The Foreign Account Tax Compliance Act ("FATCA") is a federal United States tax law. The purpose of FATCA is to provide the US tax authority, the IRS, with information about US persons who own financial assets outside the US.
Jersey has entered into a Model 1 intergovernmental agreement with the US, which imposes certain obligations on the Jersey tax authority. The full and final scope of those local obligations has not yet been published. The Jersey tax authority will require financial companies operating in Jersey to report to it information on US persons.
In order to prepare for this new reporting obligation, GoldMoney will contact all customers in the coming months to ask whether they are a US person. Please be assured that this query will be made before any information is reported to the Jersey tax authority.
GoldMoney cannot provide investment, financial, tax, legal, or other advice, so if customers are uncertain about the application of FATCA to their personal circumstances, we recommend that they seek independent advice from a qualified professional.