Seychelles Signs US FATCA Agreement
by Mike Godfrey, Tax-News.com, Washington
16 July 2019
On July 3, 2019, the Seychelles Government announced that it has signed an intergovernmental agreement (IGA) with the United States to implement the requirements of the US Foreign Account Tax Compliance Act (FATCA).
FATCA, which was enacted by the US Congress in 2010 and took effect on July 1, 2014, is intended to ensure that the IRS obtains information on financial accounts held at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients will result in a requirement to withhold 30 percent tax on payments of US-sourced income.
Under the Model 1 IGA signed by the Seychelles and the US, FFIs in the foreign jurisdiction are required to report tax information about US account holders directly to the government, which will in turn relay that information to the US Internal Revenue Service.
The Seychelles and the US previously had a FATCA agreement in substance, which was treated as having entered into effect on June 30, 2014.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Tax Reforms A-Go-Go »
- Equity Compensation in Startup - Guide »
- Governments Go Easy on Taxpayers... »
- Digital Doings... »
- UAE Onshore Trust Law: Broadening the scope of wealth preservation solutions in the region »
- FDI Sees Ireland Through Covid and Brexit, Solidifying its Reputation as a European Base for Multinational Corporations »
- Transfer Pricing Tidbits »
- Court Case Catch-Up »
- UK's Tax Agenda Topped Up »
- Trusts Act 2019: New Zealand Foreign - or 'Offshore' - Trust Changes »