Manuel A.B., Colombia

“Investment funds and trusts require extremely detailed and specialized attention as they can be classified as FFIs under FATCA. The FATCA requirements for determining whether a trust meets the definition of an FFI, as well as what to do when an entity does not meet the requirements, is a concept to master. Foodman has clearly explained to us the requirements that determine whether a trust should be considered an FFI that must participate in FATCA or be sponsored. We are now clear on how to proceed as a sponsor and apply FATCA due diligence procedures, report any US controlling person and obtain the GIIN for the sponsored trust or fund.”

— Manuel A.B., Colombia