Caymanians: Do You Owe US Taxes?
Published 25th January 2012, 3:26pm
George Town, Grand Cayman – The Office of the Premier and Ministry of Finance, in conjunction with Cayman Finance, will host a free two-day seminar on United States tax compliance and the Foreign Account Tax Compliance Act (FATCA) on Tuesday, 31 January and Wednesday, 1 February at the Family Life Centre.
The Ministry is continuing its efforts to ensure that all dual US citizens; US resident green-card holders; and long-term non-residents who live and work in the Cayman Islands understand if they have to file US tax returns and become compliant with the US tax rules.
In April 2011, the Ministry hosted an introductory tax seminar that informed individuals about US tax related initiatives including FATCA. Since then, the US has released further clarification on matters relating to FATCA and overall tax compliance; therefore, to further inform the local population, the Ministry will host the following sessions:
Session 1: Getting Started: Tax Compliance
The first session will be held on Tuesday, 31 January from 4:30 to 8:00 p.m. and will help individuals understand if the US tax rules apply to them and provide steps to becoming compliant. Discussion areas include an overview of US taxation; common tax forms and examples that apply to many residents; new FATCA and Report of Foreign Bank and Financial Accounts (FBAR) updates and requirements; and where to find assistance.
Session 2: US Immigration and Expatriation Information for Dual Citizens
The second session will be held on Wednesday, 1 February from 4:30 to 8:00 p.m. This session aims to inform and answer questions relating to maintaining or relinquishing your US status. Discussion topics will include an overview of US Immigration; US tax income; and US expatriation tax rules.
There will be four international speakers, including attorneys and accountants, presenting on various topics regarding US taxes, filing tax returns and US immigration.
Cayman Islands Premier, the Hon. McKeeva Bush, OBE, JP, invites the public to attend this important two-day seminar.
“The Cayman Islands Government is committed to providing greater clarity on issues surrounding US taxes to all Caymanians who are required to be compliant with US tax laws and FATCA,” said Mr Bush. “I encourage these individuals –especially those who are unsure of the US tax filing and reporting procedures – to attend these sessions.”
This seminar would not be possible without the contribution of the Cayman Islands Society of Professional Accountants.
No cost or registration is required for this seminar. Refreshments will be provided.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.