FATCA IGA Scoreboard – Belarus, Georgia, St. Lucia and Paraguay join the list

A handful of nations consented to join with the US to implement the sweeping financial account reporting law of FATCA over the the past week, just days ahead of the July 1 effective date.

Belarus, Georgia and St. Lucia entered into Model 1 intergovernmental agreements (IGAs), while Paraguay opted for a Model II IGA. All four are “in substance” agreements and have not yet been finalized.

Over the past six months, the US Treasury has made major strides enlisting nations as FATCA partners, adding more than 40 since the start of 2014. In total, more than 70 nations have now enlisted as partners in implementing FATCA. Even so, that figure leaves almost 190 nations and jurisdictions recognized by the US that are not currently covered by an IGA.

The IRS has recently announced that 2014 and 2015 will serve as a “transitional period,” taking some of the immediate pressure off financial institutions as they implement compliance programs.

The list of FATCA partners expanded dramatically on April 2, when the US Treasury Department deemed 22 nations as having IGAs in effect because they had already negotiated “agreements in substance.” IGAs delineate the terms of FATCA compliance by partner nations and their financial institutions.

The ACFCS FATCA IGA Scoreboard continually updates the list of nations that have signed IGAs, entered into active negotiations with the US, or have shown little progress in reaching common ground with the US on FATCA implementation and compliance.

Nations with Model 1 IGAs with the United States

Nations with Model 2 IGAs with the United States

*Indicates jurisdictions with FATCA “agreements in substance” that the US Treasury Department will consider to be IGAs in force.

Next Likely FATCA IGA Signatory Nations

The following nations and jurisdictions are believed to be engaged actively in negotiations with the United States on a FATCA IGA.

  • Argentina
  • Malaysia
  • Thailand

FATCA IGA Status Unknown

The following nations and jurisdictions have either suspended talks on a FATCA IGA or are not believed to be close to the terms of an IGA.

  • Russia
  • China

Editor’s Note: Nations that sign FATCA “Intergovernmental Agreements” with the United States adopt Model I or Model II IGAs. Model I IGAs establish procedures for “Foreign Financial Institutions” (FFI) to report financial account information about US persons to the pertinent local authority, which transmits the information to the US IRS. Under Model II agreements, an FFI reports directly to the IRS.