Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA)
Montenegro and the United States reached an ‘agreement in substance’ on a Model 1 IGA and consented to this status as of 30 June 2014. In accordance with this status, the text of such IGA has not been released, and financial institutions in Montenegro are allowed to register on the FATCA registration website consistent with the treatment of having an IGA in effect, provided that the jurisdiction continues to demonstrate firm resolve to sign the IGA as soon as possible.
On 1 June 2017, Montenegro signed an IGA in order to implement provisions of the FATCA and to promote transparency between Montenegro and the United States on tax matters. The Agreement was ratified on 1 March 2018, and it is applicable from 28 March 2018.