Thursday, July 10, 2014

101 IGAs update (and questions about State of Palestine)

Anguilla and Uzbekistan entered the Model 1 IGA list on Monday, July 8.  

Thus, 101 countries and jurisdictions have IGAs and 143 do not, based on the IRS' revised country list published July 1. 

Approximately 95% of the 87,993 registered FFIs are from these IGA countries.  Only 13 of the IGAs are Model 2, with 15,239 FFIs registered. The remainder 88 are Model 1 IGAs.

Curious if the IRS intends to treat the West Bank and Gaza as dependencies of the State of Palestine with each requiring a distinct IGA - being that all three are included on the IRS list (and yet not on the US State Department list as discussed in my early June articles).  Or whether, a "Palestine" IGA will cover all three territories.  If any readers know, please comment below and inform me.

I am also curious of the following: in Treasury's opinion, IGAs do not require either Congressional approval or Senatorial consent.  That we all know.  Is it also Treasury's opinion that it can enter into an IGA with Palestine and Cuba?     What is State's perspective of the IRS including the "State of" Palestine, as well as Gaza and the West Bank, on the FATCA country and jurisdiction list.  Enough cynicism.

My previous articles on this subject of the IRS versus State department include my June 17 State Department listing and my June 8 discussion of the FFI GIIN List of June.

Model 1 IGA – 34 
  1. Australia (4-28-2014)
  2. Belgium (4-23-2014)
  3. British Virgin Islands (6-30-2014)
  4. Canada (2-5-2014)
  5. Cayman Islands (11-29-2013)
  6. Costa Rica (11-26-2013)
  7. Denmark (11-19-2012)
  8. Estonia (4-11-2014)
  9. Finland (3-5-2014)
  10. France (11-14-2013)
  11. Germany (5-31-2013)
  12. Gibraltar (5-8-2014)
  13. Guernsey (12-13-2013)
  14. Hungary (2-4-2014)
  15. Honduras (3-31-2014)
  16. Ireland (1-23-2013)
  17. Isle of Man (12-13-2013)
  18. Israel (6-30-2014)
  19. Italy (1-10-2014)
  20. Jamaica (5-1-2014)
  21. Jersey (12-13-2013)
  22. Latvia (6-27-2014):
  23. Liechtenstein (5-19-2014)
  24. Luxembourg (3-28-2014)
  25. Malta (12-16-2013)
  26. Mauritius (12-27-2013)
  27. Mexico (4-9-2014)
  28. Netherlands (12-18-2013)
  29. New Zealand (6-12-2014)
  30. Norway (4-15-2013)
  31. Slovenia (6-2-2014)
  32. South Africa (6-9-2014)
  33. Spain (5-14-2013)
  34. United Kingdom (9-12-2012)
Jurisdictions that have reached agreements in substance:
Model 1 IGA – 54 (followed by number of registered FFIs)
  1. Algeria (6-30-2014)
  2. Anguilla (6-30-2014)
  3. Antigua and Barbuda (6-3-2014)
  4. Azerbaijan (5-16-2014)
  5. Bahamas (4-17-2014)
  6. Bahrain (6-30-2014)
  7. Barbados (5-27-2014)
  8. Belarus (6-6-2014)
  9. Brazil (4-2-2014):
  10.  Bulgaria (4-23-2014)
  11. Cabo Verde (6-30-2014)
  12. China (6-26-2014)
  13. Colombia (4-23-2014)
  14. Croatia (4-2-2014)
  15. Curaçao (4-30-2014)
  16. Czech Republic (4-2-2014)
  17. Cyprus (4-22-2014)
  18. Dominica (6-19-2014):
  19. Dominican Republic (6-30-2014)
  20. Georgia (6-12-201)
  21. Greenland (6-29-2014)
  22. Grenada (6-16-2014)
  23. Guyana (6-24-2014)
  24. Haiti (6-30-2014)
  25. India (4-11-2014)
  26. Indonesia (5-4-2014):
  27. Kosovo (4-2-2014)
  28. Kuwait (5-1-2014)
  29. Lithuania (4-2-2014)
  30. Malaysia (6-30-2014)
  31. Montenegro (6-30-2014)
  32. Panama (5-1-2014)
  33. Peru (5-1-2014):
  34. Poland (4-2-2014):
  35. Portugal (4-2-2014):
  36. Qatar (4-2-2014):
  37. Romania (4-2-2014):
  38. St. Kitts and Nevis (6-4-2014)
  39. St. Lucia (6-12-2014):
  40. St. Vincent and the Grenadines (6-2-2014)
  41. Saudi Arabia (6-24-2014):
  42. Serbia (6-30-2014)
  43. Seychelles (5-28-2014)
  44. Singapore (5-5-2014):
  45. Slovak Republic (4-11-2014)
  46. South Korea (4-2-2014)
  47. Sweden (4-24-2014)
  48. Thailand (6-24-2014):
  49. Turkey (6-3-2014)
  50. Turkmenistan (6-3-2014)
  51. Turks and Caicos Islands (5-12-2014):
  52. Ukraine (6-26-2014)
  53. United Arab Emirates (5-23-2014)
  54. Uzbekistan (6-30-2014)
Model 2 IGA – 5
  1. Austria (4-29-2014)
  2. Bermuda (12-19-2013)
  3. Chile (3-5-2014)
  4. Japan (6-11-2013)
  5. Switzerland (2-14-2013)
Jurisdictions that have reached agreements in substance:
Model 2 IGA – 8
  1. Armenia (5-8-2014)
  2. Hong Kong (5-9-2014)
  3. Iraq (6-30-2014)
  4. Moldova (6-30-2014)
  5. Nicaragua (6-30-2014
  6. Paraguay (6-6-2014):
  7. San Marino (6-30-2014)
  8. Taiwan (6-23-2014)
FATCA by the Numbers....
Haydon Perryman, FATCA Compliance expert of Strevus, and I are undertaking an analysis of this July 1st FATCA FFI list release by country, by IGA, by EAG - already published in earlier articles July 1 and July 2nd.  Check out Haydon Perryman’s blog at http://haydonperryman.wordpress.com/

IRS Registered FFI List (Sum of Registrations)July ’14#County #
Model 1A IGA48,26585
Model 1B IGA19,5802
Model 2 IGA15,23913
US6201
US Territory615 
No IGA4,228144 
Total87,993250 
Non IGA4,228143
Non IGA%5% 
IGA83,084101
IGA%94% 
US and US Territories6816
  
Over 600 pages of in-depth analysis of the practical compliance aspects of financial service business providing for exchange of information of information about foreign residents with their national competent authority or with the IRS (FATCA), see Lexis Guide to FATCA Compliance, 2nd Edition just published!

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