Singapore, Kuwait and Three Other Countries Agree "In Substance" to FATCA IGA

The U.S. Treasury Department announced that Singapore, Kuwait, Panama, Peru and Indonesia have all agreed recently "in substance" to the terms of a FATCA Intergovernmental Agreement ("IGA"). Each agreement is a Model 1 type agreements whereby financial institutions and investment funds in such a jurisdiction provide account information with respect to account holders and investors that are direct or indirect U.S. persons to the home country for automatic transfer of such information to the U.S. IRS. Pursuant to Announcement 2014-17, these countries will be deemed to have IGAs in effect until at least December 31, 2014.

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