Drumming-up FATCA business in the Caymans

A new video report from CNS Business in the Cayman Islands dives right into the front-lines of the rapidly-spreading FATCA compliance business. A good-sized group of Caman-based US Persons attended a free seminar last week at the Caribbean Club entitled "Navigating US Tax Requirements and Strategic Methods of Coming into Compliance" Some of them were interviewed on-camera for the story, as was an attorney from Caplin & Drysdale, a DC-based law firm specializing in "the tax controversy area" and event co-host with Ham, Langston & Brezina LLP, a multi-service accounting firm based in Texas.

As the story reports:

“It’s becoming harder and harder to hide and you really want to be ahead of the situation. You don’t want the IRS knocking on your door. There are options for you to come forward and come into compliance now before they come to you because once they come to you, it’s a very different conversation,” added Caplin & Drysdale attorney, Zhanna Ziering.

“Right now the message I deliver is FATCA is changing all of that and just because you’ve had an account here for 20 or 30 years without issues doesn’t mean you won’t get a letter in the mail. We’ve had clients in Cayman, as well as a host of other countries, receiving these letters,” stated [Caplin & Drysdale attorney, Dianne Mehany].

Both attorneys explained they are not trying to scare anyone, but want them to understand there are criminal and civil penalties if you don’t come into compliance.

Be sure to watch the interview clips.