Latvia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on June 27, 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Latvia will report the information required under FATCA about U.S. accounts to the Latvian Government, which in turn will report the information to the IRS.
This agreement is reciprocal, meaning that the United States will also provide similar tax information to the Latvian Government regarding individuals and entities from Latvia with accounts in the United States.
