Foreign Account Tax Compliance Act

Cook Islands financial institutions have commenced providing information to the US IRS in regards to US account holders. The Foreign Account Tax Compliance Act (“FATCA”) is United States legislation requiring jurisdictions to report, either directly to the IRS or through inter-governmental agreements, information on US tax residents’ offshore financial accounts and assets.

Download a pdf copy of this article here.
Download a pdf copy of a comparison matrix on jurisdictions regarding compliance here.