This Newsbrief provides an overview of the key elements of the German-U.S. IGA and how it compares to the Model 1 IGA.
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.