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This publication provides a brief overview of the expected impact on entities established in Bermuda of (a) the foreign account tax compliance provisions (“FATCA”) of the Hiring Incentives to Restore Employment Act, 2010 of the United States of America (the “US”); and (b) equivalent rules implemented in relation to United Kingdom taxpayers.
However, this publication is not intended to be a substitute for legal advice or a legal opinion. It deals in broad terms only and is intended to merely provide a brief overview and give general information. Conyers Dill & Pearman is only able to advise as to the Bermuda law aspects of the US IGA and the UK IGA, and its Bermuda enabling legislation. Advice should be sought from US counsel as to the interpretation of FATCA under US law and to English counsel for the UK equivalent.
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Impact of FATCA on Bermuda