More jurisdictions sign up to bilateral approach to FATCA compliance
The British Crown Dependencies of Guernsey, the Isle of Man and Jersey are the latest jurisdictions to announce that they hope to negotiate intergovernmental agreements with the US to implement FATCA.
The three governments say they have taken this decision after consulting with their own financial services industry. The three have already held joint talks with the US.
“Entering into this type of arrangement highlights the cooperative approach of the Crown Dependencies to international tax matters,” said Peter Harwood, Guernsey’s Chief Minister.
“Basing FATCA implementation on an intergovernmental agreement is preferred by our industry and I am pleased to confirm our intention to follow this approach with the US Government,” said Eddie Teare, the Isle of Man’s Treasury Minister.
“Implementing FATCA is necessary for our finance industry to remain competitive and doing so through an intergovernmental agreement is considered to be the best course to adopt,” said Jersey’s Chief Minister, Senator Ian Gorst.
The agreement each jurisdiction will sign will follow the model intergovernmental agreement published by the US government in July and will be similar to the agreement the UK signed with the US in September.