On 3 February 2017 the official Government Gazette published the law: "Agreement between the Government of the Republic of Cyprus and the Government of the United States of America (USA) for the improvement in international tax compliance of the FATCA (Foreign Account Tax Compliance Act) of 2017."
The Agreement was signed between the two member states on 2 December 2014 and its aim is to improve international tax compliance through mutual cooperation in fiscal issues on the basis of information exchange.
The objective of this Act is the application of the American legislation, the Foreign Account Tax Compliance Act (FATCA), where the competent authorities of the Republic of Cyprus shall provide the competent authorities of the USA with financial information regarding banking accounts of Americans, as defined in the Agreement of 2 December 2014.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.