Thursday, May 1, 2014

52 Fatca Agreements ... Israel Reached & Australia Signed FATCA Agreements

On Thursday, April 24, 2014, we posted "51 Fatca Agreements and Growing!"  where we discussed the IRS' Announcement 2014-17  which provides that countries that have FATCA agreements "in substance" with the United States will be seen as complying with the law, even if the agreements are not finalized by Dec. 31, 2014. 


Since then, Australia signed and Israel  Reach Agreement on  their FATCA agreement, bring the  total to 51 Countries with US FATCA Agreements!

31 nations with agreements:


  1. Australia
  2. Bermuda
  3. Bahamas 
  4. Canada
  5. Cayman Islands
  6. Chile
  7. Costa Rica
  8. Denmark
  9. Finland
  10. France
  11. Germany
  12. Gibraltar
  13. Guernsey
  14. Hungary
  15. Honduras 
  16. India
  17. Ireland
  18. Isle of Man
  19. Italy
  20. Japan
  21. Jersey
  22. Luxembourg
  23. Malta
  24. Mauritius
  25. Mexico
  26. Netherlands
  27. Norway
  28. Slovak Republic
  29. Spain
  30. Switzerland
  31. United Kingdom


With 21 nations treated as having an agreement, that are "in the process" 


  1. Austria
  2. Belgium
  3. Brazil
  4. British Virgin Islands
  5. Croatia
  6. Czech Republic
  7. Estonia
  8. Israel
  9. Jamaica
  10. Kosovo
  11. Latvia
  12. Liechtenstein
  13. Lithuania
  14. New Zealand
  15. Poland
  16. Portugal
  17. Qatar
  18. Slovenia
  19. South Africa
  20. South Korea
  21. Romania


 See Below For Types of FATCA Agreements signed by each country and Links to the actual Agreements.
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Type of Agreement and Links to Agreements.


Jurisdictions that have reached agreements in substance and have consented to being included on this list (beginning on the date indicated in parenthesis):

Model 1 IGA

  • Australia (4-2-2014)
  • Bahamas (4-17-2014)
  • Belgium (4-2-2014)
  • Brazil (4-2-2014)
  • British Virgin Islands (4-2-2014)
  • Bulgaria (4-23-2014)
  • Columbia (4-23-2014)
  • Croatia (4-2-2014)
  • Czech Republic (4-2-2014)
  • Cyprus (4-22-2014)
  • Gibraltar (4-2-2014)
  • India (4-11-2014)
  • 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)
  • Slovenia (4-2-2014)
  • South Africa (4-2-2014)
  • South Korea (4-2-2014)
  • Romania (4-2-2014)

Model 2 IGA

  • Austria (4-2-2014)

This is a complete list of joint FATCA statements between the United States and other countries.

Source:





 


 


 


 


 


 


 


U.S., Israel Reach FATCA Agreement, Treasury Confirms


Posted May 01, 2014, 1:53 P.M. ET


The U.S. has reached an intergovernmental agreement with Israel to implement the Foreign Account Tax Compliance Act, the Treasury Department said May 1.


A Treasury spokeswoman told Bloomberg BNA the two countries have reached a Model 1 agreement in substance.


Enacted in 2010, FATCA requires foreign financial institutions to report U.S.-owned accounts to the Internal Revenue Service or face, in some cases, a 30 percent withholding tax on their U.S.-source income. IGAs allow FFIs to give information about theses accounts to their own governments, which then would share the data with the IRS. Model 1 agreements call for reciprocal information exchanges between nations.


 


 


FATCA – Australia signs IGA


Australia has signed a reciprocal Model 1 agreement with the USA to implement the US Foreign Account Tax Compliance Act (FATCA). Australian financial institutions now have until next Monday to register with the US Internal Revenue Service as FATCA-compliant and avoid withholding taxes on US-sourced investment income.






 

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