Cyprus: Cyprus and US conclude FATCA competent authority arrangement
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Cyprus: Cyprus and US conclude FATCA competent authority arrangement


Andri Christodoulou

The governments of the US and the Republic of Cyprus have concluded an agreement aimed at improving tax compliance through mutual assistance in tax matters based on an effective infrastructure for the exchange of information.

On April 20 2016, the Cyprus Ministry of Finance released the official text of the competent authority arrangement (CAA) that the US and Cyprus have signed in accordance with the US-Cyprus intergovernmental agreement (IGA) for implementation of the Foreign Account Tax Compliance Act (FATCA).

Under the IGA, the competent authorities of Cyprus and the US have entered into a mutual agreement procedure provided by the convention. The agreement has been concluded to establish that the procedures related to automatic exchange of information regarding reportable accounts and that annual obligations for reporting will be fulfilled.

The information to be obtained and exchanged by the two jurisdictions includes the following:

Regarding US Reportable Accounts by reporting Cypriot financial institutions:

  • the name, address, and US tax identification number (TIN) of each specified US person that is an account holder;

  • the account number;

  • the name and registration number of the institution;

  • the balance in the account reported at the end of the calendar year;

  • for custodial accounts – the total gross amount of interest must be reported and total gross proceeds from the sale or redemption of property paid or credited to the account during the calendar year; and

  • for depository accounts – the total gross amount of interest paid or credited to the account during the calendar year.

Regarding Cyprus reportable account of each reporting US financial institution:

  • the name, address, and Cyprus income tax identity number (TIC) of any person that is a resident of Cyprus and is an account holder of the account;

  • the account number;

  • the name and registration number of the institution;

  • the gross amount of interest paid on a depository account;

  • the gross amount of US source dividends paid; and

  • the gross amount of other US source income paid or credited to the account.

All information exchanged by the two countries shall be subject to the confidentiality and other protections provided for in the Convention, including the provisions limiting the use of the information exchanged.

Andri Christodoulou (

Eurofast Taxand Cyprus

Tel: +357 22 699 224


more across site & bottom lb ros

More from across our site

The ‘big four’ firm has threatened to legally pursue those behind the letter, which has been circulating on social media
The guidelines have been established in the wake of multiple tax scandals and controversies that have rocked the accounting profession
KPMG Netherlands’ former head of assurance also received a permanent bar and $150,000 fine; in other news, asset management firm BlackRock lost a $13.5bn UK tax appeal
The new, fully integrated office will also offer M&A, dispute resolution, IP and corporate tax services
The new guidance concerns a recent 1% excise tax on the repurchases of corporate stock for both US and certain foreign companies
Interpath has hired a managing partner from rival accounting firm BDO to lead the new operation
Survey results of over 28,000 in-house lawyers reveal that American in-house counsel place a higher value on the reputation of external advisers than their peers elsewhere
In an exclusive interview with ITR, Andrew Leigh also endorsed new legislation designed to prevent multinationals using complex corporate structures to reduce taxes
Nick Crama and Parwesh Bissumbhar, senior director and manager respectively at Alvarez & Marsal, outline practical advice for real estate managers to comply with DAC6 regulations
The finalists for the 13th annual awards revealed
Gift this article