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FATCA: implications for non-US funds: a general guide for determining the applicability of FATCA to non-USA funds

Kristen M. Garry (Partner based at Shearman & Sterling LLP, Washington, DC, USA)
Etienne Gelencsér (Partner based at Shearman & Sterling LLP, Tokyo, Japan)
Eileen M. O’Pray (Counsel based at Shearman & Sterling LLP, Palo Alto, California, USA)
Naomi King (Associate based at Shearman & Sterling LLP, Tokyo, Japan)
Jeffrey B. Tate (Associate based at Shearman & Sterling LLP, Washington, DC, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 28 October 2014

176

Abstract

Purpose

To summarize the principal aspects of USA tax legislation commonly known as the “Foreign Account Tax Compliance Act” (“FATCA”) that may be relevant to non-USA investment funds.

Design/methodology/approach

Reviews the potential application of FATCA to non-USA investment funds in a question-and-answer format and summarizes the key FATCA compliance obligations that may apply to such funds.

Findings

FATCA presents a number of compliance and operational challenges for non-USA investment funds. Such funds should be aware of their status under FATCA and resulting compliance responsibilities to ensure that they are compliant with FATCA and thus not subject to USA withholding tax.

Originality/value

Practical guidance from experienced tax and investment funds lawyers that summarizes a complex body of law in a concise format.

Keywords

Acknowledgements

© 2014 Shearman & Sterling LLP

This publication is intended as an overview of these issues and does not address all aspects of FATCA. It should not be regarded as legal advice.

Citation

M. Garry, K., Gelencsér, E., M. O’Pray, E., King, N. and B. Tate, J. (2014), "FATCA: implications for non-US funds: a general guide for determining the applicability of FATCA to non-USA funds", Journal of Investment Compliance, Vol. 15 No. 4, pp. 44-52. https://doi.org/10.1108/JOIC-09-2014-0042

Publisher

:

Emerald Group Publishing Limited

Copyright © 2014, Authors

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