U.S. Signs FATCA IGAs with Singapore and Three Other Countries

The United States signed Model 1-style Intergovernmental Agreements ("IGAs") with the Singapore, Bulgaria, Cyprus and Moldova.

According to the U.S. Treasury Department ("Treasury"), 52 jurisdictions have signed an IGA with the United States. An additional 60 countries have "agreed in substance" to the terms of either a Model 1 or Model 2 form of IGA, including Greece, the Philippines and Kazakhstan. The IRS and the Treasury announced recently that any IGA which was agreed to in substance would be considered in effect until signed, unless the Treasury and the IRS concluded that the partner jurisdiction was not proceeding in good faith to finalize the agreement.

The IRS also has published revised drafts of Model 1 and Model 2 IGAs for jurisdictions reaching an agreement in substance with the United States on or after July 1, 2014.

The texts of signed IGAs, the status of other IGAs and the text of Model IGAs can be found on the Treasury Web site.

See: Singapore IGA; Bulgaria IGA; Cyprus IGA; Moldova IGA. See also: FATCA Specialty Page (available to Cabinet subscribers only).