FATCA Agreement signed between Luxembourg and the United States of America

On 28 March 2014, the Luxembourg Minister of Finance and the U.S. Ambassador to Luxembourg signed the FATCA (Foreign Account Tax Compliance Act) Model 1 intergovernmental agreement (IGA).


The FATCA Model 1 IGA will implement the automatic exchange of information between Luxembourg and U.S. tax authorities on assets held with financial institutions in Luxembourg by U.S. citizens and residents of the U.S.


The agreement will be submitted to the Luxembourg Chamber of Deputies for approval and allow financial institutions to comply promptly with the applicable registration requirements according to the procedure defined by the IRS (Internal Revenue Service).