malta signs up to fatca

Added 17th December 2013

Malta has become the latest country to sign a FATCA intergovernmental agreement with the US.

malta signs up to fatca

The island jurisdiction, noted for its high number of double taxation agreements, negotiated individually with the US in order to conclude a FATCA agreement after the European Commission’s attempts to adopt a common approach for all states did not work.

Malta’s minister for finance Edward Scicluna and US ambassador Gina Abercrombie–Winstanley signed the Foreign Account Tax Compliance Act yesterday.

Abercrombie–Winstanley said the signing marked a “significant step forward in our countries’ efforts to work collaboratively to combat offshore tax evasion”.

Scicluna said: “The OECD Global Forum ‘Report on Transparency and Exchange of Information for Tax Purposes’ has shown that Malta effectively is largely compliant, similar to the US, UK and Germany.”

He also highlighted that the soon-to-be launched Investment Registration Scheme is meant to give the opportunity to Maltese citizens to voluntarily comply and disclose their previously undeclared investments before the tax authorities act on the information received from abroad.

Earlier this week, Jersey, Guernsey and the Isle of Man all signed intergovernmental agreements with the US to implement the Foreign Account Tax Compliance Act.

Meanwhile, Malta's Green Party revealed this week that the European Parliament will next month consider the issue of EU countries offering residency and citizenship to non-EU nationals in exchange for money.




 

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Mark Battersby

Editor, International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

To subscribe to International Adviser's news bulletins and apply for a magazine subscription click below

Editor's Pick

China and Hong Kong open the door to cross-border fund sales
China and Hong Kong open...

Hong Kong and China are to allow cross-border trading...

Old Mutual Global bolsters Asian distribution team
Old Mutual Global bolsters...

Old Mutual Global Investors has announced that Allen...

Bargain hunters should look among GEMs: Ashburton's Hanson
Bargain hunters should...

Emerging markets have been disliked for many good reasons...

Sponsored Content

top

Other Stories From

lastword