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Here’s to the Crazy One’s (CRS OECD)

Borrowing from Apple (Think Different), this is a way to bring awareness to the changes that happen in the world.

Quite frequently we deal with people that deny the reality that things change until it is already a fact. After it happens it’s impossible to deny it, but until then or during the transitional period the resistance is incredible, practically superhuman. It’s such a complex matter and at the same time so simple that it always amazes us. Afterword’s it seems so obvious and we usually hear: “Off course that happened?” or “How come I didn’t think about this?”.

Most people don’t like change, they take us from our comfort zone and we become insecure of how the future will be but that doesn’t change the fact the it will happen and only the ones who analyze the situation rationally and in detail take the necessary actions to adapt to the new reality. Think about Venezuela, how many people had the chance to move out the country, protect their wealth, and even their very lives? How many who had the opportunity really took the chance and how many didn’t? In the financial world we hear the term “smart money”, the one that moves first in front of everyone else, takes initiative, prepares themselves better and most importantly executes when the time needs.

We insist on details because they make all the difference, so we are back calling everyone’s attention to the Common Reporting Standards of the OECD while everyone is concerned about FATCA, it will go unnoticed to most people in the beginning of next year. What we usually hear when we discuss the matter with attorneys, advisors and their clients is they will worry about it in 2017 or 2018 when the exchange of information starts, but shies away from their attention the fact that the collection of information will start January 1st of 2016 when the due diligence process will follow the new rules contained in the multilateral treaties. This detail changes everything because the time frame for restructuring to comply with CRS and ensuring client privacy is extremely short, it’s less than 80 days for the most brutal change in global transparency ever seen.

Think differently, don’t be stuck to the thought of the masses waiting for the obvious to happen, protect your privacy and your wealth.

FATCA and CRS increase pressure

We have being talking for some time about the FATCA and CRS impacts on people’s lives and however as incredible as it seems most prefer to think that they won’t be hit (the syndrome of it will not happen with me) and shove their heads in a hole or worse are very badly advised by their consultants and lawyers who continue taking advantage of the trust of their customers to push the problem under the carpet. The world is changing and fiscal transparency is here to stay, as well as reduction of privacy. To stay protected it will be necessary to raise the sophistication of structures to remain in compliance with the rules. But let’s not spend much time just talking and let’s get it to the facts.
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BVI Updates FATCA Reporting Guidance

The British Virgin Islands has published revised guidance notes on the international tax compliance requirements under its intergovernmental agreements with the United States and the United Kingdom.

The original version, dating back to July 2014, has been updated to reflect subsequent developments. Attention is drawn to the revised deadline of June 30, 2015, (extended from May, 31, 2015) for financial institutions to report with respect to the 2014 reporting year under the US Foreign Account Tax Compliance Act (FATCA).
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