The US Treasury Department updated its FATCA website on August 22, reporting that Trinidad and Tobago and the US have signed a Model 1 intergovernmental agreement (IGA).
Trinidad and Tobago has been treated as if it has had a Model 1 IGA in effect since November 30, 2014. As a result, foreign financial institutions located in Trinidad and Tobago are considered to comply with FATCA and to be exempt from withholding without the need to enter into an FFI agreement with the US.
US has warned in Announcement 2016-17 that it will begin to stop treating countires as if they have an IGA in effect in 2017 if the country does not demonstrate that it has a plan to actually put an IGA into effect.
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