands have reporting obligations under both U.S. and U.K. FATCA with rapidly approaching deadlines.

Broadscope Fund Administrators have produced a white paper outlining the dates and the requirements.  To download the white paper, visit Broadscope below..

Broadscope Fund Administrators is a boutique-style, full service fund administration firm focused exclusively on the private equity industry.  Broadscope was formed in 2012 by industry experts who founded Palmeri Fund Administrators in 1991, a firm well known for its industry expertise and high quality service through its sale in 2007.