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Luxembourg chooses Intergovernmental Agreement Model I - 22/05/2013


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The Luxembourg Ministry of Finance has announced, during an interview held on 21 May 2013, Luxembourg’s choice to enter into an Intergovernmental Agreement (“IGA”) Model I with the United States. The FATCA negotiations with the United States started in April 2013, but the type of Model remained uncertain until yesterday.

This decision to adopt the Model I is a step forward in sharing financial information about bank accounts or other investments held in Luxembourg by citizens and residents of the United States.

This decision is however the expected one since the announcement made by the Ministry of Finance on 10 April 2013 declaring that Luxembourg will introduce, as from 1 January 2015, the automatic exchange of information within the European Union in the scope of the 2003 EU Savings Directive.

If you have any queries regarding the above, please do not hesitate to contact us.

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