The Cayman Islands government announced on August 13, 2013 that it has concluded negotiations with the US government on a “Model 1” intergovernmental agreement (“IGA”) with respect to the US Foreign Account Tax Compliance Act (“FATCA”) and a new tax information exchange agreement (“TIEA”). Both countries have initialed the agreements and stated that the official signing will be held as soon as possible. Like the IGAs the US government has signed with other foreign governments, the Cayman Islands IGA is intended to streamline FATCA information reporting and reduce compliance burdens for Cayman Islands financial institutions.View full memo, "Cayman Islands Government Announces FATCA Intergovernmental Agreement"
