3 new IGAs in effect – FATCA IGA update
Posted by William Byrnes on April 23, 2014
67 days remain until the July 1st deadline that FATCA’s 30% withholding applies to payments from US sources. But with less than 2 weeks, the crunch time is on for foreign financial institutions (FFIs) to register by May 5 with the IRS to obtain a GIIN and to be included on the IRS’ list of participating FFIs in order to avoid the attracting the 30% withholding by US withholding agents.
51 IGAs are now to be treated in effect, including 26 that have been signed and 25 that are agreed (but not yet officially signed). The 3 newly added IGAs in the past two weeks include Bahamas, India and Slovak Republic. FFIs in these IGA jurisdictions have an extension to register with the IRS before December 22, 2014 to obtain their GIINs.
The following jurisdictions are treated as having a FATCA intergovernmental agreement (IGA) in effect:
Model 1 IGA = 24
- Australia (4-2-2014)
- Bahamas (4-17-2014) <— new
- Belgium (4-2-2014)
- Brazil (4-2-2014)
- British Virgin Islands (4-2-2014)
- Croatia (4-2-2014)
- Czech Republic (4-2-2014)
- Estonia (4-3-2014)
- Gibraltar (4-2-2014)
- India (4-11-2014) < — new
- Jamaica (4-2-2014)
- Kosovo (4-2-2014)
- Latvia (4-2-2014)
- Liechtenstein (4-2-2014)
- Lithuania (4-2-2014)
- New Zealand (4-2-2014)
- Poland (4-2-2014)
- Portugal (4-2-2014)
- Qatar (4-2-2014)
- Slovak Republic (4-11-2014) < — new
- Slovenia (4-2-2014)
- South Africa (4-2-2014)
- South Korea (4-2-2014)
- Romania (4-2-2014)
Model 2 IGA = 1
- Austria (4-2-2014)
Jurisdictions that have signed agreements:
Model 1 IGA = 22
- Canada (2-5-2014)
- Cayman Islands (11-29-2013)
- Costa Rica (11-26-2013)
- Denmark (11-19-2012)
- Finland (3-5-2014)
- France (11-14-2013)
- Germany (5-31-2013)
- Guernsey (12-13-2013)
- Hungary (2-4-2014)
- Honduras (3-31-2014)
- Ireland (1-23-2013)
- Isle of Man (12-13-2013)
- Italy (1-10-2014)
- Jersey (12-13-2013)
- Luxembourg (3-28-2014)
- 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 = 4
Operational Compliance Guide for FATCA .. a Lexis solution for compliance officers
For in-depth analysis of the practical compliance aspects of financial service business providing for exchange of information of information about foreign residents with their national competent authority or with the IRS (FATCA), see Lexis Guide to FATCA Compliance, 2nd Edition just published!
The LexisNexis® Guide to FATCA Compliance (2nd 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.
William Byrnes' Tax, Wealth, and Risk Intelligence 
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