Table 1 Model 1 Agreement

Main Story: What You Give and What You Get: Reciprocity under a Model 1 

Model 1 Agreement 

 

Action FATCA
Partner 
USA Source
Government will require resident Financial Institutions (FIs) to:
maintain and periodically search electronically searchable
database with indicia of accountholder’s residence status 3
 Annex I
undertake “enhanced review” (additional due diligence)
for accounts over $1 million
 Annex I
treat account holders with specified indicia as resident of
the other jurisdiction unless certification requirements are met
Annex I
Annually identify and report accounts held by residents of the other countryArt. 4
Identify and report any payments made to non-participating
FIs in 2015 and 2016
Art 4
Comply with registration requirements applicable to
other IGA jurisdictions
 Art 4
Withhold 30% of certain payments to non-participating FIs Art 4
Provide info to allow withholding and reporting by other
payors in certain circumstances
 Art 4
Identify and report on any of their branches that are non-participating FIs Art 4
Governments will provide each other:   
name and identification numbers of financial institutions
collecting and exchanging the above
 Art. 2
 Government will collect from FIs & exchange with other country:  
 names and addresses of account holders deemed
resident of the other country
 Art. 2
Taxpayer Identification Numbers of account holders deemed resident
of the other country 4
 Art. 2,3
names, addresses, and TINs of entities that are controlled by
persons deemed resident of the other jurisdiction
 Art. 2
with respect to entities controlled by residents of the other
jurisdiction, names, addresses, and TINs of such controlling residents
 Art. 2
account numbers of accounts held by residents of the other country Art. 2
periodic account balances of accounts held by residents of the
other country
 Art. 2
gross amount of interest paid/credited to accounts held
by residents of the other country
 [✓] 5Art. 2
gross amount of domestic source dividends paid/credited to accounts
held by residents of the other country
 Art. 2
gross amount of other domestic source payments made/credited to
accounts held by residents of the other country,
if reporting is required by domestic law
 Art. 2
gross amount of other payments made/credited to
accounts held by residents of the other country, including dividends and
gross sales proceeds,6 regardless of source and regardless of domestic
reporting requirements
 Art. 2
amounts described above paid/credited to a (custodial) account that has
a resident of the other country as a beneficiary
 Art. 2
amounts described above paid/credited to an account that involves
the FI as obligor or debtor
 Art. 2