New Caledonia

France and the United States (US) sign bilateral agreement on the implementation of the Foreign Account Tax Compliance Act (FATCA)

New-Caledonia and the United States signed a bilateral intergovernmental agreement (IGA) intended to implement FATCA. FATCA was enacted by the United States in 2010 to combat offshore tax evasion by US persons.

The New Caledonian government has committed to drafting local laws and regulations to implement FATCA among all financial institutions resident in New Caledonia. Broadly speaking, the banking, life insurance, and asset management industries will be most affected, but certain estate (patrimonial) vehicles, holding companies, as well as hedging, finance, and treasury centres of non-financial groups could also be impacted, depending on the nature of their activities.