“The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or Fatca. The 2010 law makes it tougher to hide money overseas because foreign banks must report their accounts to the U.S. Internal Revenue Service or face, in some cases, a 30 percent withholding tax. The accord is significant because the Cayman Islands is a major financial center and home to operations for dozens of banks, funds and wealth-management entities.”
Caymans Accord Makes It Tougher for Wealthy to Hide Money
The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret.
An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or Fatca. The 2010 law makes it tougher to hide money overseas because foreign banks must report their accounts to the U.S. Internal Revenue Service or face, in some cases, a 30 percent withholding tax.
The accord is significant because the Cayman Islands is a major financial center and home to operations for dozens of banks, funds and wealth-management entities, according to Bloomberg BNA.
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