International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Monday, November 10, 2014

Notification of More Favorable IGA FATCA Terms Published November 5

Article 7 of the Model 1 IGA provides that the United States shall notify its partner jurisdictions of any more favorable terms under Article 4 or Annex I of the IGA afforded to another partner jurisdiction. 

Based on the BVI IGA, the United States considers the language in italics to be “more favorable 
terms” in Annex I, except in those cases where the Agreement already includes such language:

1. Paragraph G of Section VI of Annex I:

G. Alternative Procedures for New Accounts Opened Prior to Entry Into Force of 
this Agreement.

2. Paragraph H of Section VI of Annex I:

H. Alternative Procedures for New Entity Accounts Opened on or after July 1, 2014, and before January 1, 2015.

The notice was sent to the following jurisdictions:

 Australia
 Belgium
 Brazil
 Canada
 Cayman Islands
 Costa Rica
 Czech Republic
 Denmark
 Estonia
 Finland
 France
 Germany
 Gibraltar
 Guernsey
 Honduras
 Hungary
 Ireland
 Isle of Man
 Italy
 Jamaica 
 Jersey
 Latvia
 Liechtenstein 
 Lithuania
 Luxembourg
 Malta
 Mauritius
 Mexico
 Netherlands
 New Zealand
 Norway
 Poland
 Slovenia
 South Africa
 Spain
 Sweden
 United Kingdom

https://lawprofessors.typepad.com/intfinlaw/2014/11/notification-of-more-favorable-iga-fatca-terms-published-november-5.html

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