8. New Zealand
*IGA refers to a FATCA “Intergovernmental Agreement”
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.