The United States and Hong Kong signed a Model 2 IGA, on 13 November 2014, to implement the US Foreign Account Tax Compliance Act (FATCA).
Under the agreement, Foreign Financial Institutions (FFIs) in Hong Kong will report the information required under FATCA about U.S. accounts to the Hong Kong 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 Hong Kong Government regarding individuals and entities from Hong Kong with accounts in the United States.
