Objectives

This training session aims at explaining to participants (i) the provisions of the Hiring Incentives to Restore Employment (HIRE) Act of 18 March 2010 commonly referred to as the Foreign Account Tax Compliance Act (“FATCA”), as implemented by the Luxembourg law of 24 July 2014, and (ii) the provisions of the Common Reporting Standard (“CRS”) as implemented by the Luxembourg Law of 18 December 2015 on the CRS.

This training will be split in 2 sessions:

  • 3,5 hours to go through the theory (with a bit of practice)
  • 3 hours to go through the practice (with a bit of theory)

Content

Theory (with a bit of practice) Practice (with a bit of theory)

FATCA
- History and Background
- Practical implications - Luxembourg context
- Due diligence rules, timelines
- Definitions and classifications
- Reporting

CRS
- History and Background
- Practical implications - Luxembourg context
- Due diligence rules, timelines
- Definitions and classifications
- Reporting

Practical cases
- Choosing the right status for your entities
- Exercise: FFI or NFFE?
- Exercise: classify PE/RE structures

Q&A

CRS and FATCA forms
- Rules* for W-9, W-8BEN and W-8BEN-E forms
- Zoom on Reporting Model 1 FFI, Investment Advisor/Manager, Active NFFE and Passive NFFE
- Completion of some examples

CRS and FATCA reports
- Applicable framework
- The FATCA & CRS report components
- Zoom on GIIN and TIN specifications

Production of CRS and FATCA reports (practical cases)
- Identification of a reportable account under FATCA & CRS
- Issuance of a Nil report
- Issuance of FATCA & CRS reports

Q&A

* QI excluded

Speakers

Our speakers come from all over our specialised and complementary teams, covering all legal, regulatory, taxation and advisory aspects of doing business in Luxembourg. We invite you to check our training agenda where the speakers are listed on each training session.

Target Group

​People in charge of KYC and Compliance aspects, board members of Luxembourg investment structures, legal officers.

Duration

Theory (with a bit of practice): 3,5 hours.
Practice (with a bit of theory): 3 hours.

Language

English

For any information, please contact us by e-mail institute@arendt.com

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