Swiss financial services group Aliier Global has created a new wrapper which allows US expats access to UCITS funds without facing the punitive restrictions of Foreign Account Tax Compliance Act (FATCA) legislation.
The wrapper, branded X-Note, is a debt obligation listed on the Dublin Stock Exchange that directly links through to the underlying fund. As the investor owns the Dublin-domiciled bond, and not technically the underlying UCITS fund, FATCA reporting restrictions legally do not apply. US expats have been heavily penalised for investing in any non-US collective investment fund from both a tax and regulatory perspective since FATCA legislation was introduced in 2010. Aliier, which has offices in the US, Dublin, Australia and Switzerland, said it is close to agreeing terms with a numbe...
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