The Oracle Capital Group monitors the situation in offshore jurisdictions where we help clients to set business presence. We share important news from key locations. This November update covers Jersey, Mauritius, Cayman Islands and Singapore.
Cayman Islands lead in FATCA reports
Every US citizen must supply the US tax authorities with detailed information of their bank accounts and assets held abroad. They must also require non-US banks to report such information directly to the IRS.
The most significant number of new registrations came from the Cayman Islands. The Caribbean state has 1,097 financial institutions signed for FATCA, they suppliied IRS with 82,309 registrations.
Non-US banks and financial services businesses have to report the income from accounts of US citizens, accidental or otherwise, under FATCA.
Top 5 FATCA registrations
- Cayman Islands 82,309
- Brazil 36,588
- UK 36,172
- Japan 25,614
- Luxembourg 19,017
Until recent changes in the Companies Act (section 94), Cayman Islands companies did not have a formal restructuring process. Now they can restructure under the supervision of a Court-appointed “restructuring officer”.
Mauritius excluded the grey list of the Financial Action Task Force (FATF) since October 21. As a result, this jurisdiction is not subject to increased monitoring anymore. FATF is an inter-governmental body that sets anti-money laundering standards. The organisation acknowledged the progress the island nation had made in efforts against money laundering and terrorist financing (AML/CFT) during the last few months.
Jersey will relax its Covid-19 entry rules from November as part of its Safer Travel Policy. The Channel island’s government said travellers who meet any of its three Covid Status Certification criteria would no longer need to take a PCR test or self-isolate from November 2.
Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) extended the USD10 billion bilateral financial arrangement to November 4 2022. This arrangement has been endorsed by Indonesian President Joko Widodo and Singapore Prime Minister Lee Hsien Loong, and will continue to support monetary and financial stability in both countries amid the on-going recovery from the COVID-19 pandemic.
Oracle Capital Group experts can facilitate new company registrations and manage start-up operations of offshore companies economically and swiftly. Oracle Capital Group can also recommend and deliver complete packages for an already existing offshore entity. From providing recommendations on which jurisdictions to explore and choosing the type of entity to form, Oracle Capital Group will provide guidance and execute a strategy that best suits your needs.