Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Ireland in landmark Fatca agreement with US

1 comment
Ireland in landmark Fatca agreement with US

Ireland is one of the first countries to form a new inter-governmental agreement with the US on the Foreign Account Tax Compliance Act (Fatca).

The country’s finance minister Michael Noonan confirmed this week that the negotiations with the US have been concluded.

‘Our policies in relation to tax co-operation and international exchange of tax information have always earned international respect.

‘Reaching such an early agreement with the United States will be of benefit to Irish business.’

Ken Owens, former chair of the Irish Funds Industry Association (IFIA), said the move means Irish financial institutions can now avoid the need to enter an agreement with the IRS and instead report directly to the Irish Revenue authorities.

‘The main benefit for Irish financial institutions is the ability to avoid US withholding tax by virtue of the fact that Ireland has signed up to this Inter-governmental Agreement, and this is a really significant coup,’ said Owens.

‘This gives the Irish financial services industry a huge competitive advantage over other countries which may not be able to reach the same agreement with the US because of banking secrecy laws.’

According to the IFIA, Ireland attracted twice as much in new Ucits monies as the rest of Europe put together in 2011.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter