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FATCA Agreement Between Ireland and the United States

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This article outlines the procedures for the exchange of information on financial accounts held by non-US citizens in Irish banks and other financial institutions.

Obligations to Obtain and Exchange Information

According to Article 2 of the agreement, Reporting Financial Institutions (Irish or US) must obtain and provide the following information:

  • Account Holder Information
    • Name
    • Address
    • Taxpayer Identification Number (TIN)
  • Account Details
    • Account numbers or functional equivalents
  • Interest and Dividend Payments
    • Gross interest paid on Depository Accounts
    • U.S. source dividends paid or credited to accounts
    • Other U.S. source income paid or credited to accounts

Time and Manner of Exchange

According to Article 3, information will be exchanged within 9 months after the end of the calendar year to which it relates (with some exceptions for 2013 and 2014). The agreement also specifies that:

  • Currency Identification
    • Information will identify the currency in which each relevant amount is denominated
  • Payment Characterization
    • The characterization of payments made with respect to a U.S. Reportable Account may be determined in accordance with Irish tax laws, while the characterization of payments made with respect to an Irish Reportable Account may be determined in accordance with US federal income tax law

Application of FATCA to Irish Financial Institutions

According to Article 4, Reporting Irish Financial Institutions that comply with their obligations under Articles 2 and 3 will be treated as complying with, and not subject to withholding under, section 1471 of the US Internal Revenue Code. These institutions must:

  • Identify U.S. Reportable Accounts
    • Identify U.S. Reportable Accounts and report annually to the Irish Competent Authority in the time and manner described in Article 3

Procedures for Implementation

According to Article 5, the Competent Authorities of Ireland and the United States will:

  • Enter into an Agreement
    • Enter into an agreement under the mutual agreement procedure provided for in Article 26 of the Convention
  • Establish Procedures
    • Establish procedures for the automatic exchange obligations, prescribe rules and procedures as necessary to implement Article 4, and establish procedures for the exchange of information reported under subparagraph 1b) of Article 4

Confidentiality and Other Protections

According to Article 6, all information exchanged will be subject to confidentiality and other protections provided for in the Convention, including provisions limiting the use of the information exchanged.