Luxembourg newsflash: Luxembourg concludes intergovernmental agreement with the US on FATCA
On 28 March 2014, the governments of Luxembourg and the US signed an intergovernmental agreement (IGA) on the implementation of the Foreign Account Tax Compliance Act (FATCA) in Luxembourg.
FATCA requires non-US foreign financial institutions (FFIs) to register with the Internal Revenue Service (IRS) and report details of ‘financial accounts’ held by ‘specified US persons’ and certain non-US entities in which a specified US person has a controlling interest (‘US reportable account’) unless the FFI falls within an exempt or ‘deemed-compliant’ category.
The IGA aims at facilitating the exchange of information on specified US persons, as defined by FATCA, by Luxembourg to the US, while at the same time easing the compliance obligations for, among others, Luxembourg financial institutions by specifying local exemptions and deemed-compliant classifications with no reporting duties…
Click on the link below to read the Arendt & Medernach briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Arendt & Medernach
Briefings from Arendt & Medernach
New law will substantially increase the compliance burden on funds and banks
Luxembourg is positioning itself as a leading European domicile for private equity funds