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Published 14th April 2011, 12:45pm

New U.S. Tax Obligations for U.S. Passport Holders and Residents Living in the Cayman Islands

George Town, Grand Cayman – New legislation in the United States may require retroactive payment of U.S. taxes for Caymanians holding U.S. passports.

The Office of the Premier and Ministry of Finance, in conjunction with Cayman Finance are hosting an information session on U.S. tax obligations on Tuesday, 19 April at the Marriott Grand Cayman Resort. This seminar will deliver vitally important information for Caymanians with U.S. passports, U.S. citizens, Green Card holders, long term non-residents of the U.S. and financial institutions on new provisions and directives of the Foreign Account Tax Compliance Act (“FACTA”), effective 1 January 2013.

Session 1: Financial Institutions

The morning session, from 9:00 a.m. to 12:30 p.m., is geared towards financial institutions and aims to increase their understanding of the new criteria surrounding U.S. taxes for their clients. Discussion areas include an overview of FACTA; an analysis of the legislation and the implications for Cayman residents; the Cayman Islands Government delegation's meetings with the IRS; and opportunities for Cayman.

Session 2: U.S. Citizens, Green Card Holders & Long Term Non-Residents

The afternoon session, from 1:30 p.m. to 5:00 p.m., will provide valuable information for individuals who were born in the U.S. or have family members that were born in the U.S. with regards to U.S. tax requirements. Topics include: tax and reporting obligations – what you may owe; filing U.S. income tax returns; and where to find assistance from local firms.

Cayman Islands Premier, the Hon. McKeeva Bush, OBE, JP invites the public to attend. “In anticipation of the Foreign Account Tax Compliance Act, it is imperative that all U.S. citizens, Green Card Holders and long term non-residents that live and work in the Cayman Islands understand their obligations to the U.S. Treasury and the IRS."

“I encourage all Caymanians with U.S. Passports to attend this event, as well as those who are unsure of the filing and reporting procedures for U.S. income taxes under the new Act,” Mr. Bush added.

There is no cost associated with this event and no registration is required. A networking reception from 5:00 p.m. to 7:00 p.m. is also open to the public and will provide an additional forum to network with the presenters and Government officials.

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.