FATCA Reporting Requirements

Many Bahamian financial institutions (“BFIs”) are now preparing to commence reporting to the Bahamian Government on accounts held by U.S. persons pursuant to The Bahamas and the United States of America Foreign Account Tax Compliance Agreement Bill, 2015 (the “FATCA Bill”). Although the FATCA Bill is not yet in force, it is anticipated that it will be passed by Parliament imminently.

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