France just hopped on the FATCA express November 14, becoming the 10th nation to sign an Intergovernmental Agreement (IGA) with the United States. FATCA, as the “Foreign Account Tax Compliance Act” is commonly called, was enacted in 2010, but has been implemented in stages. It has seen several delays and while many hold hope it will never be finally implemented, all indications are that FATCA’s momentum is unstoppable.
Generally, FATCA requires foreign (non-US) financial institutions (FFI) to sign an agreement with the US government to report information about accounts held by US persons or accounts held by foreign entities in which US persons have a substantial interest. If the FFI Read more