We originally posted UK mini-FATCA Agreements Spells The End for UK Tax Haven Territories! on Monday, November 26, 2012. The UK and some other European countries have negotiating FATCA agreements with the US.
The British Virgin Islands plan to sign a Model 1 FATCA agreement with the US, in the BVI's case a non-reciprocal one. On 4 April 2013 the BVI Government announced that it would pursue a Model I B FATCA agreement.
This closely followed the announcement on 15 March 2012 by Cayman Islands Ministry for Financial Services that the Cayman Islands would pursue a Model I Agreement.
Both announcements had been widely anticipated and both jurisdictions also intend to sign a similar arrangement for automatic provision of bank information to the UK.
The Bahamas government will decide by 1 June whether to negotiate an agreement with the US over implementation of the US Foreign Accounts Tax Compliance Act (FATCA).
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with Un-Reported Income?
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Contact the Tax Lawyers at Marini & Associates, P.A.
Toll Free at 888-8TaxAid (888 882-9243).