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What is the difference between the two Model IGAs and which countries have signed them?

The Treasury department has issued two model intergovernmental agreements (“IGAs”). The first agreement—known as the Model 1 IGA—would require FFIs to report all FATCA-related information to their own governmental agencies, which would then report the FATCA-related information to the IRS. Some Model 1 IGAs are reciprocal, requiring the U.S. to provide certain information about residents of the Model 1 country to the Model 1 country in exchange for the information that country provides to the U.S. An FFI covered by a Model 1 IGA will not need to sign an FFI agreement, but it will need to register on the IRS’s FATCA Registration Portal or file Form 8957.

The second version of the IGA—the Model 2 IGA—would require FFIs to report information directly to the IRS. Under such IGA, FFIs will need to register with the IRS, and certain FFIs will sign a version of the FFI agreement modified to reflect the IGA.

These charts provide an updated listing of the U.S. Treasury’s progress in entering into IGAs with various countries.
 

Countries with IGAs

Date signed

Type of IGA—

Model 1 or Model 2

Status of enabling legislation in home country

Australia

April 28, 2014

Model 1 (Reciprocal)

Published "Regulation impact statement"

Austria

April 29, 2014

Model 2

 

Belgium

April 23, 2014

Model 1 (Reciprocal)

 

Bermuda

December 19, 2013

Model 2

 

British Virgin Islands

June 30, 2014

Model 1 (Reciprocal)

 

Canada

February 5, 2014

Model 1 (Reciprocal)

 

Cayman Islands

November 29, 2013

Model 1 (Nonreciprocal)

Published draft guidance

Chile

March 5, 2014

Model 2

 

Costa Rica

November 29, 2013

Model 1 (Reciprocal)

 

Czech Republic

August 4, 2014

Model 1 (Reciprocal)

 

Denmark

November 15, 2012

Model 1 (Reciprocal)

 

Estonia

April 11, 2014

Model 1 (Reciprocal)

 

Finland

March 5, 2014

Model 1 (Reciprocal)

 

France

November 4, 2013

Model 1 (Reciprocal)

 

Germany

May 31, 2013

Model 1 (Reciprocal)

 

Gibraltar

May 8, 2014

Model 1 (Reciprocal)

 

Guernsey

December 13, 2013

Model 1 (Reciprocal)

 

Honduras

March 31, 2014

Model 1 (Reciprocal)

 

Hungary

February 4, 2014

Model 1 (Reciprocal)

 

Ireland

December 21, 2012

Model 1 (Reciprocal)

  Published draft of the "Financial Accounts Reporting Regulations 2012"

Isle of Man

December 13, 2013

Model 1 (Reciprocal)

 

Israel

June 30, 2014

Model 1 (Reciprocal)

 

Italy

January 10, 2014

Model 1 (Reciprocal)

 

Jamaica

May 2, 2014

Model 1 (Reciprocal)

 

Japan

June 11, 2013

Model 2

 

Jersey

December 13, 2013

Model 1 (Reciprocal)

 

Latvia

June 27, 2014

Model 1 (Reciprocal)

 

Liechtenstein

May 19, 2014

Model 1 (Reciprocal)

Published draft legislation on July 1, 2014 

Lithuania

August 26, 2014

Model 1 (Reciprocal)

 

Luxembourg

March 28, 2014

Model 1 (Reciprocal)

 

Malta

December 16, 2013Model 1 (Reciprocal) 

Mauritius

December 27, 2013

Model 1 (Reciprocal)

 

Mexico

November 19, 2012

Model 1 (Reciprocal)

 

Netherlands

December 18, 2013Model 1 (Reciprocal) 

New Zealand

June 12, 2014

Model 1 (Reciprocal) 

Norway

April 15, 2013

Model 1 (Reciprocal)

 

Slovenia

June 2, 2014

Model 1 (Reciprocal)

 

South Africa

June 9, 2014

Model 1 (Reciprocal)

 

Spain

May 14, 2013

Model 1 (Reciprocal)

 

Sweden

August 8, 2014

Model 1 (Reciprocal)

 

Switzerland

February 14, 2013

Model 2

 

United Kingdom

September 14, 2012

Model 1 (Reciprocal)

Published the “International Tax Compliance Regulations 2013.”

On April 2, 2014 the IRS announced that to facilitate FATCA registration for FFIs in countries that have negotiated, but not yet finalized, an IGA the following countries will be treated as having an IGA in place by the effective date listed below.

Countries treated as having an IGA in effect

Effective date

Type of IGA—

Model 1 or Model 2

Status of IGA

Algeria

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Anguilla

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Antigua and Barbuda

June 3, 2014

Model 1 (Reciprocal)

Unsigned

Armenia

May 8, 2014

Model 2

Unsigned

Azerbaijan

May 16, 2014

Model 1 (Reciprocal)

Unsigned

Bahamas

April 17, 2014

Model 1 (Reciprocal)

Unsigned

Bahrain

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Barbados

May 27, 2014

Model 1 (Reciprocal)

Unsigned

Belarus

June 6, 2014

Model 1 (Reciprocal)

Unsigned

Brazil

April 2, 2014

Model 1 (Reciprocal)

Unsigned

Bulgaria

April 23, 2014

Model 1 (Reciprocal)

Unsigned

Cabo Verde

June 30, 2014

Model 1 (Reciprocal)

Unsigned

China

June 26, 2014

Model 1 (Reciprocal)

Unsigned

Columbia

April 23, 2014

Model 1 (Reciprocal)

Unsigned

Croatia

April 2, 2014

Model 1 (Reciprocal)

Unsigned

CuraƧao

April 30, 2014

Model 1 (Reciprocal)

Unsigned

Cyprus

April 22, 2014

Model 1 (Reciprocal)

Unsigned

Dominica

June 19, 2014

Model 1 (Reciprocal)

Unsigned

Dominican Republic

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Georgia

June 12, 2014

Model 1 (Reciprocal)

Unsigned

Greenland

June 29, 2014

Model 1 (Reciprocal)

Unsigned

Grenada

June 16, 2014

Model 1 (Reciprocal)

Unsigned

Guyana

June 24, 2014

Model 1 (Reciprocal)

Unsigned

Haiti

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Hong Kong

May 9, 2014

Model 2

Unsigned

India

April 11, 2014

Model 1 (Reciprocal)

Unsigned

Indonesia

May 4, 2014

Model 1 (Reciprocal)

Unsigned

Iraq

June 30, 2014

Model 2

Unsigned

Kosovo

April 2, 2014

Model 1 (Reciprocal)

Unsigned

Kuwait

May 1, 2014

Model 1 (Reciprocal)

Unsigned

Malaysia

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Moldova

June 30, 2014

Model 2

Unsigned

Montenegro

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Nicaragua

June 30, 2014

Model 2

Unsigned

Panama

May 1, 2014

Model 1 (Reciprocal)

Unsigned

Paraguay

June 6, 2014

Model 2

Unsigned

Peru

May 1, 2014

Model 1 (Reciprocal)

Unsigned

Poland

April 2, 2014

Model 1 (Reciprocal)

Unsigned

Portugal

April 2, 2014

Model 1 (Reciprocal)

Unsigned

Qatar

April 2, 2014Model 1 (Reciprocal)Unsigned

Romania

April 2, 2014

Model 1 (Reciprocal)

Unsigned

San Marino

June 30, 2014

Model 2

Unsigned

Saudi Arabia

June 24, 2014

Model 1 (Reciprocal)

Unsigned

Serbia

June 30, 2014

Model 1 (Reciprocal)

Unsigned

Seychelles

May 28, 2014

Model 1 (Reciprocal)

Unsigned

Singapore

May 5, 2014

Model 1 (Reciprocal)

Unsigned

Slovak Republic

April 11, 2014

Model 1 (Reciprocal)

Unsigned 

South Korea

April 2, 2014

Model 1 (Reciprocal)

Unsigned

St. Kitts and Nevis

June 4, 2014

Model 1 (Reciprocal)

Unsigned

St. Lucia

June 12, 2014

Model 1 (Reciprocal)

Unsigned

St. Vincent and The Grenadines

June 2, 2014

Model 1 (Reciprocal)

Unsigned

Taiwan

June 23, 2014

Model 2

Unsigned

Thailand

June 24, 2014

Model 1 (Reciprocal)

Unsigned

Turkey

June 3, 2014

Model 1 (Reciprocal)

Unsigned

Turkmenistan

June 3, 2014

Model 1 (Reciprocal)

Unsigned

Turks and Caicos Islands

May 12, 2014

Model 1 (Reciprocal)

Unsigned

Ukraine

June 26, 2014

Model 1 (Reciprocal)

Unsigned

United Arab Emirates

May 23, 2014

Model 1 (Reciprocal)

Unsigned

Uzbekistan

June 30, 2014

Model 1 (Reciprocal)

Unsigned

 

Treasury engaged in dialogue or working to explore options for intergovernmental engagement

Argentina, Lebanon, Russia, St. Maarten, and Trinidad and Tobago

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