• Malta - United States
    FATCA Agreement Signed

    27-08-2014

    The FATCA agreement between Malta and the United States entered into force on 26 June 2014.

    FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs) who do not agree to identify and report information on U.S. account holders. Governments have the option of permitting their FFIs to enter into agreements directly with the IRS to comply with FATCA under U.S. Treasury Regulations or to implement FATCA by entering into one of two alternative Model IGAs with the United States.

    The Agreement, which is a Model 1A, was signed on 16 December 2013. Under this agreement, FFIs in Malta will report the information required under FATCA about U.S. accounts to the Maltese Government, which in turn will report the information to the IRS. This agreement is reciprocal, meaning that the United States will also provide similar tax information to the Maltese Government regarding individuals and entities from Malta with accounts in the United States.

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