remediated. Most people just want it implemented now so they can tick the final few boxes.


Fagan: In terms of the US FATCA, yes, but we’re all waiting for the other FATCAs to come out now. That could bring more issues. For example, UK FATCA is potentially looking at a system of tax residency as opposed to nationality. Potentially, a German person living in the UK would fall under UK FATCA and a British person living in France would not. But how do you determine tax residency? The US FATCA is more cut and dried due to the US tax system based on nationality.


Gauk: Our goal should be to create a legislative framework that works with US FATCA but is also broad enough to work with all the other FATCAs through an automatic exchange of information. There’s a working party looking at this approach now. Ultimately, we should capitalise on a global approach.


Dickie: It does seem possible that different nations will take their own unilateral versions but hopefully there will be a single direction. Following the September 2013 G20 meeting, the OECD has intimated that it will develop a multilateral standard for the exchange of tax information.


Ackerley: How do we change the image of Cayman? From a historical perspective we still get associated with tax evasion. If we can be seen to be working widely with the international community then that is a positive measure.


Windsor: For me, with FATCA and the other FATCAs coming down the line we see it as an opportunity to provide additional services. The real question is the cost and who is absorbing this cost. Ultimately it’s the


8 CAYMAN FUNDS | 2014


“It’s clear that the Cayman government is being very proactive and is one of the first countries to sign many of these treaties.” Monette Windsor


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