We are an independent global specialist in the administration of traditional funds and alternative assets with a particular specialism in private equity and real estate.
CRS & FATCA
We can support your fund through its entire lifecycle and the growth of your business. We provide a comprehensive range of private equity solutions delivered from key onshore and offshore jurisdictions to leading companies investing in a broad range of industries.
Our Fund Services Division has a proven track record in providing a broad range of fund services where the asset class is real estate.
JTC’s strong track record in operating at the leading edge of alternative asset classes continues with its innovative and market-leading capabilities in the emerging sphere of cryptocurrencies.
JTC Fund Services can offer a fully AIFMD-compliant ManCo service. The activities of the ManCo include providing a portfolio management, risk management and oversight function.
We have a deep understanding of listing funds on internationally recognised stock exchanges and the ongoing regulatory requirements of administering listed funds.
As a truly independent fund administrator you can be reassured that your fund administration requirements are entrusted to people that care about your investment structures.
We will project manage your application and guide you through the process and co-ordinate the various advisors to assist with the fund launch and strive to ensure everything happens within the expected timescales.
We offer a transparent, proactively managed range of cash management, foreign exchange and lending services, supported by a dedicated team of experienced professionals.
JTC Corporate Services provides a comprehensive range of corporate and fund services from key onshore and offshore jurisdictions to leading companies in their field of expertise.
We provide corporate finance services for corporate and institutional clients including debt capital solutions, treasury and escrow services.
We provide employee benefit structures, administration services to ensure employees get maximum value from the plans that organisations put in place.
Global experience in this dynamic asset class, spanning our corporate, funds and private client divisions.
JTC Private Wealth Services specialises in protecting and nurturing your private capital in real estate, financial and non-financial assets across countries and generations.
Superior service delivered by industry leading experts for private individuals, entrepreneurs and their families.
We provide a tailored range of private office solutions that work effectively for each family, from generation to generation.
We are able to partner with corporate and institutional wealth providers to complement their service offering by providing trust and company services.
In an age of truly international mobility, we also offer market-leading citizenship-and-residency-by-investment solutions via a strategic alliance with market-leading provider Henley & Partners.
JTC has extensive cross-jurisdictional experience and expertise in working with institutional and private clients in Africa, Americas, Asia, Australasia, Caribbean, Channel Islands, Europe, Middle East, Russia & CIS and the United Kingdom.
Call +44 1534 700 000Email us Our Global Network
23 Nov 2017
Date: 21 - 22 February 2018
Location: Cape Town, South Africa
20 Nov 2017
18 Oct 2017
We are JTC, an independent, award-winning provider of fund, corporate and private wealth services to institutional and private clients.
We value shared ownership, we put relationships first, we invest in our people, we embrace technology. We are JTC.
To build partnerships with our clients that enable them to focus on their core business.
We live and breathe our values and together they form our unique culture and JTC DNA.
JTC’s shared ownership philosophy extends to the communities where we live and work.
Established in 1987, we are proud of our history and excited about our future.
Join a dynamic team at JTC where everyone is dedicated to continuously delivering a service beyond our clients' expectations.
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We want everyone, wherever they work in the JTC network, to be able to develop the skills and knowledge that they need to be excellent in our world and we deliver this to our team through the JTC Academy.
JTC Gateway offers our people the opportunity to develop their careers by working in Group locations across the world.
JTC is committed to the policy of equal treatment of all its employees and requires all employees of whatever grade or authority, to abide by and aspire to this general principle.
We have a highly qualified and multilingual workforce. In 1998 we created the JTC Employee Benefit Trust, which turned our employees into stakeholders. This enables us to attract and retain the best people, whilst keeping them absolutely motivated and dedicated to our clients.
In 2014 this belief in share ownership was embedded further into the JTC culture with the equity for all scheme, allowing all permanent members of staff the opportunity to invest in the future of their company. That helps explain why they are so dedicated and care so much about their client’s work.
Our shared ownership culture benefits our clients.
JTC is an international organisation with global reach and true cross border capability. We are proud of our ability to provide the best solutions for clients irrespective of geography.
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Isle of Man
uk - London
USA - Miami
USA - New York
USA - South Dakota
In recent years there have been a number international initiatives based around the common goal of collecting more information about the tax affairs of individuals and companies. These initiatives are now creating a new level of responsibility for businesses such as JTC and whilst we recognise our obligations to comply with these regulations, our objective is to do so in manner that is also consistent with our aim of ensuring the highest standards of client data security and confidentiality.
One of these new initiatives is UK FATCA. This publication is designed to provide you with information on the impact of this new UK FATCA regime, via a series of ‘Frequently Asked Questions’ It is not intended in any way to be a substitution for, or to replace, professional advice in respect of personal tax issues but rather it is a guide that will help explain the new rules as well your obligations and those of JTC.
FATCA is an acronym for the Foreign Account Tax Compliance Act and was originally a piece of US legislation with the fundamental objective of identifying US persons who may be evading tax through the use of accounts or entities held outside of the US. US FATCA requires countries across the globe to enter into Inter-Governmental Agreements (IGA) with the US to automatically exchange account information where those accounts are held for the benefit of US citizens on an annual basis. This process will continue with the US as they are not adopting the Common Reporting Standard (CRS) which is an international initiative developed by the Organisation for Economic Co-operation and Development (the “OECD”) aimed at collecting account information on behalf of over 100 countries.
The United Kingdom was an early adopter of US FATCA and using that legislation as a template, has now entered into its own IGAs with the Crown Dependencies (Guernsey, Jersey and the Isle of Man) and the UK Overseas Territories (including the British Virgin Islands and the Cayman Islands).These agreements are generally and collectively referred to as UK FATCA. It is important to note UK FATCA is essentially a temporary arrangement as the UK is an early adopter of the CRS, which will supersede UK FATCA when fully implemented.
UK FATCA came into effect on 1st July 2014, the same date as US FATCA, with reporting for 2014 and 2015 due by 30th June 2016.In 2017 it will be replaced by CRS reporting.
Any entity or trust that is resident in the United Kingdom, the Crown Dependencies or the UK Overseas Territories is now legally obliged to undertake a classification under the UK FATCA regime. Once this classification outcome is known, it will determine what additional actions, if any, might be necessary by that entity.
Every entity (including Trusts) needs to determine whether it is a Financial Institution (FI) or a NonFinancial Entity (NFE) and there are sub-categories of each status. There are rules that guide the assessment and categorisation of any given entity and it is these rules that JTC will follow to determine the status of all relevant client entities.
Broadly speaking, an entity that is a Financial Institution will have some reporting obligations itself, whereas an entity that is a Non-Financial Entity has no direct reporting requirements but where that entity holds accounts (e.g.: a bank account) with another Financial Institutions they may have to make a report depending on the circumstances.
Where an entity that is classified as a Financial Institution has ‘account holders’ (which definition includes beneficial owners of companies and beneficiaries of trusts) resident in the United Kingdom it will be obliged to transmit data in respect of that person to the tax authorities within its home jurisdiction who will then share that information on an annual basis with the UK tax authorities.
The arrangements are reciprocal so a UK entity that is classified as a Financial Institution has ‘account holders’ resident in the UK Crown Dependencies or the UK Overseas territories will be obliged to transmit data in respect of that person to the UK tax authorities which will then be shared on an annual basis with the tax authorities of the account holder in the UK Crown Dependencies or the UK Overseas territories as applicable.
Even where it is known that there are no UK, Crown Dependency or Overseas Territory account holders, an entity that is resident in one of these jurisdictions will have certain obligations depending on its classification. In some cases, this will include a legal obligation to undertake an enhanced file review. There is not an ‘Opt Out’ for this part of the process even if an entity anticipates that it will have nothing to report. During this process we may require additional information and your co-operation is vital even if you are content that you are not a UK resident. (See FAQ 16 below for further details).
UK FATCA only seeks to capture information about those persons who are tax resident in the UK so if you are UK domiciled but non-resident there should be no reporting to the UK via this process.
If you are a resident of the United Kingdom, and have interests in the Crown Dependencies or the UK Overseas Territories you are defined as an account holder and it is likely that information will be transmitted as to those interests. This will include your personal details and identifying information in order that the UK Tax Authority can correctly identify you. The UK entities will be making reciprocal reporting about residents of the Crown Dependencies or the UK Overseas Territories.
No. UK FATCA only seeks to capture information about those persons who are tax resident in the UK so reporting is applicable even if you are non-domiciled.
In the situation of a bank, the account holders are simply the owners of the bank accounts held with that bank. In the case of entities that are administered the situation is a little more complex, for example:
The rules on Tax Residence are a complex subject, and different jurisdictions will have different tests as to what makes a person resident or non-resident. It is also quite possible for an individual to have multiple tax residencies due to time spent or the ownership of property in one jurisdiction or another. If you are in any doubt as to whether you might be tax resident in a jurisdiction caught by UK FATCA, we would advise you to seek personal tax advice as a priority.
Much of the information that is required to be reported upon should already be held on our records. In certain circumstances, we may require your assistance with accessing information to value certain interests within underlying structures, or simply require you to confirm your tax residencies, National Insurance numbers or Tax Identification numbers. Where this is the case, we will write to you directly under separate cover.
Depending on what information we already hold on you, we may already be in possession of sufficient data to exchange information under the normal reporting format. If there is currently insufficient information for the enhanced file review and you do not respond, or refuse to provide such information upon request, we may thereafter be required to report information on your interests as a ‘non-responder’ to the tax authorities.
As any changes to your personal details might have an impact on what information would be disclosed to the tax authorities, we ask that you notify us in a timely fashion should any of your personal details change.
No. We are not required to make any deductions or withhold any taxes on payments received or payments made under the UK FATCA regime. [What about any ‘UK FATCA admin’ fees?]
JTC will use its best endeavours to provide you with a copy of what is to be reported in advance of its filing so that you are aware of what information we have given and can provide this to your tax advisor. The reporting is a legal obligation based on the records we hold and is not optional.
No. We still have to undertake an enhanced file review and if applicable report on the account holders of an entity that we have administered since 1st January 2014. In addition UK FATCA is to be replaced by CRS, which will see similar information shared between 100+ jurisdictions in the next two years.
We are always on hand and willing to discuss how we can assist clients in respect of those entities we administer and your usual relationship team will be able to direct any queries internally. JTC Group do not provide tax advice so if your query relates to your personal tax and residency circumstances we recommend you seek third party tax or legal advice and we will be happy to make introductions to potential suppliers of these services if required.
This publication is intended to provide an overview of the subject matter (errors and omissions excepted) and is not comprehensive in nature or to be construed as legal, tax or investment advice. We recommend that clients seek professional advice on any particular matter.
Group Chief Enterprise Risk Officer
The entities within JTC Group, carrying on the regulated business of JTC Group, are duly regulated as appropriate by the British Virgin Islands Financial Services Commission; the Cayman Islands Monetary Authority; the Guernsey Financial Services Commission; the Jersey Financial Services Commission; the Commission de Surveillance du Secteur Financier and the Ordre des Experts-Comptables in Luxembourg; the Malta Financial Services Authority; the Financial Services Commission in Mauritius; the South African Financial Services Board as an authorised financial services provider; as a member of l’Association Romande des Intermédiaires Financiers in Switzerland and is authorised and regulated by the Financial Conduct Authority in the UK.
L’Association Romande des Intermédiaires Financiers (ARIF) is a self-regulated agency approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of financial intermediaries referred to in Article 2 para. 3 of the Swiss Federal Act concerning the fight against money laundering and terrorist financing in the financial sector (LBA). ARIF is also recognised by FINMA as a professional organisation for the enactment of rules of conduct relating to the exercise of the profession of independent asset managers within the meaning of the Collective Investment Schemes Act (CISA).
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