Iga Agreements List
December 10, 2020
The two models (iGA combined) contain An Appendix I describing due diligence obligations and Schedule II that contains a country-by-country list of financial institutions, products and accounts exempt or considered tax-compliant. Scroll through the fatCA agreements and agreements table by jurisdiction to find a list of intergovernmental agreements and various additional statements about FATCA and their implementation. Countries that are in discussion with FATCA agreements but are considered compliant are: The U.S. Treasury has worked with foreign governments to develop two types of alternative intergovernmental agreements to facilitate compliance and implementation of FATCA provisions in a way that removes domestic legal barriers to respect for rights , respects FATCA`s policy objectives and further reduces the burden on investors in partner countries. Here is a list of countries that are under the IGA 1 model. An intergovernmental agreement (IGA) is any agreement that involves or is concluded, in cooperation with two or more governments, to resolve issues of mutual interest. Intergovernmental agreements can be reached between or between a wide range of public or quasi-state authorities. Governments use GIs for cooperative planning, development assessment, resource release, joint planning commissions, building inspection services and much more. The main difference between the two agreements is that the IRS has the ability to exchange mutual tax information with another country, whereas the agreement with Model 2 does not. Most countries have Model 1 FATCA agreements, while 14 have model 2 agreements. Most of the countries that have signed the IGA are under Model 1 with some are not reciprocal (z.B. Cayman Islands).
However, the list of countries under Model 2 is signed below, which means that local FFIs are required to provide information directly to the IRS. There are two types of agreements. The first agreement, known as Model 1 IGA, would require foreign financial institutions (FFIs) to disclose all FATCA-related information to their own government authorities, who would then disclose FATCA information in the United States.