Beware of the FATCA !
17 January 2012 The legislation covering the US Foreign Accounts Tax Compliance Act (FATCA) was drafted in 2010 with the intention of facilitating the identification of US taxpayers having accounts with foreign financial institutions and non-financial foreign entities. Its aim is to promote anti-avoidance by having managers of these entities notify the Inland Revenue Service of the identity of American nationals who are beneficiaries and, in the absence of such notification or a null return, custodians holding US domiciled investments would be required to applying a swingeing 30% withholding levy on payments to that entity.
