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.
About the Author
Adam Rivera is a member of the Regulatory Analysis Team's Direct Tax division at Sovos. His main areas of focus are Federal and State Tax Withholding and Affordable Care Act (ACA) Reporting. Prior to Sovos, Adam worked as a legislative aide in the Florida House of Representatives. He also has experience in securities law, focusing on securities litigation and researching emerging crowdfunding methods of raising capital. Adam is a member of both the Massachusetts and Florida Bars. He earned his B.A. from the University of Florida and his J.D. from the University of Miami.More Content by Adam Rivera