A new video advertorial from CNS Business in the Cayman Islands takes us to the retail front line of the rapidly-metastasizing FATCA compliance industry and shows us how it’s done. A good-sized group of
prospects Cayman-based US Persons were invited to a free seminar last week at the Caribbean Club entitled “Navigating US Tax Requirements and Strategic Methods of Coming into Compliance”. Attorneys from Caplin & Drysdale, a DC-based law firm specializing in “the tax controversy area” co-hosted the event with Ham, Langston & Brezina LLP, a multi-service accounting firm based in Texas.
As the story reports:
“There’s no longer the option of ‘I reside in this small island country – no one will find me’
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].
“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.
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.
Heady days indeed for FATCA compliance firms – their oyster truly is the entire world.
Of course, others are not so enthusiastic about the kind of help these firms are pitching. Comments are open and here was the first one:
Just disgusting that our government should be aiding and abetting these greedy parasites. Especially when you remember that many of the “Americans” living here are American only as a matter of law. They were born in the USA to Caymanian parents and have never lived or worked in the States.
And the beat goes on…