Cayman to Join US FATCA

Cayman to Join US FATCA

The Cayman Islands' Government announced that it has elected to adopt a Model 1 intergovernmental agreement with the United States to provide compliance with the US Foreign Account Tax Compliance Act (FATCA).

Cayman Minister for Financial Services, Rolston Anglin said the agreement would mitigate the information reporting burden on Cayman financial institutions through a centralized infrastructure and would ensure Cayman businesses' competitiveness.

It was also announced that Cayman Islands would use Model 1 intergovernmental agreement as the basis to negotiate a similar agreement on the automatic exchange of certain information with the United Kingdom. The territory expects to conclude final agreements with the US and UK promptly.

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