Task of drafting a model FATCA
In 2012, Germany participated in a working group with France, Italy, Spain, the
United Kingdom and the United States with the task of drafting a model FATCA
agreement designed to keep Germany’s own banks FATCA-compliant, acquire
equivalent rights from the United States in respect to Germany’s own taxpayers,
and to resolve potential legal difficulties arising from co-operation of German
banks with the tax authorities of a foreign power.
A bilateral agreement with the United States on this model was signed on 31 May 2013, and Germany has
agreed with the other members of the working group to exchange information
on the same lines as a pilot project within the European Union. The current
hope is that this will lead to a European FATCA in the form of an EU legal act
ensuring a multilateral exchange of information between all member states.
EU Forecast
euf:ba18e:142/nws-01