BMF announces the release of the German Intergovernmental Agreement for implementing FATCA

June 2013

Overview

On Friday, 31 May 2013, the German Ministry of Finance, Bundesfinanzministerium (BMF), announced the release of the FATCA Intergovernmental Agreement between the Federal Republic of Germany and the United States (German-U.S. IGA) for implementing the broad ranging provisions of the Foreign Account Tax Compliance Act (“FATCA”). The BMF had issued a news release on 21 February 2013, announcing that it had initialed the German-U.S. IGA without releasing the contents of the agreement, and the industry has been eagerly awaiting this release of the signed version. On 31 May 2013, the German-U.S. IGA was finally signed and published in the English and German languages, with both texts being equally authentic. This Newsbrief provides an overview of the key elements of the German-U.S. IGA and how it compares to the Model 1 IGA.

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