Guernsey, Jersey, IoM to sigs Fatca deal with US

The governments of Guernsey, Jersey and the Isle of Man have announced they will sign individual agreements with the US over Fatca legislation, following the model for intergovernmental agreement struck between the UK and US in early September.

Guernsey Finance, the promotional body for the island’s financial services industry, said it welcomed the move as it would provide additional certainty regarding the effects of the US legislation.

Fiona Le Poidevin (pictured), chief executive of Guernsey Finance, said: “The financial services industry in Guernsey has been busy getting up to speed with Fatca. This announcement will be very well received by industry because it provides certainty for the future. That said, there is still much work to be done by those firms in preparation for Fatca, and we will also have to wait to see the final form of the agreement which is reached between Guernsey and the US.”

“Overall though this is a very positive step. It is also encouraging to see that the three Crown Dependencies are taking a common approach, which will also be welcomed by much of the industry and especially those who have offices in two or more of the islands.”

Once signed, then agreements will be subject to ratification by each of the island parliaments. Implementation of the agreements will be through the domestic procedures relevant to each of the three jurisdictions.

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