In accordance with the Foreign Account Tax Compliance Act (FATCA), several countries have adopted intergovernmental agreements (IGA) to make it easier to comply with FATCA regulations.

Model 1 IGA

Model 1 IGAs require Foreign Financial Institutions (FFIs) to report all FATCA concerned information to their own governmental agencies. Countries that have signed this type of IGA include:

• Australia
• Italy
• South Africa
• United Kingdom

Model 2 IGA

Model 2 IGAs require FFIs to report FATCA concerned information directly to the IRS. Countries that have signed this type of IGA include:

• Chile
• Hong Kong
• Switzerland

For a complete list of countries and dates they signed their IGAs, read our article, “Jurisdictions with FATCA intergovernmental agreements”