Editorial: Fatca rules

POSTED: 02/4/13 2:38 PM

It is probably good that two MPs woke up to the fact that Fatca-rules are going to hit St. Maarten – and everyone else in the world for that matter – by June 30.

The banks have no choice but to abide by these rules, otherwise they won’t be able to do business anymore – not with the States and not with the rest of the world either, because all international transactions flow through Uncle Sam’s country.

Last year banker Jan Beaujon already indicated that the legislation would make banking more expensive; how much more expensive that could become has not been made clear up to now. Measures to soften the blow, as announced by Finance Minister Tuitt, also have not materialized yet, so it will be good to hear more details about this matter in a Central Committee meeting.

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Comments (1)

 

  1. Con roy says:

    The Fatcat always rules FATCA