Liechtenstein Signs IGA with United States

Anyone thinking of squirreling some money away in Liechtenstein, safe from the IRS, can cross that off. Liechtenstein is the most recent country to sign an agreement with the USA in order to assist with the implementation of the Foreign Account Tax Compliance Act (FATCA).

The intergovernmental agreement (IGA) was signed on May 16th in Vaduz by Liechtenstein prime minister Adrian Hasler and Jeffrey R. Cellars, the United States chargé d’affaires to Liechtenstein. Hasler said: “The unhampered access to US capital markets, which has been ensured by the agreement, is essential for Liechtenstein providers of financial services,” adding that it was in the Liechtenstein government’s best interests.

FATCA requires foreign financial institutions to report information to the Internal Revenue Service about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest.

Gibraltar and Jamaica also signed IGAs with the USA in May 2014. Other nations that signed on this year are: Australia, Austria, Belgium, Canada, Chile, Estonia, Finland, Honduras, Hungary, Italy and Luxembourg, Click here for the entire list of partner countries.