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On September 23, 2014, Brazil signed a FATCA IGA. The agreement
is a Model 1 agreement, meaning that Brazilian financial
institutions will report information about U.S. customers'
accounts to the Secretariat of the Federal Revenue of Brazil, which
will then send that information to the IRS. The agreement is
reciprocal, meaning that the IRS will report information about
Brazilian customers' accounts at U.S. financial institutions to
the Brazilian tax authority. This reciprocity is made
possible by new regulations requiring U.S. banks to collect more
information about their account holders, which this blog covered
here.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
