Hong Kong and US sign Model 2 FATCA IGA

Hong Kong and the United States on November 13 signed a Model 2 intergovernmental agreement (IGA) to implement the US. FATCA regime. Under a model 2 IGA agreement, foreign financial institutions must report information on US taxpayers directly to the IRS.

See:

• Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and the Government of the United States of America for Cooperation to Facilitate the Implementation of FATCA

• Hong Kong release