Read the article in the Cayman Financial Review
Magazine
On 15 March, 2013, the Cayman Islands government announced
its intention to sign an agreement with the United States
authorities to adopt a Model 1 Intergovernmental Agreement (IGA) in
response to the US Foreign Account Tax Compliance Act. This
decision was reached following a series of dialogue sessions with
private sector entities, including Cayman Finance, which played a
pivotal role in assisting the government reach its
decision.
The effective day of implementation of FATCA is firmly upon us,
and some action is required urgently. What action and when it is
required from financial intermediaries depends in part on the way
Cayman as a whole decides to implement FATCA. The possibility of
the Cayman Islands government signing an IGA with the US government
was therefore analysed carefully to see if this would be a suitable
means by which Cayman could deal with the new legislation, which
would be affecting
