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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. 

Discover more: Signing of the FATCA agreement between Cyprus and USA

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Taxand's Take

The agreement under reference is expected to help promote Cyprus as a business centre and boost the investment opportunities between the two countries and as well reinforce their business trade transactions.

Taxand's Take Author

Chris Damianou

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