The ACFCS FATCA IGA Scoreboard – Chile and Finland bring tally to 24

by  Posted byACFCS -

With just four months left until the implementation of the Foreign Account Tax Compliance Act (FATCA), the United States is conducting negotiations with other nations to reach “Intergovernmental Agreements” or IGAs that delineate the terms of those nations’ compliance with FATCA. As the clock ticks, the list of nations that signed off on agreements with the US keeps growing.

FATCA will impact all financial institutions, either directly in their core business or indirectly through relationship with other financial institutions and the financial market.

In the first week of March, the US signed a Model I agreement with Finland and a Model II agreement with Chile. Between December and the first two months of 2014, the US signed a record 12 agreements. So far 20 jurisdictions have signed Model I agreements and four have signed  Model II agreements with the US government.

This ACFCS FATCA United States IGA Scoreboard will continually update the status of nations that have signed IGAs, entered meaningful negotiations with the US, or remain nowhere close to common ground on FATCA.

Model 1 IGA

  1. Canada (February 05, 2014) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Canada-2-5-2014.pdf
  2. Cayman Islands (November 29, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FINAL%20US%20-%20Cayman%20Islands%20-%20Cayman%20alternat.pdf
  3. Costa Rica (November 26, 2013)http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Costa-Rica-11-26-2013.pdf
  4. Denmark (November 19, 2012) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Denmark-11-19-2012.pdf
  5. Finland (March 5, 2014) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Finland-3-5-2014.pdf
  6.  France (November 14, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/BilateralAgreementUSFranceImplementFATCA.pdf
  7.  Germany (May 31, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Germany-5-31-2013.pdf
  8. Guernsey (December 13, 2013)http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Guernsey-12-13-2013.pdf
  9. Hungary (February 4, 2014) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Hungary-2-4-2014.pdf
  10. Ireland (January 23, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Ireland-1-23-2013.pdf
  11. Isle of Man (December, 13, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Isle-of-Man-12-13-2013.pdf
  12.  Italy (January 10,2014) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Italy-1-10-2014.pdf
  13. Jersey (December 13, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Jersey-12-13-2013.pdf
  14. Malta (December 16, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Malta-12-16-2013.pdf
  15. Mauritus (December 27, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mauritius-12-27-2013.pdf
  16.  Mexico (November 19, 2012) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-11-19-2012.pdf
  17. Netherlands (December 18, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Netherlands-12-18-2013.pdf
  18.  Norway (April 15, 2013)http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Norway-4-15-2013.pdf
  19.  Spain (May 14, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Spain-5-14-2013.pdf
  20. United Kingdom (September 12, 2012) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-UK-9-12-2012.pdf

Model 2 IGA

  1.  Bermuda (December 19, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Bermuda-12-19-2013.pdf
  2. Chile (March 5, 2014) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Chile-3-5-2014.pdf
  3.  Japan (June 11, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Statement-Japan-6-11-2013.pdf
  4. Switzerland (February 14, 2013) http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Switzerland-2-14-2013.pdf

Next Likely FATCA US IGA Signatories

(Ongoing Negotiations)

  1.  Argentina
  2. Australia
  3. Bahamas
  4.  Belgium
  5. Cyprus
  6. Estonia
  7.  Israel
  8. Jamaica
  9. Korea
  10. Liechtenstein
  11.  Luxembourg
  12.  Malaysia
  13. New Zealand
  14. Singapore
  15. Slovak Republic
  16. South Africa
  17.  Sweden
  18. Thailand
  19.  United Arab Emirates

Editor’s Note: Nations that sign FATCA “Intergovernmental Agreements” with the United States adopt Model I or Model II IGAs. Respectively, they establish procedures by which “Foreign Financial Institutions” (FFI) report financial account and tax information about US persons to the pertinent local authority, which transmits the information to the IRS, or, under a Model II agreement, an FFI reports directly to the IRS.
The IRS has established a FATCA online “Portal” by which FFIs may register and indicate their willingness to comply. The IRS will issue to registered FFI a “Global Intermediary Identification Number” (GIIN). FFIs must have this number to submit account and tax information about their US customers to the IRS.

Exploring IGA options:
Bahrain, Brazil, British Virgin Islands, Curazao, Czech Republic, Gibraltar, India, Lebanon, Mauiritus, Peru, Romania, Russia, Seychelles, St. Maarten, Slovenia and Taiwan.