THE US DEPARTMENT OF TREASURY HAS ANNOUNCED that Cyprus and the US have reached agreement in substance as regards the Inter-Governmental Agreement for FATCA and Cyprus has consented to being included on Treasury’s list of Model 1 jurisdictions.
The IGA, which implements the tax reporting and withholding procedures commonly associated with FATCA, is expected to be reciprocal in nature and contain the much coveted ‘most favoured nation’ provision. As such the ?nal text is likely to be similar to the Model 1 IGA between the UK and the US.
Originally published in the IFC Review - 2014.
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