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This publication provides a brief overview of the expected impact on entities incorporated in the Cayman Islands 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 (UK) taxpayers.
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 Cayman Islands law aspects of the US IGA and the UK IGA (as defined herein), and its Cayman 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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FATCA: Impact on Cayman Islands Entities