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Old 27-07-2020, 18:46   #16
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Join Date: Jun 2003
Boat: Alubat, OVNI 47
Posts: 324
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Re: Mediterranean Insurance - Cost and Recommendations

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Originally Posted by slug View Post
Greeks are allergic to tax

No vat on Wilmington Delaware flags

Iíve never heard of FATCA being an issue

For years Iíve not been able to secure crew insurance for Americans ... too much liability
FATCA forces financial entities to comply with reporting requirements set out by the US government. They have to do so when dealing with US citizens. Imagine, ABCDEU insurance company has 10001 clients, and only 1 is a US citizen. Covering that single client requires disclosing mammoth amounts of paperwork at specified intervals, in specified formats. Many companies, rightly so, want no part of it. I know first hand about FATCA and the onerous requirements and have to comply with it annually. "Land of the free...." don't get me started.

The only poster on this thread that has referred to crew insurance is you. This thread is about boat and third party liability insurance.
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