The US Department of the Treasury recently announced that the United States has signed a “Model 1” intergovernmental agreement (“IGA”) with respect to the US Foreign Account Tax Compliance Act (“FATCA”) with the Cayman Islands. Like the other IGAs the United States has signed, the Cayman Islands IGA is intended to streamline FATCA information reporting and reduce compliance burdens for financial institutions in the Cayman Islands.View full memo, United States Signs FATCA Intergovernmental Agreement With the Cayman Islands
