The Cyprus tax department has announced an extension to the 30 June 2015 FATCA reporting deadline.
The new date of 31 July 2015 will apply to all Cypriot financial institutions and service providers who are required to report their US clients.
Aimed at detecting, deterring and discouraging offshore tax evasions by US citizens, the Foreign Account Tax Compliance Act (FATCA) is a US federal law which demands increased transparency and reporting on foreign accounts and offshore assets.
The reporting requirements apply not only to US citizens but also to foreign financial institutions with accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest.
Cyprus signed an intergovernmental agreement (IGA) with the US government on 2 December 2014 and subsequently 31 July 2015 is the first FATCA reporting deadline.
Have questions about FATCA? Get in touch with our Cyprus office.
Receive updates like this straight to your inbox by signing up to TMF Group eAlerts.