FATCA IGA Signed with Ireland

A FATCA Intergovernmental Agreement ("IGA") between the U.S. and Ireland was signed in Dublin on December 21. As previously announced, the IGA is based on the Model I reciprocal version issued by the U.S. Treasury Department in July. The text of the main agreement of the Irish IGA is virtually identical to the IGA signed by the United Kingdom, including a "most favored nation" clause under which the U.S. agrees to extend to Ireland any additional exemptions or provisions that are subsequently provided in IGAs with other countries. Annex II, which contains a list of exempt and deemed compliant financial institutions specific to Ireland, is also very similar to Annex II in the U.K. IGA, except that the Irish Annex II includes as deemed compliant certain Collective Investment Vehicles, all of the interests in which are held by or through one or more compliant financial institutions and other Collective Investment Entities if the information with respect to such Collective Investment Entity is reported by another Investment Entity (such as its investment manager). These are similar to the exceptions in Annex II to the Danish and Mexican IGAs. Additionally, Annex II lists as exempt certain Retirement Accounts and products specific to Ireland.Questions as to FATCA may be directed to Mark Howe or Dan Mulcahy.

Click here to view agreement in full.Related News Story: U.S. and Ireland Sign IGA Agreement with Respect to FATCA.