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December 13, 2013: Guernsey FATCA Intergovernmental Agreement

Foreign Account Tax Compliance Act (FATCA)


The United Kingdom Crown Dependencies and the U.S. Sign FATCA Intergovernmental Agreements

On December 13, 2013, Jersey, Guernsey, and the Isle of Man (“U.K. Crown Dependencies”) signed separate Intergovernmental Agreements (“IGAs”) with the United States to improve international tax compliance with respect to FATCA. Despite the fact the agreements were not based on the Model 1A Reciprocal IGA released on November 4th, 2013, it does introduce certain provisions to the Model 1 agreements signed by European countries (e.g. new sections and provisions in Annex 1 and 2). The IGAs also include the FATCA deadlines that are consistent with Notice 2013-43. 

The agreements are consistent with other reciprocal Model 1 IGAs signed to date. With respect to reciprocal reporting requirements, the U.S. will need to provide a Tax Identification Number (TIN) to the tax authority in Guernsey for Guernsey residents (or date of birth if the TIN is not available) along with other information, while for Jersey and Manx residents, the U.S. will provide the date of birth to the respective tax authorities. Additionally, all three IGAs include an Annex II listing certain exempt beneficial owners and products, and deemed compliant entities including: governmental entities, international organizations, central banks, certain pension/retirement funds, certain small or limited scope financial institutions qualifying as deemed-compliant FFIs1, certain investment entities qualifying as deemed compliant FFIs2, and certain account excluded from the definition of a financial account3. Interestingly, while all three IGAs allow the use of the IRS FATCA Regulations exemptions and deemed compliant statuses, the Isle of Man IGA limits there use to those in effect as of the date of the IGA, potentially excluding any additions in later IRS guidance4

As the July 1, 2014 FATCA withholding deadline approaches we can expect a continued focus on the FATCA IGAs and an increase in signing activity. 

Full article and Guernsey IGA agreement with U.S. are available for download. For more information please contact a Deloitte FATCA Leader or click here.

1 Includes: Financial Institutions with a Local Client Base, Local Banks, Financial Institutions with Only Low-Value Accounts, and Qualified Credit Card Issuers.

2 Includes: Trustee-documented trusts, Sponsored Investment Entities and Controlled Foreign Corporations, Sponsored, Closely Held Investment Vehicles, certain Investment Advisors and Managers, certain Collective Investment Vehicles

3 Includes: Certain Retirement and Non-Retirement Savings Accounts, Certain Term Life Insurance Contracts, Accounts Held By an Estate, Certain Escrow Accounts, and Certain Partner Jurisdiction Accounts. 

4 See the definition of a Non-Reporting Manx Financial Institution under Article 1.1.q of the Isle of Man IGA.

As used in this document, “Deloitte” means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.


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