Loading…

AEOI: Guidance for Hong Kong Financial Institutions

What you need to know about the Automatic Exchange of Information (AEOI) if you are responsible for a Hong Kong Financial Institution. … Read more

Tax considerations for US or UK citizens moving to Hong Kong

As a UK expat in Hong Kong myself, I know that finding your way around a new place takes time, patience and (ideally) a helping hand. … Read more

Find us quickly

1403 14/F The Lucky Building, 39 Wellington St, Central, Hong Kong
enquiries@buzzacott.hk T +852 3192 7088

Asian Private Banker: Private Banks in Asia need to review their FATCA agreements by month’s end

Following an interview with Allan Wilkinson, Asian Private Banker reported that Foreign financial institutions (FFIs) in Asia risk losing their FACTA Participating FFI status if they do not renew their agreements with IRS by July 31.

Allan Wilkinson, Director at Buzzacott, said, “We would suggest to financial institutions in the region which signed up to FATCA before 2017 to check their agreements and update them if necessary.

Otherwise, they will be considered as a Non-participating FFI as of January this year. It is important for financial institutions to maintain their Participating FFI status, otherwise their clients may be hit with a 30% withholding tax on any payments of income originating from the US.”

About the author

Allan Wilkinson

+852 3192 7083
wilkinsona@buzzacott.hk
LinkedIn

Allan Wilkinson, Director at Buzzacott, said, “We would suggest to financial institutions in the region which signed up to FATCA before 2017 to check their agreements and update them if necessary.