Slovenia Signs FATCA IGA; Turkey Agrees "in Substance" to IGA

Slovenia and the United States signed an Intergovernmental Agreement ("IGA") implementing FATCA. The IGA is a Model 1 reciprocal agreement under which Slovenian financial institutions will be required to report information about accounts held directly or indirectly by U.S., persons to Slovenian tax authorities for automatic transfer to the IRS in the United States. U.S. financial institutions will be required to report to the IRS, for automatic exchange with Slovenia, certain account information on accounts held by Slovenian residents at such U.S. financial institutions. Slovenia was previously listed by the U.S. Treasury Department ("Treasury") as having reached an agreement "in substance" on a Model 1 IGA.

The Treasury also announced that Turkey reached an agreement "in substance" with the United States as to the terms of a Model 1 IGA. The text of Turkey's IGA will be released upon the formal signing of the Agreement.

See: Slovenia IGA.See also: Cabinet FATCA Materials (for Cabinet subscribers only). ("FATCA 'To Dos' for Hedge Funds" has recently been added to our Cabinet FATCA Materials.)For more information, please contact Daniel Mulcahy and Mark Howe.