Onshore Bond in Trust. Trustee moved to USA.
TimMatthias
Member
Have a couple of clients with a Prudential Onshore Bond each in discretionary trusts. Their son has been appointed as an additional trustee, but has since moved to USA and been granted US citizenship.
Will FATCA be an issue?
Comments
All OK now. I have an answer.
what was the answer out of interest?
That it will be a Non-financial foreign entity and therefore the Trust doesn't have to do its own FATCA reporting.
I still think it would be much easier for everyone if we replace him as a Trustee though.