New Zealand has released IR1087, FATCA Trusts guidance notes. This guidance is meant to specify how FATCA is applied in New Zealand to trusts that maintain or hold financial accounts.
A trust that is a Reporting New Zealand Financial Institution (NFZI) will be required to register with the IRS and will have FATCA due diligence and reporting obligations.
The guide outlines how FATCA will apply to unit trusts, family trusts, trading trusts, and charitable trusts.
To view this new guidance, please click here.
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