• Webinar | FATCA: Disclose, Withold or Disinvest
  • November 12, 2010
  • Law Firm: Withers Bergman LLP/Withers LLP - New Haven Office
  • In this webinar our speakers discuss the implications of the dramatic new client identification, disclosure and withholding legislation commonly referred to as 'FATCA' or the HIRE Act.

    This legislation affects virtually all individuals, trusts, family offices, personal investment companies, foundations, employee benefit plans and charities who invest via any non-US trust company, bank, financial institution, broker-dealer, fund, life insurance company, clearing organization or custodian (so called foreign financial institutions or 'FFIs').

    Almost all investments into the US will be subject to 30% gross withholding unless affected FFIs enter into agreements with the IRS and implement procedures to determine and disclose their US clients (or clients who are entities beneficially owned by US persons). The legislation takes effect from 1 January 2013 and, given the scope of the undertaking, will require immediate allocation of time and resources by affected FFIs to meet this deadline.

    Special emphasis will be given to the impact of the legislation on investment advisers, trustees and their clients.