In addition, the Euro Zone countries of Italy, Germany, France and Spain as well as the United Kingdom are estimated to each lose at least $ billion in revenue every year to tax evasion. Not surprisingly, these five countries have seen an opportunity in FATCA to counter offshore tax evasion and improve international tax compliance.
They have agreed to each enter into Intergovernmental Agreements with the United States for collecting and reporting FATCA-style information to their local tax authorities. On September 14 2012, the United States and the United Kingdom announced they had signed the first bilateral agreement to implement FATCA. FATCA and the Caribbean So, Ladies and Gentlemen, where does this leave the Caribbean?