An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) has signed between Cyprus and the United States, on December 2, 2014.
Under the agreement, Foreign Financial Institutions (FFIs) in Cyprus will report the information required under FATCA about U.S. accounts to the Cyprus 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 Cyprus Government regarding individuals and entities from Cyprus with accounts in the United States.
