Intergovernmental agreement (IGA) monitor

The expected wave of intergovernmental agreements (IGAs) to implement the tax reporting and withholding procedures associated with the Foreign Account Tax Compliance Act (FATCA) continues. The US Treasury initially announced in 2012 that it was engaged with more than 50 countries and jurisdictions around the world to improve international tax compliance and implement FATCA. Since that time many IGAs have been signed and released by the US Treasury. The ‘in effect’ status applies to an institution resident in the IGA jurisdiction as well as to any branch located in such jurisdiction. It does not apply to branches located outside of such jurisdiction. If the jurisdiction fails to sign its IGA by December 31, 2014, the jurisdiction will be removed from the ‘in effect’ list. For more information please see our Tax Insight: US provides FATCA relief with expansion of intergovernmental agreements in effect and additional 10 days to register.

More recently, the US Treasury announced that it will treat an IGA as 'in effect' with a partner jurisdiction if the United States has reached an agreement in substance with such jurisdiction and such jurisdiction consents to disclose this status. Feel free to click any of the countries below to see the latest development as you consider some of the following actions to think about:

IGA Countries

Model agreements

The US Treasury has released Model agreements to implement FATCA. These agreements serve as a baseline for negotiations between the US and FATCA partner countries. They continue to be updated as additional IGAs are promulgated. Please click here for the US Treasury website showing the latest agreements.

Actions to think about

Consider the whole picture
The chart provides an overview of the status of a number of IGAs. Practically speaking, this should be viewed as a first step towards implementation of the US FATCA regime in the partner jurisdiction and each country's approach will be different as to what subsequent actions may occur. For example, domestic legislation may be needed in many jurisdictions to effectuate the agreement. Moreover, countries will need to enact legislation or issue guidance to implement changes to the various processes that financial institutions in that jurisdiction utilize, including account opening, customer onboarding, customer due diligence, documentation, tax reporting, and withholding.

Stakeholders will need to wait until other guidance or legislation is enacted to have a full picture of what tasks, processes, and system changes may need to be implemented. Notwithstanding, preparatory actions should be occurring now.

For US purposes, the US Department of the Treasury has provided a page on their website to list those IGAs that they will treat as being 'in effect' (click here for link.)

Rethink planning and solutions
What impact will the IGAs have on a stakeholder's project planning and solutions design? To the extent possible, the concepts under the IGA framework should be incorporated. If plans were in place based on the proposed FATCA regulations, new strategies should be formed for FFIs in countries covered under an IGA. Plans to manage local law restrictions should also be revised. Operational processes and information technology systems will likely need to change.

Analyze the clauses in all IGAs
Many of the IGAs are expected to contain a 'most favored nation' clause which provides that any more favorable terms negotiated under another country’s IGA may be applied (excluding Annex II provisions). This unique concept is not one used in US income tax treaties and it is not clear how and when it will be invoked. Stakeholders should review the clauses in all IGAs that are released to consider whether a ‘most favored nation’ clause could apply.

Help shape the rules
Financial institutions should closely monitor their country's plan to release local guidance. Is there an opportunity to help shape them by providing input and suggestions to the foreign government?

Quantify potential costs
Companies should also consider broadly quantifying the cost of complying with FATCA and the IGAs, taking into account time and resources. For example, the UK tax authorities requested this information in September 2012 as part of their public consultation on guidance implementing the US/UK IGA. Other jurisdictions may also want to mirror this gathering of data as it may also be used for budgeting purposes.

IGA Monitor key – 6 general status categories

  • IGA signed and released
  • IGA treated as 'in effect' by US Treasury
  • IGA signed or initialed but not treated as 'in effect' by US Treasury
  • Final negotiations underway
  • Actively engaged in a dialogue
  • Working to explore options

*Note that only official written announcements are reflected – verbal comments by government officials or others are not.

IGA Monitor table

Country/
Jurisdiction
Type of IGA/
signed text
Date signed Observation
algeria
Algeria
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Algeria have reached an agreement in substance and Algeria has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Algeria are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
anguilla
Anguilla
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Anguilla have reached an agreement in substance and Anguilla has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Anguilla are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
antigua_and_barbuda
Antigua and Barbuda
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 3, 2014. The United States and Antiqua and Barbuda have reached an agreement in substance and Antiqua and Barbuda has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Antiqua and Barbuda are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
argentina
Argentina
    Actively engaged in a dialogue
The US Treasury announced on November 8, 2012 that the US and Argentina were actively engaged in a dialogue towards concluding an IGA. No further information has been provided. See announcement by US Treasury on November 8, 2012.
armenia
Armenia
    IGA treated as 'in effect' by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of May 8, 2014. The United States and Armenia have reached an agreement in substance and Armenia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Armenia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
australia
Australia
Model 1A (Reciprocal) 2014-04-28 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on April 28, 2014, the US Treasury and Australia signed and released the IGA.
austria
Austria
Model 2 2014-04-29 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on April 29, 2014, the US Treasury and Austria signed and released the IGA.
azerbaijan
Azerbaijan
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 16, 2014. The United States and Azerbaijan have reached an agreement in substance and Azerbaijan has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Azerbaijan are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
bahamas
Bahamas
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 17, 2014. The US and Bahamian governments have reached an agreement in substance and the Bahamas has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the Bahamas are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014. This follows an August 12, 2013 announcement by the Bahamas Ministry of Financial Services that the Bahamas will negotiate and enter into a Model 1 IGA with the US Treasury to implement FATCA.
bahrain
Bahrain
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Bahrain have reached an agreement in substance and Bahrain has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Bahrain are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
barbados
Barbados
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 27, 2014. The United States and Barbados have reached an agreement in substance and Barbados has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Barbados are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.  This follows a February 3, 2014 announcement by the Barbados Ministry of International Business that the Governments of Barbados and the United States agreed to commence negotiations with respect to an IGA.
belarus
Belarus
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 6, 2014. The United States and the Republic of Belarus have reached an agreement in substance and Belarus has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Belarus are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014. This development follows a May 6, 2014 announcement that the President of the Republic of Belarus had signed a decree to approve a draft IGA between Belarus and the United States.
belgium
Belgium
Model 1A (Reciprocal) 2014-04-23 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on April 23, 2014, the US Treasury and Belgium signed and released the IGA.
bermuda
Bermuda
Model 2 2013-12-19 IGA signed and released
On December  19, 2013, the US Treasury announced that the United States signed an IGA with Bermuda to implement FATCA.  The US-Bermuda IGA substantially follows the Model 2 Agreement as of November 4, 2013 whereby financial institutions in Bermuda will report directly to the IRS.
brazil
Brazil
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The US and Brazilian governments have reached an agreement in substance and Brazil has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Brazil are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
the_british_virgin_islands
British Virgin Islands
Model 1B (Non-Reciprocal) 2014-06-30 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on June 30, 2014, the US Treasury and the British Virgin Islands signed and released the IGA.
bulgaria
Bulgaria
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 23, 2014. The US and Bulgarian governments have reached an agreement in substance and Bulgaria has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Bulgaria are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
Cabo Verde
Cabo Verde
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Cabo Verde have reached an agreement in substance and Cabo Verde has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Cabo Verde are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
cambodia
Cambodia
    Actively engaged in a dialogue
In a March 27, 2014 letter to the US Treasury, Cambodia's Ministry of Economy and Finance expressed interest in negotiating an IGA with the United States.
canada
Canada
Model IA (Reciprocal) 2014-02-05 IGA signed and released
The US Treasury announced in a February 5, 2014 press release that the United States and Canada had signed an IGA to implement FATCA. The Canadian Department of Finance made a similar announcement noting that corresponding draft legislation will be released for comment shortly.

Please click here for more information.

 
the_cayman_islands
Cayman Islands
Model 1B (Non-Reciprocal) 2013-11-29 IGA signed and released
On November 29, 2013, the US Treasury announced that the United States signed an IGA with the Cayman Islands to implement FATCA.  The US-Cayman Islands IGA substantially follows the Model 1B Agreement as of November 4, 2013 where an existing tax information and exchange agreement (TIEA) or double tax convention (DTC) is in place.  The release of this signed agreement follows an announcement on August 13, 2013 that an IGA had been initialed, the text of which was not released at that time.
chile
Chile
Model 2 2014-03-05 IGA signed and released
The US Treasury released the text of the new Chile/US IGA. This IGA is substantially similar to the Model 2 Agreement (version dated November 4, 2013 in which a TIEA or DTC is in place), although a few differences exist such as certain IRS reporting due dates. Note that this IGA refers to the Chile/US DTC “upon its entry into force”.

The release follows a prior announcement from the Chilean Ministry of Finance that an IGA with the US would be signed in February of 2014. The Chilean government previously announced that it was negotiating with the US Treasury to achieve an IGA during a meeting of Chile’s Financial Stability Committee on July 2, 2013.
china
China
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 26, 2014. The United States and China have reached an agreement in substance and China has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in China are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
colombia
Colombia
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 23, 2014. The US and Colombian governments have reached an agreement in substance and Colombia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Colombia are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
costa rica
Costa Rica
Model 1A (Reciprocal) 2013-11-26 IGA signed and released
The US Treasury announced that the United States signed an IGA with Costa Rica on November 26, 2013.  The US-Costa Rica IGA is substantially similar to the Model 1A Agreement as of November 4, 2013 that includes a reciprocal approach for the sharing of information between the two governments.
croatia
Croatia
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The US and Croatian governments have reached an agreement in substance and Croatia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Croatia are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014. This follows an announcement on March 28, 2014 by the Croatian Finance Ministry that the Croatian Tax Administration is working with the US Treasury to negotiate a Model 1A IGA.
curacao
Curaçao
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 30, 2014.  The US and Curaçao governments have reached an agreement in substance and Curaçao has consented to disclose this status.  In accordance with this status, the text of such IGA has not been released and financial institutions in Curaçao are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
cyprus
Cyprus
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 22, 2014. The US and Cyprus governments have reached an agreement in substance and Cyprus has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Cyprus are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
the_czech_republic
Czech Republic
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The US and Czech governments have reached an agreement in substance and the Czech Republic has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the Czech Republic are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014. This announcement follows a November 21, 2013 announcement that the Czech Finance Ministry had processed a draft of the IGA and a February 8, 2013 announcement by the Czech Finance Ministry that the Czech government decided to pursue a Model 1 IGA.
denmark
Denmark
Model IA (Reciprocal) 2012-11-19 IGA signed and released
The US-Denmark IGA is substantially similar to the Model 1A IGA as of November 2012.
 
dominica
Dominica
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 19, 2014. The United States and Dominica have reached an agreement in substance and Dominica has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Dominica are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
dominicanrepublic
Dominican Republic
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and the Dominican Republic have reached an agreement in substance and the Dominican Republic has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the Dominican Republic are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
estonia
Estonia
Model 1A (Reciprocal) 2014-04-11 IGA signed and released
Estonia and the United States signed a Model 1 IGA on April 11, 2014. This development follows the treatment of the IGA as being 'in effect' by the US Treasury as of April 3, 2014.
finland
Finland
Model IA (Reciprocal) 2014-03-05 IGA signed and released
The US Treasury released the text of the new Finland/US IGA, which is substantially similar to the Reciprocal Model 1A Agreement (version date November 4, 2013).
france
France
Model 1A (Reciprocal) 2013-11-14 IGA signed and released
On November 14, 2013, the US Treasury announced that the United States had signed an IGA with France to implement FATCA.  The US-France IGA is substantially similar to the Model 1A IGA as of November 4, 2013.

Please click here for more information.

 
georgia
Georgia
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 12, 2014. The United States and Georgia have reached an agreement in substance and Georgia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Georgia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
germany
Germany
Model 1A (Reciprocal) 2013-05-31 IGA signed and released
The US-German IGA is substantially similar to the Model 1A IGA as of November 2012. The IGA was accompanied by a brief Declaration of Understanding providing some additional information.
gibraltar
Gibraltar
Model 1A (Reciprocal) 2014-05-08 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on May 8, 2014, the US Treasury and Gibraltar signed and released the IGA.
greenland
Greenland
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 29, 2014. The United States and Greenland have reached an agreement in substance and Greenland has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Greenland are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
grenada
Grenada
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 16, 2014. The United States and Grenada have reached an agreement in substance and Grenada has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Grenada are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
guernsey
Guernsey
Model 1A (Reciprocal) 2013-12-13 IGA signed and released
The US Treasury announced and the States of Guernsey government announced that the governments signed an IGA on December 13, 2013.  The US-Guernsey IGA is substantially similar to the Model 1A Agreement as of November 4, 2013 that includes a reciprocal approach for the sharing of information between the two governments.
guyana
Guyana
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 24, 2014. The United States and Guyana have reached an agreement in substance and Guyana has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Guyana are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
haiti
Haiti
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Haiti have reached an agreement in substance and Haiti has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Haiti are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
honduras
Honduras
Model IA (Reciprocal) 2014-02-04 IGA signed and released
According to the US Treasury website, Honduras and the United States signed a Model 1 IGA on March 31, 2014.
hongkong
Hong Kong
    IGA treated as ‘in effect’ by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of May 9, 2014. The United States and Hong Kong have reached an agreement in substance and Hong Kong has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Hong Kong are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014. This development follows an announcement earlier the same day by the Hong Kong Financial Services and Treasury Bureau that Hong Kong and the US are expected to sign a Model 2 IGA later this year.
hungary
Hungary
Model IA (Reciprocal) 2014-02-04 IGA signed and released
The US Treasury announced in a February 5, 2014 press release that the United States and Hungary had signed an IGA to implement FATCA. The US Embassy in Budapest made a similar announcement. This follows an October 28, 2013 announcement by the Hungarian Ministry of National Economics that Hungary and the United States had initialed a Model 1 IGA to implement FATCA.
india
India
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 11, 2014. The US and Indian governments have reached an agreement in substance and India has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in India are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
indonesia
Indonesia
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 4, 2014. The US and Indonesian governments have reached an agreement in substance and Indonesia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Indonesia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
iraq
Iraq
    IGA treated as ‘in effect’ by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Iraq have reached an agreement in substance and Iraq has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Iraq are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
ireland
Ireland
Model IA (Reciprocal) 2013-01-23 IGA signed and released
On December 21, 2012, the United States and Ireland signed a reciprocal bilateral agreement setting out the Model 1 approach to implementing FATCA. On May 3, 2013, Irish Revenue released draft Financial Reporting Regulations 2013 and supporting draft Guidance Notes on the Implementation of FATCA in Ireland to give effect to the US-Ireland IGA.

Please click here for more information.

 
isle_of_man
Isle of Man
Model 1A (Reciprocal) 2013-12-13 IGA signed and released
The US Treasury announced and the Manx government announced that the governments signed an IGA on December 13, 2013.  The US-Isle of Man IGA is substantially similar to the Model 1A Agreement as of November 4, 2013 that includes a reciprocal approach for the sharing of information between the two governments.
israel
Israel
Model 1A (Reciprocal) 2014-06-30 IGA signed and released
On April 28, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on June 30, 2014, the US Treasury and Israel signed and released the IGA.
italy
Italy
Model 1A (Reciprocal) 2014-01-10 IGA signed and released
The Italian Treasury Department and US Treasury announced that the US and Italian governments have signed an IGA to implement FATCA on January 10, 2014.
jamaica
Jamaica
Model 1A (Reciprocal) 2014-05-02 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on May 2, 2014, the US Treasury and Jamaica signed and released the IGA.
japan
Japan
Model 2 2013-06-11 IGA signed and released
The Japanese and US tax authorities on June 11, 2013 released a statement setting out a Model 2 IGA framework whereby Japanese financial institutions will report directly to the IRS. Unlike other FATCA agreements, the Japanese arrangement is called a Statement of Mutual Cooperation and Understanding Between the US Department of the Treasury and the Authorities of Japan to Improve International Tax Compliance and to Facilitate Implementation of FATCA. On December 18, 2013, the Japanese government announced that it had updated its agreement with the United States to include new language on the revised effective date of FATCA and the reporting high-value accounts.
jersey
Jersey
Model 1A (Reciprocal) 2013-12-13 IGA signed and released
The US Treasury announced and the Government of Jersey announced that the governments signed an IGA on December 13, 2013.  The US-Jersey IGA is substantially similar to the Model 1A Agreement as of November 4, 2013 that includes a reciprocal approach for the sharing of information between the two governments.
kosovo
Kosovo
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The United States and Kosovo have reached an agreement in substance and Kosovo has consented to disclose this status. The text of such IGA has not been released and financial institutions in Kosovo are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
kuwait
Kuwait
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 1, 2014.  The US and Kuwaiti governments have reached an agreement in substance and Kuwait has consented to disclose this status.  In accordance with this status, the text of such IGA has not been released and financial institutions in Kuwait are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
latvia
Latvia
Model 1A (Reciprocal) 2014-06-27 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on June 27, 2014, the US Treasury and Latvia signed and released the IGA.
lebanon
Lebanon
    Working to explore options
The US Treasury reported on November 8, 2012 that the US and Lebanon were working to explore options for intergovernmental engagement. See announcement by US Treasury on November 8, 2012.
liechtenstein
Liechtenstein
Model 1A (Reciprocal) 2014-05-19 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on May 19, 2014, the US Treasury and Liechtenstein signed and released the IGA.
lithuania
Lithuania
Model 1A (Reciprocal) 2014-08-26 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on August 26, 2014, the US Treasury and Lithuania signed and released the IGA.
luxembourg
Luxembourg
Model 1A (Reciprocal) 2014-03-28 IGA signed and released
The Luxembourg Ministry of Finance announced that on March 28, 2014 Luxembourg and the United States signed a Model 1 IGA. See also US Treasury website. This follows a February 27, 2014 announcement that the two countries had agreed on the substance of an IGA.
malaysia
Malaysia
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Malaysia have reached an agreement in substance and Malaysia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Malaysia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
malta
Malta
Model 1A (Reciprocal) 2013-12-16 IGA signed and released
The US Treasury announced and the Government of Malta announced that the governments signed an IGA on December 16, 2013.  The US-Malta IGA is substantially similar to the Model 1A Agreement as of November 4, 2013 that includes a reciprocal approach for the sharing of information between the two governments.

Please click here for more information.

mauritius
Mauritius
Model IA (Reciprocal) 2013-12-27 IGA signed and released
The Mauritius Government and the US Treasury announced the signing of an IGA to implement FATCA on December 27, 2013.  A tax information and exchange agreement (TIEA) was also signed.
mexico
Mexico
Model IA (Reciprocal) 2012-11-19 (Revised 2014-04-17) IGA signed and released
The US-Mexico IGA closely follows the Model IA Agreement issued in July 2012 by the US Department of Treasury and includes a reciprocal approach to the sharing of information between the two governments. The text of this IGA was revised on April 17, 2014 and re-posted on the US Treasury website. (See link for original text.) Revisions were made to conform to the IRS’ extended timeline and the newest Model 1A Agreement dated November 4, 2013. Additional text was added to Annex II with respect to certain exceptions.
moldova
Moldova
    IGA treated as 'in effect' by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Moldova have reached an agreement in substance and Moldova has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Moldova are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
montenegro
Montenegro
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Montenegro have reached an agreement in substance and Montenegro has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Montenegro are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
montserrat
Montserrat
    Actively engaged in a dialogue
The Saint Kitts and Nevis Ministry of Finance announced on March 26, 2014 that the member governments of the Eastern Caribbean Currency Union have begun discussions with the United States towards a Model 1 IGA.
the_netherlands
Netherlands
Model 1A (Reciprocal) 2013-12-18 IGA signed and released
The US Treasury announced and the Dutch government announced that the governments signed an IGA on December 18, 2013.  The US-Netherlands IGA is substantially similar to the Model 1A Agreement as of November 4, 2013 that includes a reciprocal approach for the sharing of information between the two governments.
 
new_zealand
New Zealand
Model 1A (Reciprocal) 2014-06-12 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on June 12, 2014, the US Treasury and New Zealand signed and released the IGA.
nicaragua
Nicaragua
    IGA treated as ‘in effect’ by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Nicaragua have reached an agreement in substance and Nicaragua has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Nicaragua are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
norway
Norway
Model 1A (Reciprocal) 2013-04-15 IGA signed and released
The US-Norway FATCA Agreement substantially follows the Model 1A (Reciprocal) agreement as of November 2012.
oman
Oman
    Working to explore options
On February 5, 2014, the Oman Capital Markets Authority circulated a memo advising financial institutions in Oman to review their internal arrangements and procedures in preparation of compliance with FATCA.
pakistan
Pakistan
    Actively engaged in a dialogue
On April 30, 2014, the State Bank of Pakistan announced that due to an unforeseen delay in the IGA between the Pakistan and US governments, banks and other entities affected by FATCA may, as a precautionary measure, complete the registration process with the IRS as a participating foreign financial institution to avoid negative repercussions of non-compliance with FATCA regulations and maintain continuity of international business and trade in the public interest.
panama
Panama
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 1, 2014. The US and Panamanian governments have reached an agreement in substance and Panama has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Panama are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
paraguay
Paraguay
    IGA treated as 'in effect' by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of June 6, 2014. The United States and Paraguay have reached an agreement in substance and Paraguay has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Paraguay are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
peru
Peru
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 1, 2014. The US and Peruvian governments have reached an agreement in substance and Peru has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Peru are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
poland
Poland
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The US and Polish governments have reached an agreement in substance and Poland has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Poland are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014. This announcement follows a November 18, 2013 announcement by the Polish government that an IGA had been initialed by the US and Polish governments.
portugal
Portugal
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The United States and Portugal have reached an agreement in substance and Portugal has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Portugal are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
qatar
Qatar
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The United States and Qatar have reached an agreement in substance and Qatar has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Qatar are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
romania
Romania
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The US and Romanian governments have reached an agreement in substance and Romania has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Romania are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
russia
Russia
    Working to explore options
The Russian Government reported on June 30, 2014 that President Vladimir Putin signed a law allowing Russian banks to transfer data relating to FATCA directly to the US tax authorities upon client consent.  Before submitting this information, Russian banks will have to first report to the Russian Government.  Note that in a April 29, 2014 letter to US Treasury Secretary Jacob Lew, US Senators Carl Levin and John McCain urged the Obama Administration to continue to refrain from further negotiations with Russia on compliance with FATCA until Russia ends its aggressive and destabilizing actions toward the Ukraine.
saint_kitts_and_nevis
Saint Kitts and Nevis
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 4, 2014. The United States and Saint Kitts and Nevis have reached an agreement in substance and Saint Kitts and Nevis has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Saint Kitts and Nevis are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
saint_lucia
Saint Lucia
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 12, 2014. The United States and Saint Lucia have reached an agreement in substance and Saint Lucia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Saint Lucia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
saint_vincent_and_the_grenadines
Saint Vincent and the Grenadines
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 2, 2014. The United States and Saint Vincent and the Grenadines have reached an agreement in substance and Saint Vincent and the Grenadines has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Saint Vincent and the Grenadines are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
sanmarino
San Marino
    IGA treated as ‘in effect’ by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and San Marino have reached an agreement in substance and San Marino has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in San Marino are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
saudiarabia
Saudi Arabia
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 24, 2014. The United States and Saudi Arabia have reached an agreement in substance and Saudi Arabia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Saudi Arabia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
serbia
Serbia
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Serbia have reached an agreement in substance and Serbia has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Serbia are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
seychelles
Seychelles
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 28, 2014. The United States and Seychelles have reached an agreement in substance and Seychelles has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Seychelles are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
singapore
Singapore
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 5, 2014. The United States and Singapore have reached an agreement in substance and Singapore has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Singapore are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.  This follows an announcement on November 13, 2013 by the Singapore Ministry of Foreign Affairs that discussions with the US to finalize an IGA are “progressing smoothly".
sint_maarten
St. Maarten
    Working to explore options
The US Treasury reported on November 8, 2012 that the US and Sint Maarten were working to explore options for intergovernmental engagement. See announcement by US Treasury on November 8, 2012.
the_slovak_republic
Slovak Republic
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 11, 2014. The US and Slovak governments have reached an agreement in substance and the Slovak Republic has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the Slovak Republic are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
slovenia
Slovenia
Model 1A (Reciprocal) 2014-06-02 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on June 2, 2014, the US Treasury and Slovenia signed and released the IGA.
south_africa
South Africa
Model 1A (Reciprocal) 2014-06-09 IGA signed and released
On April 2, 2014, the US Treasury announced that an IGA was ‘in effect’ and, on June 9, 2014, the US Treasury and South Africa signed and released the IGA.
south_korea
South Korea
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 2, 2014. The US and South Korean governments have reached an agreement in substance and South Korea has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in South Korea are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
spain
Spain
Model 1A (Reciprocal) 2013-05-14 IGA signed and released
The US-Spain IGA is substantially similar to the Model 1A IGA as of November 2012. See government announcement on May 14, 2013.
sweden
Sweden
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of April 24, 2014. The US and Swedish governments have reached an agreement in substance and Sweden has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Sweden are allowed to register on the FATCA registration website consistent with that treatment of having an IGA in effect until December 31, 2014.
switzerland
Switzerland
Model 2 2013-02-14 IGA signed and released
In conjunction with the signing of this IGA, press releases were issued by the US Treasury and Swiss Federal Department of Finance. On June 7, 2013, Switzerland and the United States signed a Memorandum of Understanding on interpretations regarding the IGA. See the Swiss Federal Department of Finance press release announcing the Memorandum of Understanding. On September 30, 2013, Switzerland announced that it and the United States amended the US-Switzerland IGA to reflect the changes in the FATCA implementation timelines set forth in Notice 2013-43.  The Swiss Parliament approved the IGA on September 27, 2013.
taiwan
Taiwan
    IGA treated as ‘in effect’ by US Treasury
A Model 2 IGA is treated as 'in effect' by the US Treasury as of June 23, 2014. The United States and Taiwan have reached an agreement in substance and Taiwan has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Taiwan are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
thailand
Thailand
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 24, 2014. The United States and Thailand have reached an agreement in substance and Thailand has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Thailand are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
trinidad-tobago
Trinidad and Tobago
    Working to explore options
On August 7, 2013, the Government of the Republic of Trinidad and Tobago announced the Caribbean Community had agreed on a regional approach to compliance with FATCA.
turkey
Turkey
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 3, 2014. The United States and Turkey have reached an agreement in substance and Turkey has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Turkey are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
turkmenistan
Turkmenistan
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 3, 2014. The United States and Turkmenistan have reached an agreement in substance and Turkmenistan has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Turkmenistan are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
turks-and-caicos-islands
Turks and Caicos Islands
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 12, 2014. The United States and Turks and Caicos have reached an agreement in substance and Turks and Caicos has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Turks and Caicos are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
ukraine
Ukraine
    IGA treated as 'in effect' by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 26, 2014. The United States and the Ukraine have reached an agreement in substance and the Ukraine has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the Ukraine are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.
united_arab_emirates
United Arab Emirates
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of May 21, 2014. The US and the United Arab Emirates (UAE) governments have reached an agreement in substance and the UAE has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in the UAE are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014. This development follows a March 18, 2014 press release by the UAE Ministry of Finance stating that the US and UAE governments were in the process of signing an IGA.
united_kingdom
United Kingdom
Model IA (Reciprocal) 2012-09-12 IGA signed and released
The US-UK IGA closely follows the Model 1A Agreement issued in July 2012 by the US Treasury and includes a reciprocal approach to the sharing of information between the two governments.  On August 7, 2013, HM Treasury presented The International Tax Compliance (United States of America) Regulations 2013 to implement the US-UK IGA to the UK House of Commons (with a September 1, 2013 effective date).  HMRC has also issued a memorandum explaining the regulations and updated its Guidance Notes to implement the regulations.
 
uzbekistan
Uzbekistan
    IGA treated as ‘in effect’ by US Treasury
A Model 1 IGA is treated as 'in effect' by the US Treasury as of June 30, 2014. The United States and Uzbekistan have reached an agreement in substance and Uzbekistan has consented to disclose this status. In accordance with this status, the text of such IGA has not been released and financial institutions in Uzbekistan are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect until December 31, 2014.

The information provided above is based on publically available information which is subject to change. As such, PwC does not make any representation as to the completeness and accuracy of the table.