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Bermuda, US Treasury Complete FATCA Negotiations

by Mike Godfrey, Tax-News.com, New York

08 August 2013


On August 04, 2013 Bermuda's minister of finance, Bob Richards, announced that negotiations between Bermuda and the United States Treasury over the US FATCA Intergovernmental Agreement (IGA) Model 2 have been completed.

US Treasury official Robert Stack said in a statement: “We welcome the conclusion of negotiations with Bermuda on a Model 2 Intergovernmental Agreement to implement FATCA and join our efforts to curtail tax evasion. We are particularly pleased to build upon our decades-old Tax Information Exchange Agreement relationship with Bermuda and the recent Mutual Legal Assistance Treaty.

“We appreciate Bermuda’s role as a leader in global tax transparency as well as their role serving alongside the US on the Steering Group of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. The text of the initialed agreement will be made public after it is signed.”

The agreement still needs to be endorsed by the United Kingdom's Foreign and Commonwealth Office in accordance with the July 15, 2010 UK Letter of Entrustment to Bermuda for tax information related matters. Bob Richards said that he is confident the FCO will move quickly so that Bermuda's financial institutions are not disadvantaged during the US FATCA registration process.

TAGS: tax | FATCA | Bermuda | United Kingdom | United States

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