On the 18th of March 2010 the United States (US) Government enacted The Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. CSB and subsidiaries are considered FFIs and therefore required to comply.
CSB and all subsidiaries are committed to upholding customer confidence and to keeping customer and client information confidential and secure. Our actions as they relate to FATCA are in strict compliance with the local regulations and legal framework of the Cook Islands.
- What is FATCA?
- Who is a US person?
- What is a Foreign Financial Institution (FFI)?
- Is FATCA applicable to individuals or business customers?
- How does FATCA work?
- How does FATCA impact our customers?
- I have U.S. Dollar Account, will this be reported?
- I qualify as a U.S. Person how does FATCA apply to me?
- Do FATCA regulations apply to joint accounts?
- Does CSB provide tax related advice?
- Is more detailed information on FATCA available online?