Gibraltar Signs Model 1 FATCA IGA; Armenia Agrees "in Substance" to Model 2 FATCA IGA

Gibraltar officially signed an Intergovernmental Agreement ("IGA") implementing FATCA. It is a Model 1A style reciprocal agreement requiring Reporting Financial Institutions in Gibraltar to report information with respect to U.S. Reportable Accounts and other accounts to tax authorities in Gibraltar for automatic transmittal to the U.S. IRS. The U.S. Department of Treasury also announced that Armenia agreed "in substance" to a Model 2-type IGA, whereby reporting financial institutions in Armenia will be required to report certain account information with respect to U.S. reportable accounts and other accounts directly to the U.S. IRS. Model 2 IGAs are not reciprocal. There are now 62 countries that have either signed or agreed "in substance" to the terms of a FATCA IGA.

See: Gibraltar IGA.See also: Cabinet FATCA Materials (for Cabinet subscribers only).For more information, please contact Daniel Mulcahy and Mark Howe.