Onshore Bond in Trust. Trustee moved to USA.

TimMatthias · June 7

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?

TimMatthias · June 10

All OK now. I have an answer.

Wildparaplanner · June 10

what was the answer out of interest?

TimMatthias · June 11

@Wildparaplanner said:
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.

Onshore Bond in Trust. Trustee moved to USA.

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