A landmark agreement on sharing tax information has today been signed by the Isle of Man and the United States.
A FATCA agreement now exists between the two countries, after Chief Minister Allan Bell signed the papers at the US Embassy in London.
The Foreign Account Tax Compliance Act requires financial institutions to report to the US authorities information on accounts held by US taxpayers.
The decision to sign-up to FATCA was announced by the Isle of Man, Jersey and Guernsey in October 2012.
The UK has already signed the inter-governmental agreement.
The Chief Minister said: ‘The Isle of Man has been at the forefront of developments in transparency and tax information exchange for many years and today’s signing is an important next step.'
Mr Bell added: The signing of this agreement further enhances the Isle of Man’s reputation as a transparent and responsible centre for international business. We look forward to working with the US to ensure the agreement’s effective and efficient implementation.'
The agreement is reciprocal and information will be exchanged from 2015.
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