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Family offices should be preparing for FATCA
Family offices should already be taking steps to prepare for the introduction of the new US Foreign Account Tax Compliance Act, a leading tax lawyer has warned.
Tom Humphreys, from law firm Morrison & Forester, said family offices need to get in contact with their financial institutions and find out what they are required to provide and when.
They should also figure out if any of the family or extended family meet the definition of US persons – such as US citizens, residents, green card holders and even potentially those who spend a lot of time in the country, he said.
