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FATCA agreement between Cyprus and USA
Cyprus and the USA have signed a FATCA treaty to increase tax transparency between the two nations. Taxand Cyprus provides an overview of the agreement.
On 2 December 2014 the Minister of Finance of the Republic of Cyprus and the Ambassador of the USA signed the Intergovernmental agreement (Model 1A Intergovernmental Agreement –“IGA”) to strengthen the international tax cooperation for the implementation of FATCA (Foreign Account Tax Compliance Act).
The Cyprus Department of Taxation will provide financial information regarding bank accounts of U.S. persons to the US Inland Revenue Services.
The legislation is expected to be implemented next month.
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