Bermuda has signed the UK FATCA Intergovernmental Model 2 Agreement, "IGA Model 2" with the United Kingdom.
The agreement was signed by the island’s minister of finance Bob Richards and UK treasury minister David Gauke.
Bermuda Ministry of Finance in its press release said: The significance of choosing IGA Model 2 versus IGA Model 1 means all Bermuda’s financial institutions must identify all UK residents with interests in Bermuda and automatically report them to HM Treasury on an annual basis.
"HM Treasury will receive the information on those residents in bulk form and will be able to issue group requests for information in relation to recalcitrant clients of Bermuda financial institutions."
Minister Richards said, "The signing of IGA Model 2 is in keeping with the Government’s international tax strategy which is to demonstrate our commitment to tax transparency and automatic exchange of information and ensure Bermuda’s reputation as the premier international financial jurisdiction in which to do business."
The Isle of Man was the first UK offshore jurisdiction to sign such a "UK FATCA" on 10 October. Jersey and Guernsey follwed the suit 12 days later. On 5 November the Cayman Islands too joined this list.