France, Cayman Islands, Costa Rica, Malta, British Crown Dependencies Sign FATCA IGAs

On November 14, 2013, France signed an intergovernmental agreement (“IGA”) regarding FATCA with the United States, becoming the 10th country to join the global FATCA network taking effect on July 1, 2014. The Cayman Islands, Costa Rica, Malta, the British Crown Dependencies (Jersey, Guernsey, and Isle of Man), and the Netherlands followed suit shortly thereafter, bringing the total number of IGA countries to 17, and joining the ranks of the U.K., Denmark, Germany, Ireland, Japan, Mexico, Norway, Spain and Switzerland.…

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FATCA Update on Reporting

On October 29, 2013, the Internal Revenue Service (“IRS”) issued its latest guidance, Notice 2013-69 (the “Notice”) with respect to the Foreign Account Tax Compliance Act (“FATCA”). The Notice applies to foreign financial institutions (“FFIs”), including private equity funds and their managers, entering into an “FFI Agreement” with the IRS and to FFIs treated as reporting financial institutions (“Reporting FIs”) under a Model 2 intergovernmental agreement (“IGA”).…

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FATCA: What’s Next? A Regulation Update by eFront

The Foreign Account Tax Compliance Act (FATCA) was enacted by the U.S. government in March of 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. It requires financial institutions to identify and report to the Internal Revenue Service on U.S.…

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