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US updates FATCA list of intergovernmental agreements

The number of jurisdictions considered to have an intergovernmental agreement (IGA) in place with the US for the implementation of the Foreign Account Tax Compliance Act (FATCA) has passed 50.

The US announced in April that it would consider those that had substantially agreed the terms of an IGA, without it having been signed, would be considered to have one in place, though the move is subject to conditions.

Since then, four jurisdictions have signed Model 1 IGAs, one – Austria – has signed a Model 2 IGA and nine territories have substantially agreed the term of an agreement

The new lists are:

Model 1 IGAs signed

UK – signed September 9 2012

Netherlands – December 18 2013

Denmark – November 19 2012

Mauritius – December 27 2013

Ireland – January 23 2013

Italy – January 10 2014

Norway – April 15 2013

Hungary – February 4 2014

Spain – May 14 2013

Canada- February 5 2014

Germany – May 31 2013

Finland – March 5 2014

France – November 14 2013

Luxembourg – March 28 2014

Costa Rica – November 26 2013

Honduras – March 31 2014

Cayman Islands – November 29 2013

Estonia – April 11 2014

Guernsey – December 13 2013

Mexico – April 17 2014

Isle of Man – December 13 2013

Belgium – April 23 2014

Jersey – December 13 2013

Australia – April 28 2014

Malta – December 16 2013





Model 2 IGAs signed

Switzerland – signedFebruary 14 2013

Chile – March 5 2014

Japan – June 11 2013

Austria – April 29 2014

Bermuda- December 19 2013






Model 1 IGA substantially agreed

Brazil – signed April 2 2014

Slovenia – April 2 2014

British Virgin Islands – April 2 2014

South Africa – April 2 2014

Croatia – April 2 2014

South Korea – April 2 2014

Czech Republic – April 2 2014

Romania – April 2 2014

Latvia – April 2 2014

India – April 11 2014

Gibraltar – April 2 2014

Slovak Republic – April 11 2014

Jamaica – April 2 2014

Bahamas – April 17 2014

Kosovo – April 2 2014

Cyprus – April 22 2014



Liechtenstein – April 2 2014

Colombia – April 23 2014

Lithuania – April 2 2014

Bulgaria – April 23 2014

New Zealand – April 2 2014

Sweden – April 24 2014

Poland – April 2 2014

Israel – April 28 2014

Portugal – April 2 2014

Curaçao – April 30 2014

Qatar – April 2 2014



When its phased implementation begins on July 1, FATCA will require FFIs to report certain information about their US account holders to the IRS or pay a withholding tax of 30% of the assets in the account.

Intergovernmental agreements were unveiled in July 2012 as the instrument for implementing FATCA to overcome any local legal restrictions on reporting directly to a foreign jurisdiction, that is, the US, which was the original intention in the legislation.







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