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ARTICLE · 23 SEPTEMBER 2013

Cayman And US Conclude FATCA Negotiations

Cayman Islands Government
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The Cayman Islands Government (CIG) today announced that it has concluded negotiations with the United States on a Model 1 intergovernmental agreement (IGA), and a new tax information exchange agreement (TIEA).

Cayman IslandsTax
Ministry Of Financial Services
Ministry Of Financial Services
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The Cayman Islands Government (CIG) today announced that it has concluded negotiations with the United States on a Model 1 intergovernmental agreement (IGA), and a new tax information exchange agreement (TIEA).

The agreements pave the way for automatic exchange of information (AEOI) under the US Foreign Account Tax Compliance Act (FATCA).

Both governments have initialled the agreements, to indicate their intent to sign them; they also have noted that the official signing will be held as soon as possible, after which the texts will be publicly available.

The benefits of the Model 1 IGA for foreign financial institutions in the Cayman Islands is that it will streamline, through the CIG, the reporting of information regarding accounts and non-financial entities substantially owned by United States citizens and residents. The CIG will then relay the information to the U.S. Internal Revenue Service.  

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