Isle of Man and the United States Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 30 June 2014 and consequently takes effect for the Isle of Man from 1 July 2014.
Under the agreement, Foreign Financial Institutions (FFIs) in Isle of Man will report the information required under FATCA about U.S. accounts to the Isle of Man 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 Isle of Man Government regarding individuals and entities from Isle of Man with accounts in the United States.
