Tags: model 1b

Cayman Islands and Costa Rica Finalize IGAs

After recovering from a full Thanksgiving meal, the Treasury Department finally released the finalization of the Cayman Islands IGA (Model 1B) and Costa Rica (Model 1A).  Given the large financial hub that the Cayman Islands serves, this agreement serves as solid start in the right direction for the many many foreign financial institutions domiciled there. […]

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Another IGA Nears: Bahamas

After consulting and discussion the roadmap on how to implement FATCA since September 2012, the Bahamas announced that the government has agreed to enter into a Model 1 IGA with the United States.  Minister of Financial Services, Hon. Ryan Pinder, stated that a Model 1 agreement will provide the greatest control for the Bahamas government and […]

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Cayman and US Conclude FATCA Negotiations

As we get closer to year-end, more and more countries are starting to get into the final stages of establishing Intergovernmental Agreements (IGAs).  On Tuesday, the Cayman Islands announced that negotiations have concluded with the United States and have yielded a Model 1 IGA and a new Tax Information Exchange Agreement (TIEA).  This should result in the automatic exchange of information under FATCA. Due […]

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Important Model 1 Sign-Ons

FATCA reporting clearly presents many issues for many funds (and likely many non-fund entities).  The so-called Model 1 Intergovenmental Agreement presents probably the cleanest route to FATCA compliance because there is not a direct reporting relationship between the financial institution and the IRS.  While that doesn’t become a “get out of FATCA free” card, many […]

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