Amory dismisses concerns about FACTA’s impact on the offshore financial sector

St. Kitts and Nevis (WINN): Premier Vance Amory is not concerned that the Foreign Account Tax Compliance Act (FACTA), which the Federal parliament passed last week will impact Nevis’ offshore financial sector. Financial institutions in the federation will under FATCA, be expected to fulfill a requirement to report on US persons income to facilitate US collection of taxes.

Concerns were raised by the Opposition St. Kitts and Nevis Labour Party that FACTA would affect American investment in St. Kitts and Nevis. Nevis MP Patrice Nisbett during the debate in parliament last week suggested that the Nevis’ offshore sector could be impacted by FACTA considering that the industry prides itself in secrecy and protecting the identity of their clients.