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article imageCayman Islands will start reporting US citizens' offshore assets

By Owen Weldon     Dec 1, 2013 in World
In an effort to combat offshore tax evasion, the Cayman Islands signed an agreement with the United States. The agreement will enforce the Foreign Account Tax Compliance Act (FATCA).
According to RT, The Cayman Islands will now be required to share tax information about Americans who have accounts there with the IRS via the Cayman Islands Tax Information Authority.
Reuters reports that accounts that have more than $50,000 will be shared with the IRS. The agreement was enacted after a Swiss banking scandal broke out, showing that U.S. taxpayers hid large fortunes overseas.
The FATCA was first agreed upon back in August.
Earlier this month, the Cayman Islands signed a similar agreement with the United Kingdom, the Washington Post says.
The Cayman Islands is a British territory that is considered to be the world's sixth largest financial center, as well as a major haven for private equity.
More about Cayman islands, Taxes, Tax, United States
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