Ireland is one of the first countries to agree a new Inter-Governmental Agreement (‘IGA’) with the US in relation to the US’s FATCA. The IGA will provide for automatic reporting and the exchange of information between the Irish and US tax authorities in relation to financial accounts held in Irish financial institutions by US persons. The IGA will significantly lessen the compliance burden that might otherwise apply and is thus a welcome development for the Irish insurance industry.

Affected companies should also note that the U.S. Department of the Treasury and the Internal Revenue Service issued final regulations on 17 January 2013.