Posted on :Tuesday, December 2, 2014
The Model I IGA between US and Cyprus is about to be signed today. The Attorney General and the Cypriot Data Protection Commissioner have both vetted the legality of the disclosures provided for by the IGA on the basis of Cyprus law. The translated version of the IGA in Greek is also under preparation, in time for publication and implementation in January 2015.
The Inland Revenue Department (IRD) becomes the overriding supervising authority for FATCA compliance matters with powers to audit providers.
Practice directions are under preparation by the IRD, to guide providers in ensuring compliance.
On the basis of the Model I IGA the person responsible to report to the US Treasury is the IRD on behalf of the Cypriot Government.