Caribbean Life: Your community, your news.Caribbean Life: Your community, your news.
  • Jobs
  • New York
  • Caribbean
  • Things to Do
    • Local Events
    • Post an Event
    • Business Events
  • Sports
  • Arts
  • Contact Us
  • Digital Editions
  • Podcasts
  • Jobs
Caribbean Life: Your community, your news.Caribbean Life: Your community, your news.
  • Jobs
  • New York
  • Caribbean
  • Things to Do
    • Local Events
    • Post an Event
    • Business Events
  • Sports
  • Arts
  • Contact Us
  • Digital Editions
  • Podcasts
  • Jobs
Caribbean Life: Your community, your news.Caribbean Life: Your community, your news.
  • Things to Do
  • Post an Event
  • Business Events
  • Jobs
  • New York
  • Caribbean
  • Sports
  • Arts
  • Contact Us
  • Digital Editions
  • Podcasts
  • Jobs
Barbados

US TAX DODGERS BEWARE

By Bert Wilkinson Posted on August 14, 2015
US TAX DODGERS BEWARE
Photo by George Alleyne

Americans who believe the region is a safe tax haven to hide money and investments overseas should think twice as Caribbean trade bloc countries are moving to full comply with a new U.S. law designed to catch tax dodgers who stash assets in foreign destinations.

The Foreign Account Tax Compliance Act (FACTA) will require compliance from countries in the Caribbean in the coming weeks.

The law, approved by Congress back in 2010, requires commercial banks, trust corporations and insurance companies to supply information on Americans with cash and investments overseas directly to the Internal Revenue Service (IRS) and if they fail to do so, the feds will slap a 30 percent fee on business agencies which conduct transactions with counterpart institutions in the U.S.

Just this week, Guyanese Finance Minister Winston Jordan said the local cabinet is moving to get in line with the extraterritorial piece of legislation, joining Trinidad, Barbados, Jamaica and the Bahamas among others on the good guys list. In doing so, Jordan ensures that Guyana is the latest to indicate it is ready to talk with U.S. authorities.

Close

Stay Connected to the Caribbean

Get the latest news and updates delivered to your inbox.
Thank you for subscribing!

“We have already begun the process of registering with the IRS as compliant foreign financial institutions and are putting measures in place to ensure compliance with all reporting requirements.”

He also said that the Guyana Revenue Authority has been identified as the agency which will liaise with the IRS and authorities will soon move to sign a reciprocal intergovernmental agreement with the U.S. in the coming weeks.

Jordan’s announcement during the 2015 budget speech this week has come as the Tax Administration of Jamaica says that 49 of just over 60 registered financial institutions have signed on to comply with the requirements of FACTA.

An official government announcement stated that Jamaica’s compliance “will enter into force on the date of Jamaica’s written notification to the United States that Jamaica has completed its necessary internal procedures for entry into force of this agreement.”

But down south in Trinidad, an opinion piece in the island’s Newsday Newspaper reflects some level of anxiety of Americans, both native and naturalized, who are living on the island and will have to fall in line with the tax requirements.

“As citizens, we have not been given any guidance or direction on our obligations to FATCA to date. Our enquiries from financial institutions have left us wondering whether any of the needed infrastructure has been put in place. We can only hope that those in authority have not dropped the ball on this important matter. One wonders whether there is a fear of signing an IGA and be accused of being responsible for signing a document that has the potential of violating our constitutional rights and many laws,” it said.

Barbadian Finance Minister Chris Sinckler on the other hand said that there has been smooth sailing on the island as far as preparations go, noting that Barbados “will adequately prepare ourselves as a tax jurisdiction for facing the many challenges which confront us. More important, however, is that it will certainly enhance our reputation and our image as a clean and competent jurisdiction, full of integrity, transparency and openness as it relates to the administration of taxes.

About the Author

More Barbados News

  • Caribbean pays tribute to veteran journalist Rickey Singh
  • Grenadian Prime Minister Dickon Mitchell delivers a national statement during the high level segment on day three of the UNFCCC COP29 Climate Conference at Baku Stadium on Nov. 13, 2024 in Baku, Azerbaijan. The COP29, which is running from November 11 through 22, is bringing together stakeholders, including international heads of state and other leaders, scientists, environmentalists, indigenous peoples representatives, activists and others to discuss and agree on the implementation of global measures towards mitigating the effects of climate change. According to the United Nations, countries made no progress over the last year in reducing global emissions from the burning of fossil fuels. Caribbean RoundUp
  • Prime Minister of Barbados, Mia Mottley speaks onstage during Global Citizen NOW: Health and Climate Financing Sessions - The Urgent Need for Action at Guastavino's on Sept. 25, 2024 in New York City. Barbados Prime Minister Mia Mottley snags Humanitarian Award
  • Dr. Paul Clement serves as Master of Ceremonies during his father's, Martin Clement, MBE, Gala 95th Birthday celebration in January 2025. Grenadian scholar revisits Revolution that shook CARICOM unity

Caribbean events in NYC

Post an Event

Join us for an evening with William May
Today, 3 pm

William May ‘Blaze Without Burning’ Q&A and Reading
Pete’s Candy Store

The Cathedral is honored to welcome the
Today, 4 pm

Choral Evensong with Presiding Bishop Sean W. Rowe
Cathedral of St. John the Divine

Join us for a conversation between artis
July 16, 6:30 pm

Public Art Fund Talks: Paul Anthony Smith
Jack Shainman Gallery

Join us for performances at Roy Wilkins
July 19, 5 pm

Performances at Roy Wilkins Park, St. Albans Jamaica
Roy Wilkins Park

Join us for performances at Gantry Plaza
July 26, 6 pm

Performances at Gantry Plaza State Park LIC
Gantry Plaza State Park

Join us for performances at Forest Park
Aug. 7, 7 pm

Performances & Music at Forest Park Bandshell
Forest Park Bandshell

View All Events…

Jobs in New York

Add your job

  • Hahn's Old Fashioned Cake CompanySE BUSCA AYUDA EN PANADERÍA
  • Auburndale ChiropracticFront Desk/Receptionist
  • MDG Design & Construction LLCM/WBE Job Opportunity

View all jobs…

From Around the Caribbean

  • King Ajamu headlines inaugural Gospel of Praise Concert at Bedford Central Presbyterian Church in Crown Heights, Brooklyn in September 2023. King Ajamu drops ‘Blessed Love’
  • Suriname gets new government and its first female president
  • Jamaica's Prime Minister, Andrew Holness. CARICOM throws support behind Jamaica’s reparation efforts
  • American tariffs and US government taxation or punative tariff trade war policy or duties imposed on imports and exports by a government on imported or exported goods as Protectionism. Caribbean will suffer heavy blow from Trump’s tariffs
  • Jamaica's Prime Minister, Andrew Holness. CARICOM summit begins

Get Caribbean Life in your inbox

Close

Get the latest news and updates delivered to your inbox.
Thank you for subscribing!

Submit an Event

Got a hot tip for our calendar? Tell us about it!

Submit now!

New York Local

  • New York State Assembly Member Rodneyse Bichotte-Hermelyn. Bichotte Hermelyn welcomes judge’s ruling on birthright citizenship
  • New York Governor Kathy Hochul addresses the media following President Trump's efforts to kill New York's congestion pricing on Feb. 19, 2025 in New York City. Hochul warns ‘Big Ugly Bill’ would have devastating impacts on New York
  • New York State Attorney General, Letitia James, speaks during a news conference, to announce criminal justice reform in New York City, U.S., May 21, 2021. James to New Yorkers: Take advantage of new ‘Click-to-Cancel’ Rule
  • Kylla Herbert, president of the South Jersey Caribbean Festival and coordinator of the Camden, NJ-based St. Kitts and Nevis Penn Relays Committee, addresses reception for St. Kitts and Nevis athletes in Philadelphia in April 2025. South Jersey Caribbean Festival marks 25 years with Nailah Blackman, culture, and color
  • From left, Patrick Victor, proprietor of Mr. P's Homemade Ice Cream shop, NYC Councilmember Rita Joseph,District 40, and a supporter in front of the 1397 Nostrand Ave., Brooklyn colorful facade on Juneteenth, June 19, where scores of free scoops were shared in the Little Caribbean community. Mr. P’s Homemade Ice Cream, made with love, honors Juneteenth with free scoops

Caribbean events in NYC

Find a Job in New York

More from Around NYC

roads to success
Bronx Times

CM Riley, Roads to Success and AIMHIGH sponsoring 40 Bronx youths to attend financial empowerment conference

Jackie Robinson of the Brooklyn Dodgers was the first African-American to play in the major leagues.
QNS

Jackie Robinson’s ties to Queens go beyond the parkway bearing his name: Our Neighborhood, The Way it Was

woman speaking into microphone and pointing
PoliticsNY

AG James fights Trump Justice Department over Violence Against Women Act rule changes

NYPD officer in vest and white shirt with officer in blue shirt pull up yellow caution tape at scene where man was shot
amNY

Queens man shot dead on residential block; cops seek suspect

  • Newsletter
  • Contact Us
  • Networking Events
  • Home Pros
  • Advertise
  • © 2025 Schneps Media
  • Privacy Policy
  • Terms of Use
  • Sections
  • Jobs
  • Games
  • Events
  • Contact