ARTICLE · 22 AUGUST 2013

Cayman Reaches FATCA Agreement With The US

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The Cayman Islands Government announced last week that negotiations with the United States (US) on a Model I Intergovernmental Agreement (IGA) and a new Tax Information Exchange Agreement (TIEA) have now been concluded.

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The Cayman Islands Government announced last week that negotiations with the United States (US) on a Model I Intergovernmental Agreement (IGA) and a new Tax Information Exchange Agreement (TIEA) have now been concluded. These agreements create the means for automatic exchange of information under the US Foreign Account Tax Compliance Act (FATCA) and should greatly ease compliance with FATCA in the Cayman Islands.

Both governments have initialled the agreements, to indicate intent to sign, and have noted that the official signing will take place as soon as possible.

What is US FATCA?

FATCA is a piece of US legislation and part of the US Hiring Incentives to Restore Employment (HIRE) Act. It was signed into US law on 18 March 2010.

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