What is FATCA (Foreign Account Tax Compliance Act)
FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treated as in effect in their jurisdictions. For access to the FATCA regulations and administrative guidance related to FATCA and to learn about taxpayer obligations please visit the Internal Revenue Service FATCA Page.
Westwinds is a foreign financial institution (FFI) and is required to provide the Isle of Man Assessor of Income Tax with reportable financial account information on an annual basis which the Assessor will then forward that information to the US Competent Authority. The Isle of Man completed its first exchange of financial account information with the US in September 2015. For more information please visit the Isle of Man Goverment FATCA CRS page.