Barbados and UAE Agree "In Substance" to FATCA IGA

The U.S. Treasury Department ("Treasury") announced on May 30, 2014 that Barbados and the United Arab Emirates ("UAE") agreed in substance to a Model 1 Intergovernmental Agreement ("IGA") to implement FATCA. Sixty-eight countries to date either signed or agreed in substance to the terms of an IGA. Treasury previously announced that any jurisdiction reaching an "agreement in substance" with the United States for an IGA by July 1, 2014 would be treated as having an IGA in effect through December 31, 2014, even if the IGA is not signed. Russia, China, Saudi Arabia, Greece, Turkey, Monaco, Egypt, and Argentina are among the jurisdictions that have yet to agree to the terms of an IGA.

See: Cabinet FATCA Materials (for Cabinet subscribers only). ("FATCA 'To Dos' for Hedge Funds" has recently been added to our Cabinet FATCA Materials.)For more information, please contact Daniel Mulcahy and Mark Howe.