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Guernsey, Jersey Sign FATCA Agreements With US

by Jason Gorringe, Lowtax.net, London
17 December, 2013

Guernsey and Jersey signed Foreign Account Tax Compliance Act (FATCA) agreements with the United States on December 13, 2013.

The Chief Minister of Guernsey, Peter Harwood, and the Chief Minister of Jersey, Ian Gorst, signed intergovernmental agreements on the implementation of FATCA with US Ambassador Matthew Barzun.

Mr Harwood commented on the signing, saying: "Guernsey has been committed to exchanging tax information since it signed its first Tax Information Exchange Agreement (TIEA) with the US authorities in 2002. Today we have enhanced those arrangements, and in doing so we have further enhanced our reputation and our leadership position on tax transparency."

Ian Gorst said: "The signing of this agreement is further evidence of Jersey's full commitment to the fight against tax evasion, and of our support of current international initiatives enhancing transparency and exchange of information for tax purposes. The OECD, at the request of the G20, is developing a single global standard for automatic exchange of information based on the US FATCA model and Jersey is also actively engaged in this process."

In October of this year Jersey inked an intergovernmental agreement with the United Kingdom on the exchange of tax information on UK residents. The States of Jersey will debate regulations on the automatic exchange of information under the European Union Savings Directive in January, and the regulations are expected to come into force in January 2015. Guernsey adopted automatic exchange of information under measures equivalent to the EU Savings Tax Directive in 2011.

Guernsey and Jersey both signed TIEAs with the US in 2002.

Both Crown Dependencies have also committed to joining the Organization for Economic Co-operation and Development's (OECD) Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

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