FATCA IGAs Signed by New Zealand and South Africa

New Zealand and South Africa each signed FATCA Intergovernmental Agreements ("IGAs") with the United States. Each IGA is based on the Model 1A (Reciprocal) form under which South African and New Zealand Foreign Financial Institutions are required to report information on accounts owned directly or indirectly by U.S. persons to their local tax authority for automatic transfer to the United States. New Zealand and the United States also signed a Memorandum of Understanding in connection with the signing of the IGA clarifying several items, including that certain New Zealand organizations registered under the Charitable Trust Act 1957 and Charities Act 2005 would be treated as active Non-Financial Foreign Entities that are generally exempt from most FATCA obligations.

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