The United States and The Government of Bahamas signed FATCA Model 1B agreement on 3 November 2014.
The US-Bahamas IGA is based on the non-reciprocal Model 1B agreement. Under the agreement, Foreign Financial Institutions (FFIs) in Bahamas will report the information required under FATCA about U.S. accounts to the Bahamas 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 Bahamas Government regarding individuals and entities from Bahamas with accounts in the United States.
The agreement will enter into force on the date of the Bahamas’ written notification to the United States that the Bahamas has completed its necessary internal procedures for entry into force of the IGA.
