The Government of St. Kitts and Nevis signed a Model 1B Inter-governmental Agreement (IGA) with the United States of America on August 31, 2015, to facilitate the reporting of information from the Financial Institutions within its jurisdiction that have registered with the Internal Revenue Service (IRS) for FATCA purposes.
Under this agreement, the Government of St. Kitts and Nevis is required to establish a Competent Authority which will be responsible for maintaining control of the FATCA process and facilitating the information transfer from the Financial Institutions to the Internal Revenue Service (IRS).
Annex I and Annex II to the Model 1B IGA provides guidance on the processes to be employed by the Financial Institutions to review and identify existing and well as new accounts and to report account information where necessary. The Annexes also provide guidance on what entities and accounts may be exempt from the FATCA reporting requirements.
The Model 1B IGA, Annex I and Annex II can be accessed by clicking on the links below:
SKN IGA Model 1B Agreement SKN Alternat as Signed 31 Aug 2015
SKN Annex I to Model 1 Agreement
SKN Annex II to Model 1 Agreement