The local implications for the Foreign Accounts Tax Compliance Act (FATCA) are far reaching. So said First Caribbean International Bank (FCIB) representative Norlan Gabriel, who was a panel member on NBC Radio’s “Views on Issues” programme last Sunday.
The latest edition of the radio programme was aimed at disseminating information about finance, as October is observed as Financial Information month here. Gabriel said that the responsibility to be compliant to the Act is the responsibility of all stakeholders.
She added that any US resident or citizen who lives in this country or hold accounts with financial institutions here, will have to fill out additional forms or update their existing information with their financial institutions in order to be on record with the IRS.
Gabriel however stated that this information is only required for account holders with fifty thousand USD or over in their accounts.