Bermuda, US Sign FATCA Agreement
By the Caribbean Journal staff
The governments of Bermuda and the United States have signed an agreement on the US’ Foreign Account Compliance Act Regulations.
The deal, which is a model two intergovernmental agreement, was signed by US Consul General in Bermuda Robert Settje and Bermuda Finance Minister Bob Richards.
FATCA is a reporting system for foreign financial institutions to report to the United States Treasury on the financial accounts of US citizens.
“This historic tax agreement builds upon a rich history of cooperation and friendship Bermuda has had with the United States of America from the beginning,” Richards said. “Our signing today of the US FATCA IGA Model 2 emphasizes Bermuda’s commitment to international cooperation in tax matters to fight against cross boarder abuse of tax laws.”
Another British Overseas Territory, the Cayman Islands, signed a similar agreement with the United States at the end of November.