FATCA - IGAs reached “in substance” with Algeria, Dominican Republic, Greenland, Moldova 

July 1:  The U.S. Treasury Department updated its FATCA webpage to report the following developments:
  • Algeria (June 30), the Dominican Republic (June 30), and Greenland (June 29) each reached an “agreement in substance” for a Model 1 intergovernmental agreement (IGA) with the United States, and consented to this status as of the dates shown in parentheses.
  • Moldova reached an “agreement in substance” for a Model 2 IGA with the United States, and consented to this status as of June 30.
  • Text of the Model 1 IGA [PDF 445 KB] with Latvia (June 27) is posted.

In early April 2014, the IRS and Treasury Department announced that foreign financial institutions (FFIs) located in a jurisdiction that has reached an “agreement in substance” with the United States, under the FATCA regime, will be treated as having an agreement in effect until the end of 2014. Read TaxNewsFlash-United States.




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