Finland and Chile Sign Intergovernmental Agreements with the United States

The Republic of Finland signed a reciprocal Model 1 intergovernmental agreement ("IGA") with the United States, under which each country will automatically share tax information with the other with respect to certain financial accounts.

Chile also signed an IGA with the United States, the first South American country to do so. The agreement with Chile, which is a Model 2 agreement, will generally require Chilean financial institutions, unless deemed compliant or otherwise exempt, to enter into a separate agreement directly with the IRS.

See: FATCA Resource Center; Finland Model 1 IGA; Chile Model 2 IGA.See also: FATCA Specialty Page (available to Cabinet subscribers only).