Offshore Account (OVDP) News
On June 18, 2014, the US Internal Revenue Service (IRS) announced major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and, importantly, also to those residing in the United States under the Streamlined Domestic Offshore Procedure. The changes are anticipated to provide thousands of people a new avenue to come into compliance with their US tax obligations.
IRS issues new Form W-8BEN-E for use by Foreign (non-US) Entities
The Form W-8BEN-E reflects changes made by the Foreign Account Tax Compliance Act ("FATCA") and is for use by beneficial owners that are entities. Entities also may use the Form W-8BEN (revision date February 2006) through December 31, 2014. For purposes of chapter 4 of the Internal Revenue Code, a Form W-8BEN (revision date February 2006) provided to a withholding agent by an entity before January 1, 2015 is and will remain valid to the extent permitted in Treasury Regulations section 1.1471-3(d)(1) (describing the allowance for use of a “pre-FATCA Form W-8”). See also Treasury Regulations section 1.1471-2T(a)(4)(ii) (describing a transitional exception to withholding for certain payments made with respect to a preexisting obligation). A withholding agent may request that you provide a Form W-8BEN (revision date February 2006) before January 1, 2015.
FATCA Registration Resources
Financial Institutions can register using this online FATCA Registration Tool.
Marian Ancheta, P.A.
International Tax Advisors
Planning Your Future
It's one of the most important things we can do, but it's also the most overlooked. We aim to help you accomplish your future succession and planning goals every step of the way.
Whether you are: a non-resident of the US, investing in real estate or planning for your US beneficiaries,
We can help.
Are you a foreign or US financial institution trying to deal with FATCA implementation?
Are you are foreign entity struggling to determine how to complete Form W-8BEN-E and your FATCA classification?
Don't worry, we strive every day to ensure you and your family's goals are met.
What we Do
Our firm can assist in the development of tax-efficient operations, structures and financing, while taking into account U.S. and international tax issues. We understand that the complexity of today’s global business transactions, the globalization of industries and the growing integration of markets makes such coordinated tax advice essential.
Our lawyers help create and implement global tax strategies to help minimize taxes, no matter where in the world you operate. Whether we work exclusively with a client or serve as an important part of a client’s team of tax professionals, we aim to tailor our services to provide sophisticated, strategic and efficient tax advice.
Our Firm Can Provide
- Advice in connection with the establishment of a U.S. business or the acquisition of U.S. corporations, partnerships, and business assets
- Structuring of joint ventures
- Assistance and planning with tax treaties, foreign tax credits and withholding taxes
- Counsel to sponsors, managers or investors in domestic and foreign investment funds
- Advice to U.S. taxpayers on acquiring foreign entities and structuring their foreign operations
- Advice regarding international real estate transactions
Planning for Business Transactions
Our lawyer’s wide-ranging experience in mergers and acquisitions positions our firm to help clients efficiently structure transactions in the international arena. We work closely with local counsel to provide general advice with respect to local country taxation. We also structure and negotiate acquisitions and dispositions of foreign companies, planning for the most tax-efficient structures from both a US and foreign tax perspective. We have extensive experience working with entities in tax haven jurisdictions and have developed valuable relationships with leading counsel in such jurisdictions.
We can assist you to:
- Develop innovative structures to minimize taxes on a particular deal
- Harmonize local and home country tax rules for maximum protection against double taxation
- Conduct due diligence investigations
- Provide ongoing tax planning
- Develop capital structures and repatriation strategies for minimizing worldwide taxation
Planning for Double Tax Protection
Development of tax-efficient cross-border investments generally depends on an investor’s home country, availability of tax credits, and exemptions. These client-specific circumstances require tax advice that is custom-tailored for each investor since no one structure is the most appropriate in all cases. We can help you navigate this multi-jurisdictional tax labyrinth to:
- Minimize project country taxes
- Maximize cash flows through tax-advantaged income streams
- Convert one kind of cash flow to another using an intermediate company
- Deal with investors’ home-country tax computations to maximize available relief
- Work with local counsel to coordinate tax-efficiency
Integration and Leveraging of our International Transactional Experience
In the process of developing a structure to minimize your company’s effective global tax rate, attention must be given to non-tax considerations such as regulatory oversight, licensing, labor matters and other legal considerations other than tax. In this regard, we pride ourselves on our collaboration with the company’s executive management as well as those responsible for development and marketing of the particular product, service or line of business, in order to tailor our tax planning to accommodate the company’s business objectives and goals.