THE UNITED STATES Foreign Account Tax Compliance Act (FATCA) will have implications for Barbadians who reside in the US but maintain financial accounts here.
And Minister of International Business Donville Inniss believes they will need to be sensitised about the requirements of the legislation which is aimed at ensuring Americans with overseas bank accounts pay their full share of taxes.
Speaking during a break in a FATCA seminar for players in the financial services sector yesterday at Hilton Barbados, he stressed that Barbadians who were not associated with the US would not be affected.
“A Barbadian who does not have US citizenship, residency, property in the US or . . . transactions in the US or who doesn’t have sizeable bank accounts in the US need not worry.
“Those who are dual citizens would have their challenges but of course it all ties into the thresholds that we are negotiating, which is US$50 000 in a bank account plus insurance cash surrender value in excess of $100 000,” he said.
