BVI to sign US FATCA IGA

BVI to sign US FATCA IGA

The Government of the British Virgin Islands announced the conclusion of negotiations with the United States on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA), paving the way for its imminent signing and implementation in Territory.

Under Model 1 IGA, Foreign Financial Institutions (FFI) are required to report FATCA information on accounts held by US taxpayers to their home country revenue authority, which will then forward that information to the US Internal Revenue Service (IRS).

The final text of the IGA will be published after the document is formally signed, a process that is expected to take a further week or two.

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