The USA Ambassador to Cyprus John M. Koenig and the Minister of Finance Harris Georgiades signed on the 2nd of December an Agreement on the improvement of the International Tax Compliance for the implementation of the Foreign Account Tax Compliance Act (FATCA).
FATCA provides for reporting requirements for foreign financial institutions in regards to certain accounts held abroad by USA taxpayers. This agreement will assist the USA in its efforts to achieve full reporting for assets of American taxpayers located abroad. At the same time, Cyprus confirms its reputation as a reputable and transparent international financial centre.
