The Bahamas’ Cabinet has approved proposal put forward by the country’s Ministry of Financial Services to go with a Model 1 Intergovernmental Agreement (IGA) for Foreign Account Tax Compliance Act (FATCA) implementation.

Bahamian financial services sector had already indicated its preference for the first of the two IGA models.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Negotiations in this respect are expected to commence immediately.

The provisions under the US Hiring Incentives to Restore Employment (HIRE) Act commonly known as FATCA became law in March 2010.

The law targets tax non-compliance by US taxpayers with foreign accounts; effectively, it requires Foreign Financial Institutions (FFIs) to obtain and report information regarding US customers and beneficial owners to the Internal Revenue Service) (IRS) or suffer 30% withholding tax on US sourced income.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.