The Cayman Islands Government signed a Model 1 intergovernmental agreement with US Government on 29 November 2013. The intergovernmental agreement provides the framework for automatic exchange of tax information under the US Foreign Account Tax Compliance Act (“FATCA”).
The Model 1 intergovernmental agreement and associated Cayman Islands Legislation will provide for Cayman domiciled foreign financial institutions to disclose information to the Cayman Tax Information Authority. The Cayman Tax Information Authority will implement the data-reporting framework for the automatic exchange of information with the IRS.
For more information on the FATCA and its implementation in the Cayman Islands please follow the attached link to our brochure entitled “What is Cayman Doing About FATCA”:
What is Cayman Doing About FATCA