Editing Economy of the Cayman Islands (section)

====Foreign Account Tax Compliance Act====
On 30 June 2014, the tax jurisdiction of the Cayman Islands was deemed to have an inter-governmental agreement (IGA) with the United States of America with respect to the "[[Foreign Account Tax Compliance Act]]" of the United States of America.<ref name=treasury/>

The Model 1 Agreement recognizes:<ref name=treasury>[https://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FINAL%20US%20-%20Cayman%20Islands%20-%20Cayman%20alternat.pdf Agreement between the Government of the Cayman Islands and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA]. US Treasury Tax Policy Treaties</ref>

* The [[Tax Information Exchange Agreement]] (TIEA) between the United States of America and The Cayman Islands which was signed in London, United Kingdom on 29 November 2013. Page 1 – Clause 2 of the FATCA Agreement.<ref name=treasury/>
* The Government of Great Britain and Northern Ireland provided a copy of the Letter of Entrustment which was sent to the Government of the Cayman Islands, to the Government of the United States of America "via diplomatic note of October 16, 2013".
* The Letter of Entrustment dated 20 October 2013, The Govt of Great Britain and Northern Ireland, authorized the Govt of the Cayman Islands to sign an agreement on information exchange to facilitate the Implementation of the Foreign Account Tax Compliance Act  – Page 1 – Clause 10.<ref name=treasury/>

On 26 March 2017, the US Treasury site disclosed that the Model 1 agreement and related agreement were "In Force" on 1 July 2014.