FATCA Reporting Services

The Foreign Account Tax Compliance Act (FATCA) was enacted as part of US legislation in 2010. The objective of the legislation is to prevent tax evasion by US residents/citizens investing in foreign financial institutions

This legislation mostly affects US and non-US entities considered financial institutions for FATCA purposes and includes, but is not limited to banks, collective investment schemes, brokers, custodians, certain insurance companies amongst others.

Malta signed an agreement with the United Stated to implement FATCA in December 2013 which obliges certain Foreign Financial Institutions to comply with this legislation. Complying with FATCA requires various tasks such as analyzing legal entity structures, preparing required certificates and registering any Foreign Account Holders which would be affected by this legislation.

BOV Fund Services Limited can assist you in ensuring full compliance to the FATCA provisions, through a set of documenting and reporting services that will bring you in line with this important piece of regulation. Failure to comply with this legislation can adversely affect your investments.

BOV Fund Services Limited's services package includes:  

• Registration for the GIIN (Global Intermediary Identification Number).
  
  
• Helping you identify the US account holders within the fund to have a better idea of what documentation is needed and which individuals need to be registered.
  
  
• Develop systems for the collection of information and perform Due Diligence reviews about US account holders.
  
  
• Preparing and submitting the required Reports to the US Inland Revenue Service and the Malta Commission for Revenue.
  
  
• Verifying and double-checking that your business is fully compliant with the legislation.