U.S.A.: FATCA: U.S.A. and Portugal sign Model I Intergovernmental Agreement

On 6 August 2015, Portugal (previously on the list of agreements “in substance”) and the U.S.A. signed an Intergovernmental Agreement (IGA) under Model I to improve international tax compliance with respect to the U.S. Foreign Account Tax Compliance Act (FATCA).

This is the sixty-fourth FATCA bilateral agreement Model I to be published so far.

Model I IGAs have previously been signed between the U.S.A. and, individually the United Kingdom, Denmark, Mexico, Ireland, Norway, Spain, Germany, France, Costa Rica, the Cayman Islands, Guernsey, Jersey, the Isle of Man, Italy, Mauritius, the Netherlands, Malta, Hungary, Canada, Finland, Luxembourg, Honduras, Estonia, Belgium, Australia, Jamaica, Gibraltar, Liechtenstein, Slovenia, South Africa, New Zealand, Latvia, the British Virgin Islands, Israel, the Czech Republic, Sweden, Lithuania, Mexico, Poland, the Bahamas, Barbados, the Turks and Caicos Islands, Cyprus, Bulgaria, Singapore, Curacao, Qatar, Kosovo, Belarus, Croatia, Uzbekistan, Kuwait, Colombia, Iceland, Romania, the Holy See, South Korea, United Arab Emirates, India, Georgia, the Philippines, Turkey and Slovak Republic.

We continue to monitor the implementation of FATCA and will provide more information as it becomes available.