FATCA

On 18th March 2010 the United States (US) Government enacted The Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The East Caribbean Financial Holding Company (ECFH) and subsidiaries are considered FFIs and therefore required to comply.

The ECFH Group and all subsidiaries are committed to upholding customer confidence and to keeping customer and client information confidential and secure. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.  

Steps Required for FFIs to be compliant with FATCA regulations:

1. Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance.

2. Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance.

3. Updating information of current customers.

4. Annual reporting to the IRS on qualifying ‘U.S. Persons’