Mayberry advises clients about FATCA
Mayberry Investments Ltd (MIL) is seeking to educate its clients about the recently introduced FATCA legislation.
FATCA is the Foreign Account Tax Compliance Act, a US law directed at financial institutions outside the country's jurisdiction. FATCA requires foreign financial institutions like MIL to report to the Internal Revenue Service (IRS) about 'US persons'. A US person may be considered anyone who has certain characteristics including being a citizen or lawful resident of the US; someone who has a US telephone number or address on their account; has an account with a portfolio value in excess of US$1 million; or owns a corporation that has any specified US person who owns, directly or indirectly, more than 10 per cent of the company's stock. Even joint accounts with one or more of the owners qualifying as a US person, will be treated as that of a US person.
FATCA was enacted by the US in an effort to battle offshore tax evasion. Its overall purpose is to stop offshore tax abuses through increased transparency, enhanced reporting and strong sanctions. The law was enacted in March 2010, but took effect on July 1 this year. For anyone considered a US person, Mayberry is required to ask them to complete an IRS W-9 form, a Mayberry consent form and a declaration form for the company's own records. Your account may be included in annual reports to Tax Administration Jamaica which will then forward these reports to the IRS.
MIL stresses that it has a policy of strict adherence to privacy laws and protection of client data. The entity also said it will be obtaining the necessary disclosures from clients to comply with FATCA and Jamaican laws. The company urges persons to speak to their Mayberry investment advisers for more details.
For more on the work of Mayberry Investments Limited, watch 'Corporate Coffee Mornings' as Barbara Ellington speaks to Gary Peart at: www.jamaica-gleaner.com and click on VIDEOS.