IGAs are developed by the U.S. Government to facilitate the compliance and implementation of FATCA to remove the potential conflict-of-law issues in other jurisdictions. There are two distinct frameworks of IGAs, referred to as “Model 1” and “Model 2” frameworks.
The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government) and the Government of the United States of America signed an inter-governmental agreement (IGA) on 13 November 2014 that will facilitate compliance with FATCA by financial institutions in Hong Kong.
As such, financial institutions should register with the IRS to obtain a Global Intermediary Identification Number (GIIN).
Please refer to the IGA
published, and the Frequently Asked Questions
prepared, by the HKSAR Government about FATCA compliance.