Private Funds, the Cayman Islands IGA and FACTA

Simon Riveles Cayman IGA, FACTA, Uncategorized

By Simon Riveles and Simon M. Cooke. On November 29, 2013, the Cayman Islands signed a FACTA Model 1 intergovernmental agreement (“IGA”) with the United States. The IGA ensures that financial institutions located in the Caymans, whose investors include ‘Specified U.S. Persons’ (defined below), will be able to largely bypass the burdensome FACTA compliance obligations that are applicable to financial institutions located in Model 2 …