Category Archives: US citizenship

US and France sign Bilateral FATCA Agreement

On November, 14 2013, the US and France signed a bilateral agreement to implement the Foreign Account Tax Compliance Act (FATCA). The agreement is based on the Model 1A treaty and requires French financial institutions to report US account holders to the French government, which will then report those accounts to the US. Similarly, US financial institutions are required to report their French account holders to the US and the US will report those accounts to France.

Even with the signed agreement, the US has now reached a total of 10 bilateral FATCA agreements. While the US is making significant progress, it is noticeable that the only non-Western European countries that have signed bilateral FATCA agreements to date are Japan and Mexico.