The Isle of Man Government Treasury in late December 2016 issued an advisory notice that reminds sponsors to register their “sponsored entities” that have U.S. reportable accounts with the IRS. The temporary transition rule that allowed sponsored entities to use the GIIN of their sponsor expired 31 December 2016.
The notice also reminds financial institutions to collect valid U.S. taxpayer identification numbers (TINs) from any pre-existing accountholders identified as U.S. specified persons from 1 January 2017.
Read a January 2017 report [PDF 53 KB] prepared by the KPMG member firm on the Isle of Man
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