In March 2010, the United States Government (US) passed the Foreign Account Tax Compliance Act (FATCA), which requires all foreign Financial Institutions (FFIs) around the world to identify and report certain information on US Account holders or US owned foreign entities to the Internal Revenue Service (IRS) effective July 1, 2014. US account holders or ‘Specified US Persons’ may or may not be a primary account holder.
FATCA is a US tax law that is designed to prevent tax evasion and improve tax compliance of US taxpayers who earn income from investing in offshore investment vehicles and FFIs. As part of the Inter-Governmental Agreement (“IGA”) signed by the government of Jamaica and the US in May 2014, Jamaican FFIs are required to transmit information to the Tax Administration of Jamaica (TAJ) for onward submission of the information received to the US Internal Revenue Service. In signing the agreement, FFIs agree to:
The Term “Specified US Person/Entity” or person with US Indicia includes:
The term “Certain Information” includes:
In order to align with the requirements of FATCA and the IGA, Cumax Limited will be making changes to the information and documentation that we collect to update our Customer database.
Cumax Limited values the relationship and trust we have with our clients. We thank you for your continued support and for selecting us as your financial partner.