FATCA

The Foreign Account Tax Compliance Act (FATCA) was passed in 2010 as part of the HIRE act. Starting in 2014, FATCA will require foreign financial institutions to report information regarding accounts of US citisens, US persons, Green Card holders and individuals holding certain US investments, to the IRS.

Cayman's position

The Cayman Islands Government announced in April 2013 that it woudl adopt a Model 1 intergovernmental agreement (IGA) in response to FATCA.  

Open Quote
This decision to adopt the Model 1 IGA will fortify our good standing in the global community and continue to build on the solid foundation we already have in place with our existing agreements.  We will continue to take our place in the international arena and ensure that we maintain our positive and informed engagement in the rapidly developing environment of international tax cooperation.
Hon Minister Rolston AnglinClose Quote
A FATCA update is available in the Resources section

 

 

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