William Byrnes' Tax, Wealth, and Risk Intelligence

The following 24 jurisdictions are treated as having a FATCA intergovernmental agreement in effect.

Model 1 IGA

• Canada (2-5-2014)
• Cayman Islands (11-29-2013)
• Costa Rica (11-26-2013)
• Denmark (11-19-2012)
• Finland (3-5-2014)  <– new since February 2014
• France (11-14-2013)
• Germany (5-31-2013)
• Guernsey (12-13-2013)
• Hungary (2-4-2014)
• Ireland (1-23-2013)
• Isle of Man (12-13-2013)
• Italy (1-10-2014)
• Jersey (12-13-2013)
• Malta (12-16-2013)
• Mauritius (12-27-2013)
• Mexico (11-19-2012)
• Netherlands (12-18-2013)
• Norway (4-15-2013)
• Spain (5-14-2013)
• United Kingdom (9-12-2012)

Model 2 IGA

• Bermuda (12-19-2013)
• Chile (3-5-2014)  <– new since February 2014
• Japan (6-11-2013)
• Switzerland (2-14-2013)

IGA FATCA XML Schema For Providing Information To IRS

The IRS has finalized the format for automatically exchanging FATCA data with IGA jurisdictions.  The Intergovernmental FATCA XML Schema (version 1.1):

• Is a standard format developed in close cooperation with the OECD
• Captures required information for reporting of FATCA data from both Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs)
• Will be used for automatic exchange with all FATCA jurisdictions
• Uses elements from existing reporting schemas used by the OECD and the European Union to reduce burden on reporting entities
• Uses XML to allow for easier modifications down the road in the event of legislative or regulatory changes in reporting rules
• Will facilitate safe and secure electronic data transmission using the  International Data Exchange Service

IRS Compliance Guide For IGA FATCA XML Schema

The newly published IRS Guide to completing the schema pursuant to an IGA explains the information required to be included in each data element of the FATCA XML schema v1.1. The guide is divided into logical sections based on the schema and provides information on specific data elements and any attributes that describe that data element.

LexisNexis FATCA Compliance Guide

Fifty contributing FATCA experts, each advising major institutions and financial service companies, authored 600 pages of analysis within the LexisNexis® Guide to FATCA Compliance (2^nd Edition): many perspectives – one voice crafted by the primary author Professor William Byrnes.

The LexisNexis® Guide to FATCA Compliance (2^nd Edition) comprises 34 Chapters grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of Intergovernmental Agreements (IGAs) and local law compliance challenges (Chapters 17–34), including intergovernmental agreements as well as the OECD’s TRACE initiative for global automatic information exchange protocols and systems. The 34 chapters include many practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA.  Chapters include by example an in-depth analysis of the categorization of trusts pursuant to the Regulations and IGAs, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, insights as to the application of FATCA and the IGAs within new BRIC and European country chapters.