Belarus, Georgia and Five Other Countries Reach Agreement "in Substance" with U.S. under FATCA; Text of South African IGA Released

Seven additional countries reached an agreement in substance with the United States as to the terms of an Intergovernmental Agreement ("IGA") under FATCA. Antigua and Barbuda, Belarus, Georgia, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines have all agreed to terms with the United States with respect to a Model 1 form of IGA.

Additionally, Paraguay has reached an agreement in substance with respect to a Model 2 form of IGA. This brings the total number of countries with either signed IGAs or agreements in substance to 78. Agreements in substance that are reached prior to July 1, 2014, will be treated as in effect on December 31, 2014, even if not signed before that date.

The text of the Model 1 Form IGA between the United States and South Africa has been released and is linked below.

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