Agreement between the Government of the United States of America and the 

Government of Jamaica to Improve International Tax Compliance and to 

Implement FATCA

Whereas, the Government of the United States of America and the Government of 

Jamaica (each, a “Party,” and together, the “Parties”) desire to conclude an agreement to 

improve international tax compliance through mutual assistance in tax matters based on 

an effective infrastructure for the automatic exchange of information;

Whereas, Article 27 of the Convention between the Government of the United States of 

America and the Government of Jamaica for the Avoidance of Double Taxation and the 

Prevention of Fiscal Evasion with respect to Taxes on Income, done at Kingston on 21 

May 1980, (the “Convention”) authorizes the exchange of information for tax purposes, 

including on an automatic basis;

Whereas, the United States of America enacted provisions commonly known as the 

Foreign Account Tax Compliance Act (“FATCA”), which introduce a reporting regime 

for financial institutions with respect to certain accounts;

Whereas, the Government of Jamaica is supportive of the underlying policy goal of 

FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that Jamaican financial 

institutions may not be able to comply with certain aspects of FATCA due to domestic 

legal impediments;

Whereas, the Government of the United States of America collects information regarding 

certain accounts maintained by U.S. financial institutions held by residents of Jamaica 

and is committed to exchanging such information with the Government of Jamaica and 

pursuing equivalent levels of exchange, provided that the appropriate safeguards and 

infrastructure for an effective exchange relationship are in place;

Whereas, the Parties are committed to working together over the longer term towards 

achieving common reporting and due diligence standards for financial institutions;

Whereas, the Government of the United States of America acknowledges the need to 

coordinate the reporting obligations under FATCA with other U.S. tax reporting 

obligations of Jamaican financial institutions to avoid duplicative reporting;

Whereas, an intergovernmental approach to FATCA implementation would address legal 

impediments and reduce burdens for Jamaican financial institutions;

Whereas, the Parties desire to conclude an agreement to improve international tax 

compliance and provide for the implementation of FATCA based on domestic reporting 

and reciprocal automatic exchange pursuant to the Convention, and subject to the 

confidentiality and other protections provided for therein, including the provisions 
2

limiting the use of the information exchanged under the Convention;

Now, therefore, the Parties have agreed as follows:

Article 1

Definitions

1. For purposes of this agreement and any annexes thereto (“Agreement”), the 

following terms shall have the meanings set forth below:

The term “United States” means the United States of America, including 

the States thereof, and, when used in a geographical sense, means the land 

territory of the United States of America, including inland waters, and the 

air space, the territorial sea thereof and any maritime area beyond the 

territorial sea within which the United States may exercise sovereign 

rights or jurisdiction in accordance with international law; the term, 

however, does not include the U.S. Territories. Any reference to a “State” 

of the United States includes the District of Columbia.

b) The term “U.S. Territory” means American Samoa, the Commonwealth 

of the Northern Mariana Islands, Guam, the Commonwealth of Puerto 

Rico, or the U.S. Virgin Islands.

c) The term “IRS” means the U.S. Internal Revenue Service.

d) The term “Jamaica” means the island of Jamaica, the Morant Cays, the 

Pedro Cays and their Dependencies and when used in a geographical sense 

includes the archipelagic waters and territorial sea of Jamaica and any area 

beyond the territorial sea which in accordance with international law has 

been or may hereafter be designated under the laws of Jamaica as an area 

within which the rights of Jamaica with respect to the natural resources of 

the seabed and subsoil may be exercised.

e) The term “Partner Jurisdiction” means a jurisdiction that has in effect an 

agreement with the United States to facilitate the implementation of 

FATCA. The IRS shall publish a list identifying all Partner Jurisdictions.

f) The term “Competent Authority” means:

(1) in the case of the United States, the Secretary of the Treasury or his 

delegate; and

(2) in the case of Jamaica, the Minister of Finance or his delegate.

g) The term “Financial Institution” means a Custodial Institution, a 
3

Depository Institution, an Investment Entity, or a Specified Insurance 

Company.

h) The term “Custodial Institution” means any Entity that holds, as a 

substantial portion of its business, financial assets for the account of 

others. An entity holds financial assets for the account of others as a 

substantial portion of its business if the entity’s gross income attributable 

to the holding of financial assets and related financial services equals or 

exceeds 20 percent of the entity’s gross income during the shorter of: (i) 

the three-year period that ends on December 31 (or the final day of a noncalendar year accounting period) prior to the year in which the 

determination is being made; or (ii) the period during which the entity has 

been in existence.

i) The term “Depository Institution” means any Entity that accepts deposits 

in the ordinary course of a banking or similar business. 

j) The term “Investment Entity” means any Entity that conducts as a 

business (or is managed by an entity that conducts as a business) one or 

more of the following activities or operations for or on behalf of a 

customer:

(1) trading in money market instruments (cheques, bills, certificates of 

deposit, derivatives, etc.); foreign exchange; exchange, interest rate 

and index instruments; transferable securities; or commodity 

futures trading;

(2) individual and collective portfolio management; or

(3) otherwise investing, administering, or managing funds or money 

on behalf of other persons.

This subparagraph 1(j) shall be interpreted in a manner consistent with 

similar language set forth in the definition of “financial institution” in the 

Financial Action Task Force Recommendations.

k) The term “Specified Insurance Company” means any Entity that is an 

insurance company (or the holding company of an insurance company) 

that issues, or is obligated to make payments with respect to, a Cash Value 

Insurance Contract or an Annuity Contract.

l) The term “Jamaican Financial Institution” means (i) any Financial 

Institution resident in Jamaica, but excluding any branch of such Financial 

Institution that is located outside Jamaica, and (ii) any branch of a 

Financial Institution not resident in Jamaica, if such branch is located in 
4

Jamaica.

m) The term “Partner Jurisdiction Financial Institution” means (i) any 

Financial Institution established in a Partner Jurisdiction, but excluding 

any branch of such Financial Institution that is located outside the Partner 

Jurisdiction, and (ii) any branch of a Financial Institution not established 

in the Partner Jurisdiction, if such branch is located in the Partner 

Jurisdiction.

n) The term “Reporting Financial Institution” means a Reporting Jamaican 

Financial Institution or a Reporting U.S. Financial Institution, as the 

context requires.

o) The term “Reporting Jamaican Financial Institution” means any 

Jamaican Financial Institution that is not a Non-Reporting Jamaican 

Financial Institution.

p) The term “Reporting U.S. Financial Institution” means (i) any Financial 

Institution that is resident in the United States, but excluding any branch 

of such Financial Institution that is located outside the United States, and 

(ii) any branch of a Financial Institution not resident in the United States, 

if such branch is located in the United States, provided that the Financial 

Institution or branch has control, receipt, or custody of income with 

respect to which information is required to be exchanged under 

subparagraph (2)(b) of Article 2 of this Agreement.

q) The term “Non-Reporting Jamaican Financial Institution” means any 

Jamaican Financial Institution, or other Entity resident in Jamaica, that is 

described in Annex II as a Non-Reporting Jamaican Financial Institution 

or that otherwise qualifies as a deemed-compliant FFI or an exempt 

beneficial owner under relevant U.S. Treasury Regulations.

r) The term “Nonparticipating Financial Institution” means a 

nonparticipating FFI, as that term is defined in relevant U.S. Treasury 

Regulations, but does not include a Jamaican Financial Institution or other 

Partner Jurisdiction Financial Institution other than a Financial Institution 

treated as a Nonparticipating Financial Institution pursuant to 

subparagraph 2(b) of Article 5 of this Agreement or the corresponding 

provision in an agreement between the United States and a Partner 

Jurisdiction.

s) The term “Financial Account” means an account maintained by a 

Financial Institution, and includes:

(1) in the case of an Entity that is a Financial Institution solely because 
5

it is an Investment Entity, any equity or debt interest (other than 

interests that are regularly traded on an established securities 

market) in the Financial Institution;

(2) in the case of a Financial Institution not described in subparagraph 

1(s)(1) of this Article, any equity or debt interest in the Financial 

Institution (other than interests that are regularly traded on an 

established securities market), if (i) the value of the debt or equity 

interest is determined, directly or indirectly, primarily by reference 

to assets that give rise to U.S. Source Withholdable Payments, and 

(ii) the class of interests was established with a purpose of 

avoiding reporting in accordance with this Agreement; and

(3) any Cash Value Insurance Contract and any Annuity Contract 

issued or maintained by a Financial Institution, other than a 

noninvestment-linked, nontransferable immediate life annuity that 

is issued to an individual and monetizes a pension or disability 

benefit provided under an account that is excluded from the 

definition of Financial Account in Annex II.

Notwithstanding the foregoing, the term “Financial Account” does not 

include any account that is excluded from the definition of Financial 

Account in Annex II. For purposes of this Agreement, interests are 

“regularly traded” if there is a meaningful volume of trading with respect 

to the interests on an ongoing basis, and an “established securities market” 

means an exchange that is officially recognized and supervised by a 

governmental authority in which the market is located and that has a 

meaningful annual value of shares traded on the exchange. For purposes 

of this subparagraph 1(s), an interest in a Financial Institution is not 

“regularly traded” if the holder of the interest (other than a Financial 

Institution acting as an intermediary) is registered on the books of such 

Financial Institution. The preceding sentence will not apply to interests 

registered on the books of such Financial Institution prior to July 1, 2014, 

and with respect to interests registered on the books of such Financial 

Institution on or after July 1, 2014, a Financial Institution is not required 

to apply the preceding sentence prior to December 31, 2015.

t) The term “Depository Account” includes any commercial, checking, 

savings, time, or thrift account, or an account that is evidenced by a 

certificate of deposit, thrift certificate, investment certificate, certificate of 

indebtedness, or other similar instrument maintained by a Financial 

Institution in the ordinary course of a banking or similar business. A 

Depository Account also includes an amount held by an insurance 

company pursuant to a guaranteed investment contract or similar 

agreement to pay or credit interest thereon.

u) The term “Custodial Account” means an account (other than an 
6

Insurance Contract or Annuity Contract) for the benefit of another person 

that holds any financial instrument or contract held for investment 

(including, but not limited to, a share or stock in a corporation, a note, 

bond, debenture, or other evidence of indebtedness, a currency or 

commodity transaction, a credit default swap, a swap based upon a 

nonfinancial index, a notional principal contract, an Insurance Contract or 

Annuity Contract, and any option or other derivative instrument).

v) The term “Equity Interest” means, in the case of a partnership that is a 

Financial Institution, either a capital or profits interest in the partnership. 

In the case of a trust that is a Financial Institution, an Equity Interest is 

considered to be held by any person treated as a settlor or beneficiary of 

all or a portion of the trust, or any other natural person exercising ultimate 

effective control over the trust. A Specified U.S. Person shall be treated as 

being a beneficiary of a foreign trust if such Specified U.S. Person has the 

right to receive directly or indirectly (for example, through a nominee) a 

mandatory distribution or may receive, directly or indirectly, a 

discretionary distribution from the trust. 

w) The term “Insurance Contract” means a contract (other than an Annuity 

Contract) under which the issuer agrees to pay an amount upon the 

occurrence of a specified contingency involving mortality, morbidity, 

accident, liability, or property risk.

x) The term “Annuity Contract” means a contract under which the issuer 

agrees to make payments for a period of time determined in whole or in 

part by reference to the life expectancy of one or more individuals. The 

term also includes a contract that is considered to be an Annuity Contract 

in accordance with the law, regulation, or practice of the jurisdiction in 

which the contract was issued, and under which the issuer agrees to make 

payments for a term of years. 

y) The term “Cash Value Insurance Contract” means an Insurance 

Contract (other than an indemnity reinsurance contract between two 

insurance companies) that has a Cash Value greater than $50,000.

z) The term “Cash Value” means the greater of (i) the amount that the 

policyholder is entitled to receive upon surrender or termination of the 

contract (determined without reduction for any surrender charge or policy 

loan), and (ii) the amount the policyholder can borrow under or with 

regard to the contract. Notwithstanding the foregoing, the term “Cash 

Value” does not include an amount payable under an Insurance Contract

as: 

(1) a personal injury or sickness benefit or other benefit providing 
7

indemnification of an economic loss incurred upon the occurrence 

of the event insured against; 

(2) a refund to the policyholder of a previously paid premium under an 

Insurance Contract (other than under a life insurance contract) due 

to policy cancellation or termination, decrease in risk exposure 

during the effective period of the Insurance Contract, or arising 

from a redetermination of the premium due to correction of posting 

or other similar error; or 

(3) a policyholder dividend based upon the underwriting experience of 

the contract or group involved.

aa) The term “Reportable Account” means a U.S. Reportable Account or a 

Jamaican Reportable Account, as the context requires.

bb) The term “Jamaican Reportable Account” means a Financial Account 

maintained by a Reporting U.S. Financial Institution if: (i) in the case of a 

Depository Account, the account is held by an individual resident in 

Jamaica and more than $10 of interest is paid to such account in any given 

calendar year; or (ii) in the case of a Financial Account other than a 

Depository Account, the Account Holder is a resident of Jamaica, 

including an Entity that certifies that it is resident in Jamaica for tax 

purposes, with respect to which U.S. source income that is subject to 

reporting under chapter 3 of subtitle A or chapter 61 of subtitle F of the 

U.S. Internal Revenue Code is paid or credited.

cc) The term “U.S. Reportable Account” means a Financial Account 

maintained by a Reporting Jamaican Financial Institution and held by one 

or more Specified U.S. Persons or by a Non-U.S. Entity with one or more 

Controlling Persons that is a Specified U.S. Person. Notwithstanding the 

foregoing, an account shall not be treated as a U.S. Reportable Account if 

such account is not identified as a U.S. Reportable Account after 

application of the due diligence procedures in Annex I.

dd) The term “Account Holder” means the person listed or identified as the 

holder of a Financial Account by the Financial Institution that maintains 

the account. A person, other than a Financial Institution, holding a 

Financial Account for the benefit or account of another person as agent, 

custodian, nominee, signatory, investment advisor, or intermediary, is not 

treated as holding the account for purposes of this Agreement, and such 

other person is treated as holding the account. For purposes of the 

immediately preceding sentence, the term “Financial Institution” does not 

include a Financial Institution organized or incorporated in a U.S.

Territory. In the case of a Cash Value Insurance Contract or an Annuity 

Contract, the Account Holder is any person entitled to access the Cash 
8

Value or change the beneficiary of the contract. If no person can access 

the Cash Value or change the beneficiary, the Account Holder is any 

person named as the owner in the contract and any person with a vested 

entitlement to payment under the terms of the contract. Upon the maturity 

of a Cash Value Insurance Contract or an Annuity Contract, each person 

entitled to receive a payment under the contract is treated as an Account 

Holder.

ee) The term “U.S. Person” means a U.S. citizen or resident individual, a 

partnership or corporation organized in the United States or under the laws

of the United States or any State thereof, a trust if (i) a court within the 

United States would have authority under applicable law to render orders 

or judgments concerning substantially all issues regarding administration 

of the trust, and (ii) one or more U.S. persons have the authority to control 

all substantial decisions of the trust, or an estate of a decedent that is a 

citizen or resident of the United States. This subparagraph 1(ff) shall be 

interpreted in accordance with the U.S. Internal Revenue Code.

ff) The term “Specified U.S. Person” means a U.S. Person, other than: (i) a 

corporation the stock of which is regularly traded on one or more 

established securities markets; (ii) any corporation that is a member of the 

same expanded affiliated group, as defined in section 1471(e)(2) of the 

U.S. Internal Revenue Code, as a corporation described in clause (i); (iii) 

the United States or any wholly owned agency or instrumentality thereof; 

(iv) any State of the United States, any U.S. Territory, any political 

subdivision of any of the foregoing, or any wholly owned agency or 

instrumentality of any one or more of the foregoing; (v) any organization 

exempt from taxation under section 501(a) of the U.S. Internal Revenue 

Code or an individual retirement plan as defined in section 7701(a)(37) of 

the U.S. Internal Revenue Code; (vi) any bank as defined in section 581 of 

the U.S. Internal Revenue Code; (vii) any real estate investment trust as 

defined in section 856 of the U.S. Internal Revenue Code; (viii) any 

regulated investment company as defined in section 851 of the U.S. 

Internal Revenue Code or any entity registered with the U.S. Securities 

and Exchange Commission under the Investment Company Act of 1940 

(15 U.S.C. 80a-64); (ix) any common trust fund as defined in section

584(a) of the U.S. Internal Revenue Code; (x) any trust that is exempt 

from tax under section 664(c) of the U.S. Internal Revenue Code or that is 

described in section 4947(a)(1) of the U.S. Internal Revenue Code; (xi) a 

dealer in securities, commodities, or derivative financial instruments 

(including notional principal contracts, futures, forwards, and options) that 

is registered as such under the laws of the United States or any State; (xii) 

a broker as defined in section 6045(c) of the U.S. Internal Revenue Code; 

or (xiii) any tax-exempt trust under a plan that is described in section 

403(b) or section 457(g) of the U.S. Internal Revenue Code.
9

gg) The term “Entity” means a legal person or a legal arrangement such as a 

trust. 

hh) The term “Non-U.S. Entity” means an Entity that is not a U.S. Person.

ii) The term “U.S. Source Withholdable Payment” means any payment of 

interest (including any original issue discount), dividends, rents, salaries, 

wages, premiums, annuities, compensations, remunerations, emoluments, 

and other fixed or determinable annual or periodical gains, profits, and 

income, if such payment is from sources within the United States. 

Notwithstanding the foregoing, a U.S. Source Withholdable Payment does 

not include any payment that is not treated as a withholdable payment in 

relevant U.S. Treasury Regulations.

jj) An Entity is a “Related Entity” of another Entity if either Entity controls 

the other Entity, or the two Entities are under common control. For this 

purpose control includes direct or indirect ownership of more than 50 

percent of the vote or value in an Entity. Notwithstanding the foregoing, 

Jamaica may treat an Entity as not a Related Entity of another Entity if the 

two Entities are not members of the same expanded affiliated group as 

defined in section 1471(e)(2) of the U.S. Internal Revenue Code.

kk) The term “U.S. TIN” means a U.S. federal taxpayer identifying number.

ll) The term “Jamaica TRN” means a Jamaica taxpayer registration number. 

mm) The term “Controlling Persons” means the natural persons who exercise 

control over an Entity. In the case of a trust, such term means the settlor, 

the trustees, the protector (if any), the beneficiaries or class of 

beneficiaries, and any other natural person exercising ultimate effective 

control over the trust, and in the case of a legal arrangement other than a 

trust, such term means persons in equivalent or similar positions. The 

term “Controlling Persons” shall be interpreted in a manner consistent 

with the Financial Action Task Force Recommendations. 

2. Any term not otherwise defined in this Agreement shall, unless the context 

otherwise requires or the Competent Authorities agree to a common meaning (as 

permitted by domestic law), have the meaning that it has at that time under the law of the 

Party applying this Agreement, any meaning under the applicable tax laws of that Party 

prevailing over a meaning given to the term under other laws of that Party.

Article 2
10

Obligations to Obtain and Exchange Information with Respect to Reportable 

Accounts

1. Subject to the provisions of Article 3 of this Agreement, each Party shall obtain 

the information specified in paragraph 2 of this Article with respect to all Reportable 

Accounts and shall annually exchange this information with the other Party on an 

automatic basis pursuant to the provisions of Article 27 of the Convention.

2. The information to be obtained and exchanged is:

a) In the case of Jamaica with respect to each U.S. Reportable Account of 

each Reporting Jamaican Financial Institution:

(1) the name, address, and U.S. TIN of each Specified U.S. Person that

is an Account Holder of such account and, in the case of a NonU.S. Entity that, after application of the due diligence procedures 

set forth in Annex I, is identified as having one or more 

Controlling Persons that is a Specified U.S. Person, the name, 

address, and U.S. TIN (if any) of such entity and each such 

Specified U.S. Person;

(2) the account number (or functional equivalent in the absence of an 

account number); 

(3) the name and identifying number of the Reporting Jamaican 

Financial Institution;

(4) the account balance or value (including, in the case of a Cash Value 

Insurance Contract or Annuity Contract, the Cash Value or 

surrender value) as of the end of the relevant calendar year or other 

appropriate reporting period or, if the account was closed during 

such year, immediately before closure; 

(5) in the case of any Custodial Account: 

(A) the total gross amount of interest, the total gross amount of 

dividends, and the total gross amount of other income 

generated with respect to the assets held in the account, in 

each case paid or credited to the account (or with respect to 

the account) during the calendar year or other appropriate 

reporting period; and 

(B) the total gross proceeds from the sale or redemption of 

property paid or credited to the account during the calendar 

year or other appropriate reporting period with respect to 

which the Reporting Jamaican Financial Institution acted as 
11

a custodian, broker, nominee, or otherwise as an agent for 

the Account Holder; 

(6) in the case of any Depository Account, the total gross amount of 

interest paid or credited to the account during the calendar year or 

other appropriate reporting period; and

(7) in the case of any account not described in subparagraph 2(a)(5) or 

2(a)(6) of this Article, the total gross amount paid or credited to the 

Account Holder with respect to the account during the calendar 

year or other appropriate reporting period with respect to which the 

Reporting Jamaican Financial Institution is the obligor or debtor, 

including the aggregate amount of any redemption payments made 

to the Account Holder during the calendar year or other appropriate 

reporting period.

b) In the case of the United States, with respect to each Jamaican Reportable 

Account of each Reporting U.S. Financial Institution:

(1) the name, address, and Jamaica TRN of any person that is a 

resident of Jamaica and is an Account Holder of the account; 

(2) the account number (or the functional equivalent in the absence of 

an account number); 

(3) the name and identifying number of the Reporting U.S. Financial 

Institution;

(4) the gross amount of interest paid on a Depository Account;

(5) the gross amount of U.S. source dividends paid or credited to the 

account; and 

(6) the gross amount of other U.S. source income paid or credited to 

the account, to the extent subject to reporting under chapter 3 of 

subtitle A or chapter 61 of subtitle F of the U.S. Internal Revenue 

Code.

Article 3

Time and Manner of Exchange of Information

1. For purposes of the exchange obligation in Article 2 of this Agreement, the 

amount and characterization of payments made with respect to a U.S. Reportable Account 

may be determined in accordance with the principles of the tax laws of Jamaica, and the 

amount and characterization of payments made with respect to a Jamaican Reportable 
12

Account may be determined in accordance with principles of U.S. federal income tax law. 

2. For purposes of the exchange obligation in Article 2 of this Agreement, the 

information exchanged shall identify the currency in which each relevant amount is 

denominated.

3. With respect to paragraph 2 of Article 2 of this Agreement, information is to be 

obtained and exchanged with respect to 2014 and all subsequent years, except that:

a) In the case of Jamaica:

(1) the information to be obtained and exchanged with respect to 2014 

is only the information described in subparagraphs 2(a)(1) through 

2(a)(4) of Article 2 of this Agreement; 

(2) the information to be obtained and exchanged with respect to 2015 

is the information described in subparagraphs 2(a)(1) through 

2(a)(7) of Article 2 of this Agreement, except for gross proceeds 

described in subparagraph 2(a)(5)(B) of Article 2 of this 

Agreement; and

(3) the information to be obtained and exchanged with respect to 2016 

and subsequent years is the information described in subparagraphs 

2(a)(1) through 2(a)(7) of Article 2 of this Agreement;

b) In the case of the United States, the information to be obtained and 

exchanged with respect to 2014 and subsequent years is all of the 

information identified in subparagraph 2(b) of Article 2 of this Agreement. 

4. Notwithstanding paragraph 3 of this Article, with respect to each Reportable 

Account that is maintained by a Reporting Financial Institution as of June 30, 2014, and 

subject to paragraph 4 of Article 6 of this Agreement, the Parties are not required to 

obtain and include in the exchanged information the Jamaica TRN or the U.S. TIN, as 

applicable, of any relevant person if such taxpayer identifying number is not in the 

records of the Reporting Financial Institution. In such a case, the Parties shall obtain and 

include in the exchanged information the date of birth of the relevant person, if the 

Reporting Financial Institution has such date of birth in its records.

5. Subject to paragraphs 3 and 4 of this Article, the information described in Article 

2 of this Agreement shall be exchanged within nine months after the end of the calendar 

year to which the information relates. 

6. The Competent Authorities of Jamaica and the United States shall enter into an 

agreement or arrangement under the mutual agreement procedure provided for in Article 

26 of the Convention, which shall:
13

a) establish the procedures for the automatic exchange obligations described 

in Article 2 of this Agreement;

b) prescribe rules and procedures as may be necessary to implement Article 5 

of this Agreement; and

c) establish as necessary procedures for the exchange of the information 

reported under subparagraph 1(b) of Article 4 of this Agreement.

7. All information exchanged shall be subject to the confidentiality and other 

protections provided for in the Convention, including the provisions limiting the use of 

the information exchanged.

8. Following entry into force of this Agreement, each Competent Authority shall 

provide written notification to the other Competent Authority when it is satisfied that the 

jurisdiction of the other Competent Authority has in place (i) appropriate safeguards to 

ensure that the information received pursuant to this Agreement shall remain confidential 

and be used solely for tax purposes, and (ii) the infrastructure for an effective exchange 

relationship (including established processes for ensuring timely, accurate, and 

confidential information exchanges, effective and reliable communications, and 

demonstrated capabilities to promptly resolve questions and concerns about exchanges or 

requests for exchanges and to administer the provisions of Article 5 of this 

Agreement). The Competent Authorities shall endeavor in good faith to meet, prior to 

September 2015, to establish that each jurisdiction has such safeguards and infrastructure 

in place.

9. The obligations of the Parties to obtain and exchange information under Article 2 

of this Agreement shall take effect on the date of the later of the written notifications 

described in paragraph 8 of this Article. Notwithstanding the foregoing, if the Competent 

Authority of Jamaica is satisfied that the United States has the safeguards and 

infrastructure described in paragraph 8 of this Article in place, but additional time is 

necessary for the U.S. Competent Authority to establish that Jamaica has such safeguards 

and infrastructure in place, the obligation of Jamaica to obtain and exchange information 

under Article 2 of this Agreement shall take effect on the date of the written notification 

provided by the Jamaican Competent Authority to the U.S. Competent Authority 

pursuant to paragraph 8 of this Article. 

10. This Agreement shall terminate on September 30, 2015, if Article 2 of this 

Agreement is not in effect for either Party pursuant to paragraph 9 of this Article by that 

date. 

Article 4

Application of FATCA to Jamaican Financial Institutions

1. Treatment of Reporting Jamaican Financial Institutions. Each Reporting 

Jamaican Financial Institution shall be treated as complying with, and not subject to 

withholding under, section 1471 of the U.S. Internal Revenue Code if Jamaica complies 
14

with its obligations under Articles 2 and 3 of this Agreement with respect to such 

Reporting Jamaican Financial Institution, and the Reporting Jamaican Financial 

Institution:

a) identifies U.S. Reportable Accounts and reports annually to the Competent 

Authority of Jamaica the information required to be reported in 

subparagraph 2(a) of Article 2 of this Agreement in the time and manner 

described in Article 3 of this Agreement;

b) for each of 2015 and 2016, reports annually to the Competent Authority of 

Jamaica the name of each Nonparticipating Financial Institution to which 

it has made payments and the aggregate amount of such payments;

c) complies with the applicable registration requirements on the IRS FATCA 

registration website;

d) to the extent that a Reporting Jamaican Financial Institution is (i) acting as 

a qualified intermediary (for purposes of section 1441 of the U.S. Internal 

Revenue Code) that has elected to assume primary withholding under 

chapter 3 of subtitle A of the U.S. Internal Revenue Code, (ii) a foreign 

partnership that has elected to act as a withholding foreign partnership (for 

purposes of both sections 1441 and 1471 of the U.S. Internal Revenue 

Code), or (iii) a foreign trust that has elected to act as a withholding 

foreign trust (for purposes of both sections 1441 and 1471 of the U.S. 

Internal Revenue Code), withholds 30 percent of any U.S. Source 

Withholdable Payment to any Nonparticipating Financial Institution; and 

e) in the case of a Reporting Jamaican Financial Institution that is not 

described in subparagraph 1(d) of this Article and that makes a payment

of, or acts as an intermediary with respect to, a U.S. Source Withholdable 

Payment to any Nonparticipating Financial Institution, the Reporting 

Jamaican Financial Institution provides to any immediate payor of such 

U.S. Source Withholdable Payment the information required for 

withholding and reporting to occur with respect to such payment.

Notwithstanding the foregoing, a Reporting Jamaican Financial Institution with respect to 

which the conditions of this paragraph 1 are not satisfied shall not be subject to 

withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting 

Jamaican Financial Institution is treated by the IRS as a Nonparticipating Financial 

Institution pursuant to subparagraph 2(b) of Article 5 of this Agreement.

2. Suspension of Rules Relating to Recalcitrant Accounts. The United States 

shall not require a Reporting Jamaican Financial Institution to withhold tax under section 

1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a 

recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue 
15

Code), or to close such account, if the U.S. Competent Authority receives the information 

set forth in subparagraph 2(a) of Article 2 of this Agreement, subject to the provisions of 

Article 3 of this Agreement, with respect to such account.

3. Specific Treatment of Jamaican Retirement Plans. The United States shall 

treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for purposes 

of sections 1471 and 1472 of the U.S. Internal Revenue Code, Jamaican retirement plans 

described in Annex II. For this purpose, a Jamaican retirement plan includes an Entity 

established or located in, and regulated by, Jamaica, or a predetermined contractual or 

legal arrangement, operated to provide pension or retirement benefits or earn income for 

providing such benefits under the laws of Jamaica and regulated with respect to 

contributions, distributions, reporting, sponsorship, and taxation. 

4. Identification and Treatment of Other Deemed-Compliant FFIs and Exempt 

Beneficial Owners. The United States shall treat each Non-Reporting Jamaican 

Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as 

appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code. 

5. Special Rules Regarding Related Entities and Branches That Are 

Nonparticipating Financial Institutions. If a Jamaican Financial Institution, that 

otherwise meets the requirements described in paragraph 1 of this Article or is described 

in paragraph 3 or 4 of this Article, has a Related Entity or branch that operates in a 

jurisdiction that prevents such Related Entity or branch from fulfilling the requirements 

of a participating FFI or deemed-compliant FFI for purposes of section 1471 of the U.S. 

Internal Revenue Code or has a Related Entity or branch that is treated as a 

Nonparticipating Financial Institution solely due to the expiration of the transitional rule 

for limited FFIs and limited branches under relevant U.S. Treasury Regulations as of 

December 31, 2015, such Jamaican Financial Institution shall continue to be in 

compliance with the terms of this Agreement and shall continue to be treated as a 

deemed-compliant FFI or exempt beneficial owner, as appropriate, for purposes of 

section 1471 of the U.S. Internal Revenue Code, provided that:

a) the Jamaican Financial Institution treats each such Related Entity or 

branch as a separate Nonparticipating Financial Institution for purposes of 

all the reporting and withholding requirements of this Agreement and each 

such Related Entity or branch identifies itself to withholding agents as a 

Nonparticipating Financial Institution;

b) each such Related Entity or branch identifies its U.S. accounts and reports 

the information with respect to those accounts as required under section 

1471 of the U.S. Internal Revenue Code to the extent permitted under the 

relevant laws pertaining to the Related Entity or branch; and

c) such Related Entity or branch does not specifically solicit U.S. accounts 

held by persons that are not resident in the jurisdiction where such Related 

Entity or branch is located or accounts held by Nonparticipating Financial 
16

Institutions that are not established in the jurisdiction where such Related 

Entity or branch is located, and such Related Entity or branch is not used 

by the Jamaican Financial Institution or any other Related Entity to 

circumvent the obligations under this Agreement or under section 1471 of 

the U.S. Internal Revenue Code, as appropriate.

6. Coordination of Timing. Notwithstanding paragraphs 3 and 5 of Article 3 of this 

Agreement: 

a) Jamaica shall not be obligated to obtain and exchange information with 

respect to a calendar year that is prior to the calendar year with respect to 

which similar information is required to be reported to the IRS by 

participating FFIs pursuant to relevant U.S. Treasury Regulations;

b) Jamaica shall not be obligated to begin exchanging information prior to 

the date by which participating FFIs are required to report similar 

information to the IRS under relevant U.S. Treasury Regulations; 

c) the United States shall not be obligated to obtain and exchange 

information with respect to a calendar year that is prior to the first 

calendar year with respect to which Jamaica is required to obtain and 

exchange information; and

d) the United States shall not be obligated to begin exchanging information 

prior to the date by which Jamaica is required to begin exchanging 

information.

7. Coordination of Definitions with U.S. Treasury Regulations. Notwithstanding 

Article 1 of this Agreement and the definitions provided in the Annexes to this 

Agreement, in implementing this Agreement, Jamaica may use, and may permit Jamaican 

Financial Institutions to use, a definition in relevant U.S. Treasury Regulations in lieu of 

a corresponding definition in this Agreement, provided that such application would not 

frustrate the purposes of this Agreement.

Article 5

Collaboration on Compliance and Enforcement

1. Minor and Administrative Errors. A Competent Authority shall notify the 

Competent Authority of the other Party when the first-mentioned Competent Authority 

has reason to believe that administrative errors or other minor errors may have led to 

incorrect or incomplete information reporting or resulted in other infringements of this 

Agreement. The Competent Authority of such other Party shall apply its domestic law 

(including applicable penalties) to obtain corrected and/or complete information or to 

resolve other infringements of this Agreement.
17

2. Significant Non-Compliance.

a) A Competent Authority shall notify the Competent Authority of the other 

Party when the first-mentioned Competent Authority has determined that 

there is significant non-compliance with the obligations under this 

Agreement with respect to a Reporting Financial Institution in the other 

jurisdiction. The Competent Authority of such other Party shall apply its 

domestic law (including applicable penalties) to address the significant 

non-compliance described in the notice. 

b) If, in the case of a Reporting Jamaican Financial Institution, such 

enforcement actions do not resolve the non-compliance within a period of 

18 months after notification of significant non-compliance is first 

provided, the United States shall treat the Reporting Jamaican Financial 

Institution as a Nonparticipating Financial Institution pursuant to this 

subparagraph 2(b). 

3. Reliance on Third Party Service Providers. Each Party may allow Reporting 

Financial Institutions to use third party service providers to fulfill the obligations imposed 

on such Reporting Financial Institutions by a Party, as contemplated in this Agreement, 

but these obligations shall remain the responsibility of the Reporting Financial 

Institutions.

4. Prevention of Avoidance. The Parties shall implement as necessary requirements 

to prevent Financial Institutions from adopting practices intended to circumvent the 

reporting required under this Agreement.

Article 6

Mutual Commitment to Continue to Enhance the Effectiveness of Information 

Exchange and Transparency

1. Reciprocity. The Government of the United States acknowledges the need to 

achieve equivalent levels of reciprocal automatic information exchange with Jamaica. 

The Government of the United States is committed to further improve transparency and 

enhance the exchange relationship with Jamaica by pursuing the adoption of regulations 

and advocating and supporting relevant legislation to achieve such equivalent levels of 

reciprocal automatic information exchange.

2. Treatment of Passthru Payments and Gross Proceeds. The Parties are 

committed to work together, along with Partner Jurisdictions, to develop a practical and 

effective alternative approach to achieve the policy objectives of foreign passthru 

payment and gross proceeds withholding that minimizes burden. 

3. Development of Common Reporting and Exchange Model. The Parties are 
18

committed to working with Partner Jurisdictions on adapting the terms of this Agreement 

and other agreements between the United States and Partner Jurisdictions to a common 

model for automatic exchange of information, including the development of reporting 

and due diligence standards for financial institutions.

4. Documentation of Accounts Maintained as of June 30, 2014. With respect to 

Reportable Accounts maintained by a Reporting Financial Institution as of June 30, 2014:

a) The United States commits to establish, by January 1, 2017, for reporting 

with respect to 2017 and subsequent years, rules requiring Reporting U.S. 

Financial Institutions to obtain and report the Jamaica TRN of each 

Account Holder of a Jamaican Reportable Account as required pursuant to 

subparagraph 2(b)(1) of Article 2 of this Agreement; and

b) Jamaica commits to establish, by January 1, 2017, for reporting with 

respect to 2017 and subsequent years, rules requiring Reporting Jamaican 

Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person 

as required pursuant to subparagraph 2(a)(1) of Article 2 of this 

Agreement.

Article 7

Consistency in the Application of FATCA to Partner Jurisdictions 

1. Jamaica shall be granted the benefit of any more favorable terms under Article 4 

or Annex I of this Agreement relating to the application of FATCA to Jamaican Financial 

Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement 

pursuant to which the other Partner Jurisdiction commits to undertake the same 

obligations as Jamaica described in Articles 2 and 3 of this Agreement, and subject to the 

same terms and conditions as described therein and in Articles 5 through 9 of this 

Agreement. 

2. The United States shall notify Jamaica of any such more favorable terms, and 

such more favorable terms shall apply automatically under this Agreement as if such 

terms were specified in this Agreement and effective as of the date of the entry into force 

of the agreement incorporating the more favorable terms, unless Jamaica declines the 

application thereof.

Article 8

Consultations and Amendments

1. In case any difficulties in the implementation of this Agreement arise, either Party 

may request consultations to develop appropriate measures to ensure the fulfillment of 

this Agreement.
19

2. This Agreement may be amended by written mutual agreement of the Parties. Unless 

otherwise agreed upon, such an amendment shall enter into force through the same 

procedures as set forth in paragraph 1 of Article 10 of this Agreement.

Article 9

Annexes

The Annexes form an integral part of this Agreement.

Article 10

Term of Agreement

1. This Agreement shall enter into force on the date of Jamaica’s written notification 

to the United States that Jamaica has completed its necessary internal procedures for 

entry into force of this Agreement. 

2. Either Party may terminate this Agreement by giving notice of termination in 

writing to the other Party. Such termination shall become effective on the first day of the 

month following the expiration of a period of 12 months after the date of the notice of 

termination.

3. The Parties shall, prior to December 31, 2016, consult in good faith to amend this 

Agreement as necessary to reflect progress on the commitments set forth in Article 6 of 

this Agreement.

In witness whereof, the undersigned, being duly authorized thereto by their respective 

Governments, have signed this Agreement.

Done at _____, in duplicate, in the English language, this __ day of _____, 20__.

FOR THE GOVERNMENT OF

THE UNITED STATES OF AMERICA:

FOR THE GOVERNMENT OF 

JAMAICA:
1

ANNEX I

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. 

REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN 

NONPARTICIPATING FINANCIAL INSTITUTIONS

I. General.

 

A. Jamaica shall require that Reporting Jamaican Financial Institutions apply the due 

diligence procedures contained in this Annex I to identify U.S. Reportable Accounts and 

accounts held by Nonparticipating Financial Institutions. 

B. For purposes of the Agreement,

1. All dollar amounts are in U.S. dollars and shall be read to include the 

equivalent in other currencies.

2. Except as otherwise provided herein, the balance or value of an account 

shall be determined as of the last day of the calendar year or other appropriate 

reporting period.

3. Where a balance or value threshold is to be determined as of June 30, 

2014 under this Annex I, the relevant balance or value shall be determined as of 

that day or the last day of the reporting period ending immediately before June 30, 

2014, and where a balance or value threshold is to be determined as of the last day 

of a calendar year under this Annex I, the relevant balance or value shall be 

determined as of the last day of the calendar year or other appropriate reporting 

period. 

4. Subject to subparagraph E(1) of section II of this Annex I, an account shall 

be treated as a U.S. Reportable Account beginning as of the date it is identified as 

such pursuant to the due diligence procedures in this Annex I.

5. Unless otherwise provided, information with respect to a U.S. Reportable 

Account shall be reported annually in the calendar year following the year to 

which the information relates.

 

C. As an alternative to the procedures described in each section of this Annex I, 

Jamaica may permit Reporting Jamaican Financial Institutions to rely on the procedures 

described in relevant U.S. Treasury Regulations to establish whether an account is a U.S. 

Reportable Account or an account held by a Nonparticipating Financial Institution. 

Jamaica may permit Reporting Jamaican Financial Institutions to make such election 

separately for each section of this Annex I either with respect to all relevant Financial 

Accounts or, separately, with respect to any clearly identified group of such accounts

(such as by line of business or the location of where the account is maintained). 
2

II. Preexisting Individual Accounts. The following rules and procedures apply for 

purposes of identifying U.S. Reportable Accounts among Preexisting Accounts held by 

individuals (“Preexisting Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the 

Reporting Jamaican Financial Institution elects otherwise, either with respect to all 

Preexisting Individual Accounts or, separately, with respect to any clearly identified 

group of such accounts, where the implementing rules in Jamaica provide for such an 

election, the following Preexisting Individual Accounts are not required to be reviewed, 

identified, or reported as U.S. Reportable Accounts:

1. Subject to subparagraph E(2) of this section, a Preexisting Individual 

Account with a balance or value that does not exceed $50,000 as of June 30, 

2014.

2. Subject to subparagraph E(2) of this section, a Preexisting Individual 

Account that is a Cash Value Insurance Contract or an Annuity Contract with a 

balance or value of $250,000 or less as of June 30, 2014.

3. A Preexisting Individual Account that is a Cash Value Insurance Contract 

or an Annuity Contract, provided the law or regulations of Jamaica or the United 

States effectively prevent the sale of such a Cash Value Insurance Contract or an 

Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does 

not have the required registration under U.S. law, and the law of Jamaica requires 

reporting or withholding with respect to insurance products held by residents of 

Jamaica).

4. A Depository Account with a balance of $50,000 or less.

B. Review Procedures for Preexisting Individual Accounts With a Balance or 

Value as of June 30, 2014, that Exceeds $50,000 ($250,000 for a Cash Value 

Insurance Contract or Annuity Contract), But Does Not Exceed $1,000,000 (“Lower 

Value Accounts”).

1. Electronic Record Search. The Reporting Jamaican Financial Institution

must review electronically searchable data maintained by the Reporting Jamaican 

Financial Institution for any of the following U.S. indicia:

a) Identification of the Account Holder as a U.S. citizen or resident;

b) Unambiguous indication of a U.S. place of birth;

c) Current U.S. mailing or residence address (including a U.S. post 

office box);

d) Current U.S. telephone number;
3

e) Standing instructions to transfer funds to an account maintained in 

the United States;

f) Currently effective power of attorney or signatory authority 

granted to a person with a U.S. address; or

g) An “in-care-of” or “hold mail” address that is the sole address the 

Reporting Jamaican Financial Institution has on file for the Account 

Holder. In the case of a Preexisting Individual Account that is a Lower 

Value Account, an “in-care-of” address outside the United States or “hold 

mail” address shall not be treated as U.S. indicia. 

2. If none of the U.S. indicia listed in subparagraph B(1) of this section are 

discovered in the electronic search, then no further action is required until there is 

a change in circumstances that results in one or more U.S. indicia being 

associated with the account, or the account becomes a High Value Account 

described in paragraph D of this section.

3. If any of the U.S. indicia listed in subparagraph B(1) of this section are 

discovered in the electronic search, or if there is a change in circumstances that 

results in one or more U.S. indicia being associated with the account, then the 

Reporting Jamaican Financial Institution must treat the account as a U.S. 

Reportable Account unless it elects to apply subparagraph B(4) of this section and 

one of the exceptions in such subparagraph applies with respect to that account.

4. Notwithstanding a finding of U.S. indicia under subparagraph B(1) of this 

section, a Reporting Jamaican Financial Institution is not required to treat an 

account as a U.S. Reportable Account if:

a) Where the Account Holder information unambiguously indicates a 

U.S. place of birth, the Reporting Jamaican Financial Institution obtains,

or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form);

(2) A non-U.S. passport or other government-issued 

identification evidencing the Account Holder’s citizenship or 

nationality in a country other than the United States; and

(3) A copy of the Account Holder’s Certificate of Loss of 

Nationality of the United States or a reasonable explanation of: 

(a) The reason the Account Holder does not have such 
4

a certificate despite relinquishing U.S. citizenship; or

(b) The reason the Account Holder did not obtain U.S. 

citizenship at birth.

b) Where the Account Holder information contains a current U.S. 

mailing or residence address, or one or more U.S. telephone numbers 

that are the only telephone numbers associated with the account, the 

Reporting Jamaican Financial Institution obtains, or has previously 

reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of 

section VI of this Annex I, establishing the Account Holder’s nonU.S. status.

c) Where the Account Holder information contains standing 

instructions to transfer funds to an account maintained in the United 

States, the Reporting Jamaican Financial Institution obtains, or has 

previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of

section VI of this Annex I, establishing the Account Holder’s nonU.S. status.

d) Where the Account Holder information contains a currently 

effective power of attorney or signatory authority granted to a person 

with a U.S. address, has an “in-care-of” address or “hold mail” address 

that is the sole address identified for the Account Holder, or has one or 

more U.S. telephone numbers (if a non-U.S. telephone number is also 

associated with the account), the Reporting Jamaican Financial Institution

obtains, or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form); or

(2) Documentary evidence, as defined in paragraph D of 

section VI of this Annex I, establishing the Account Holder’s non-
5

U.S. status.

C. Additional Procedures Applicable to Preexisting Individual Accounts That 

Are Lower Value Accounts.

1. Review of Preexisting Individual Accounts that are Lower Value Accounts 

for U.S. indicia must be completed by June 30, 2016. 

2. If there is a change of circumstances with respect to a Preexisting 

Individual Account that is a Lower Value Account that results in one or more U.S. 

indicia described in subparagraph B(1) of this section being associated with the 

account, then the Reporting Jamaican Financial Institution must treat the account 

as a U.S. Reportable Account unless subparagraph B(4) of this section applies.

3. Except for Depository Accounts described in subparagraph A(4) of this 

section, any Preexisting Individual Account that has been identified as a U.S. 

Reportable Account under this section shall be treated as a U.S. Reportable 

Account in all subsequent years, unless the Account Holder ceases to be a 

Specified U.S. Person.

D. Enhanced Review Procedures for Preexisting Individual Accounts With a 

Balance or Value That Exceeds $1,000,000 as of June 30, 2014, or December 31 of 

2015 or Any Subsequent Year (“High Value Accounts”).

1. Electronic Record Search. The Reporting Jamaican Financial Institution

must review electronically searchable data maintained by the Reporting Jamaican 

Financial Institution for any of the U.S. indicia described in subparagraph B(1) of 

this section.

2. Paper Record Search. If the Reporting Jamaican Financial Institution’s 

electronically searchable databases include fields for, and capture all of the 

information described in, subparagraph D(3) of this section, then no further paper

record search is required. If the electronic databases do not capture all of this 

information, then with respect to a High Value Account, the Reporting Jamaican 

Financial Institution must also review the current customer master file and, to the 

extent not contained in the current customer master file, the following documents 

associated with the account and obtained by the Reporting Jamaican Financial 

Institution within the last five years for any of the U.S. indicia described in 

subparagraph B(1) of this section:

a) The most recent documentary evidence collected with respect to 

the account;

b) The most recent account opening contract or documentation;

c) The most recent documentation obtained by the Reporting 
6

Jamaican Financial Institution pursuant to AML/KYC Procedures or for 

other regulatory purposes;

d) Any power of attorney or signature authority forms currently in 

effect; and

e) Any standing instructions to transfer funds currently in effect.

3. Exception Where Databases Contain Sufficient Information. A 

Reporting Jamaican Financial Institution is not required to perform the paper 

record search described in subparagraph D(2) of this section if the Reporting 

Jamaican Financial Institution’s electronically searchable information includes the 

following:

a) The Account Holder’s nationality or residence status;

b) The Account Holder’s residence address and mailing address 

currently on file with the Reporting Jamaican Financial Institution;

c) The Account Holder’s telephone number(s) currently on file, if 

any, with the Reporting Jamaican Financial Institution; 

d) Whether there are standing instructions to transfer funds in the 

account to another account (including an account at another branch of the 

Reporting Jamaican Financial Institution or another Financial Institution);

e) Whether there is a current “in-care-of” address or “hold mail” 

address for the Account Holder; and

f) Whether there is any power of attorney or signatory authority for 

the account. 

4. Relationship Manager Inquiry for Actual Knowledge. In addition to 

the electronic and paper record searches described above, the Reporting Jamaican 

Financial Institution must treat as a U.S. Reportable Account any High Value 

Account assigned to a relationship manager (including any Financial Accounts

aggregated with such High Value Account) if the relationship manager has actual 

knowledge that the Account Holder is a Specified U.S. Person.

5. Effect of Finding U.S. Indicia.

a) If none of the U.S. indicia listed in subparagraph B(1) of this 

section are discovered in the enhanced review of High Value Accounts 

described above, and the account is not identified as held by a Specified 

U.S. Person in subparagraph D(4) of this section, then no further action is 

required until there is a change in circumstances that results in one or 
7

more U.S. indicia being associated with the account.

b) If any of the U.S. indicia listed in subparagraph B(1) of this section 

are discovered in the enhanced review of High Value Accounts described 

above, or if there is a subsequent change in circumstances that results in 

one or more U.S. indicia being associated with the account, then the 

Reporting Jamaican Financial Institution must treat the account as a U.S. 

Reportable Account unless it elects to apply subparagraph B(4) of this 

section and one of the exceptions in such subparagraph applies with 

respect to that account.

c) Except for Depository Accounts described in subparagraph A(4) of 

this section, any Preexisting Individual Account that has been identified as 

a U.S. Reportable Account under this section shall be 

treated as a U.S. Reportable Account in all subsequent years, unless the 

Account Holder ceases to be a Specified U.S. Person. 

E. Additional Procedures Applicable to High Value Accounts.

1. If a Preexisting Individual Account is a High Value Account as of June 30, 

2014, the Reporting Jamaican Financial Institution must complete the enhanced 

review procedures described in paragraph D of this section with respect to such 

account by June 30, 2015. If based on this review such account is identified as a 

U.S. Reportable Account on or before December 31, 2014, the Reporting 

Jamaican Financial Institution must report the required information about such 

account with respect to 2014 in the first report on the account and on an annual 

basis thereafter. In the case of an account identified as a U.S. Reportable Account 

after December 31, 2014 and on or before June 30, 2015, the Reporting Jamaican 

Financial Institution is not required to report information about such account with 

respect to 2014, but must report information about the account on an annual basis 

thereafter.

2. If a Preexisting Individual Account is not a High Value Account as of June 

30, 2014, but becomes a High Value Account as of the last day of 2015 or any

subsequent calendar year, the Reporting Jamaican Financial Institution must 

complete the enhanced review procedures described in paragraph D of this section 

with respect to such account within six months after the last day of the calendar 

year in which the account becomes a High Value Account. If based on this review 

such account is identified as a U.S. Reportable Account, the Reporting Jamaican 

Financial Institution must report the required information about such account with 

respect to the year in which it is identified as a U.S. Reportable Account and 

subsequent years on an annual basis, unless the Account Holder ceases to be a 

Specified U.S. Person.

3. Once a Reporting Jamaican Financial Institution applies the enhanced 
8

review procedures described in paragraph D of this section to a High Value 

Account, the Reporting Jamaican Financial Institution is not required to re-apply 

such procedures, other than the relationship manager inquiry described in 

subparagraph D(4) of this section, to the same High Value Account in any 

subsequent year.

4. If there is a change of circumstances with respect to a High Value Account 

that results in one or more U.S. indicia described in subparagraph B(1) of this 

section being associated with the account, then the Reporting Jamaican Financial 

Institution must treat the account as a U.S. Reportable Account unless it elects to 

apply subparagraph B(4) of this section and one of the exceptions in such 

subparagraph applies with respect to that account.

5. A Reporting Jamaican Financial Institution must implement procedures to 

ensure that a relationship manager identifies any change in circumstances of an 

account. For example, if a relationship manager is notified that the Account 

Holder has a new mailing address in the United States, the Reporting Jamaican 

Financial Institution is required to treat the new address as a change 

in circumstances and, if it elects to apply subparagraph B(4) of this section, is

required to obtain the appropriate documentation from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for Certain 

Other Purposes. A Reporting Jamaican Financial Institution that has previously 

obtained documentation from an Account Holder to establish the Account Holder’s status 

as neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a 

qualified intermediary, withholding foreign partnership, or withholding foreign trust 

agreement with the IRS, or to fulfill its obligations under chapter 61 of Title 26 of the 

United States Code, is not required to perform the procedures described in subparagraph 

B(1) of this section with respect to Lower Value Accounts or subparagraphs D(1) through 

D(3) of this section with respect to High Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Reportable Accounts among Financial Accounts held by individuals and opened 

on or after July 1, 2014 (“New Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the 

Reporting Jamaican Financial Institution elects otherwise, either with respect to all New 

Individual Accounts or, separately, with respect to any clearly identified group of such 

accounts, where the implementing rules in Jamaica provide for such an election, the 

following New Individual Accounts are not required to be reviewed, identified, or 

reported as U.S. Reportable Accounts:

1. A Depository Account unless the account balance exceeds $50,000 at the 

end of any calendar year or other appropriate reporting period. 
9

2. A Cash Value Insurance Contract unless the Cash Value exceeds $50,000

at the end of any calendar year or other appropriate reporting period. 

B. Other New Individual Accounts. With respect to New Individual Accounts not 

described in paragraph A of this section, upon account opening (or within 90 days after 

the end of the calendar year in which the account ceases to be described in paragraph A of 

this section), the Reporting Jamaican Financial Institution must obtain a self-certification,

which may be part of the account opening documentation, that allows the Reporting 

Jamaican Financial Institution to determine whether the Account Holder is resident in the 

United States for tax purposes (for this purpose, a U.S. citizen is considered to be resident 

in the United States for tax purposes, even if the Account Holder is also a tax resident of 

another jurisdiction) and confirm the reasonableness of such self-certification based on 

the information obtained by the Reporting Jamaican Financial Institution in connection 

with the opening of the account, including any documentation collected pursuant to 

AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident in 

the United States for tax purposes, the Reporting Jamaican Financial Institution

must treat the account as a U.S. Reportable Account and obtain a self-certification 

that includes the Account Holder’s U.S. TIN (which may be an IRS Form W-9 or 

other similar agreed form).

2. If there is a change of circumstances with respect to a New Individual 

Account that causes the Reporting Jamaican Financial Institution to know, or have 

reason to know, that the original self-certification is incorrect or unreliable, the 

Reporting Jamaican Financial Institution cannot rely on the original selfcertification and must obtain a valid self-certification that establishes whether the 

Account Holder is a U.S. citizen or resident for U.S. tax purposes. If the 

Reporting Jamaican Financial Institution is unable to obtain a valid selfcertification, the Reporting Jamaican Financial Institution must treat the account 

as a U.S. Reportable Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial 

Institutions among Preexisting Accounts held by Entities (“Preexisting Entity Accounts”).

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. 

Unless the Reporting Jamaican Financial Institution elects otherwise, either with respect 

to all Preexisting Entity Accounts or, separately, with respect to any clearly identified 

group of such accounts, where the implementing rules in Jamaica provide for such an 

election, a Preexisting Entity Account with an account balance or value that does not 

exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or 

reported as a U.S. Reportable Account until the account balance or value exceeds 

$1,000,000.
10

 

B. Entity Accounts Subject to Review. A Preexisting Entity Account that has an 

account balance or value that exceeds $250,000 as of June 30, 2014, and a Preexisting 

Entity Account that does not exceed $250,000 as of June 30, 2014 but the account 

balance or value of which exceeds $1,000,000 as of the last day of 2015 or any 

subsequent calendar year, must be reviewed in accordance with the procedures set forth 

in paragraph D of this section. 

C. Entity Accounts With Respect to Which Reporting Is Required. With respect 

to Preexisting Entity Accounts described in paragraph B of this section, only accounts 

that are held by one or more Entities that are Specified U.S. Persons, or by Passive 

NFFEs with one or more Controlling Persons who are U.S. citizens or residents, shall be 

treated as U.S. Reportable Accounts. In addition, accounts held by Nonparticipating 

Financial Institutions shall be treated as accounts for which aggregate payments as 

described in subparagraph 1(b) of Article 4 of the Agreement are reported to the 

Competent Authority of Jamaica.

D. Review Procedures for Identifying Entity Accounts With Respect to Which 

Reporting Is Required. For Preexisting Entity Accounts described in paragraph B of 

this section, the Reporting Jamaican Financial Institution must apply the following 

review procedures to determine whether the account is held by one or more Specified 

U.S. Persons, by Passive NFFEs with one or more Controlling Persons who are U.S. 

citizens or residents, or by Nonparticipating Financial Institutions:

1. Determine Whether the Entity Is a Specified U.S. Person.

a) Review information maintained for regulatory or customer 

relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information indicates 

that the Account Holder is a U.S. Person. For this purpose, information 

indicating that the Account Holder is a U.S. Person includes a U.S. place 

of incorporation or organization, or a U.S. address.

b) If the information indicates that the Account Holder is a U.S. 

Person, the Reporting Jamaican Financial Institution must treat the 

account as a U.S. Reportable Account unless it obtains a self-certification 

from the Account Holder (which may be on an IRS Form W-8 or W-9, or 

a similar agreed form), or reasonably determines based on information in 

its possession or that is publicly available, that the Account Holder is not a 

Specified U.S. Person.

2. Determine Whether a Non-U.S. Entity Is a Financial Institution.

a) Review information maintained for regulatory or customer 
11

relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information indicates 

that the Account Holder is a Financial Institution.

b) If the information indicates that the Account Holder is a Financial 

Institution, or the Reporting Jamaican Financial Institution verifies the 

Account Holder’s Global Intermediary Identification Number on the 

published IRS FFI list, then the account is not a U.S. Reportable Account. 

3. Determine Whether a Financial Institution Is a Nonparticipating 

Financial Institution Payments to Which Are Subject to Aggregate Reporting 

Under Subparagraph 1(b) of Article 4 of the Agreement.

a) Subject to subparagraph D(3)(b) of this section, a Reporting 

Jamaican Financial Institution may determine that the Account Holder is a 

Jamaican Financial Institution or other Partner Jurisdiction Financial 

Institution if the Reporting Jamaican Financial Institution reasonably 

determines that the Account Holder has such status on the basis of the 

Account Holder’s Global Intermediary Identification Number on the 

published IRS FFI list or other information that is publicly available or in 

the possession of the Reporting Jamaican Financial Institution, as 

applicable. In such case, no further review, identification, or reporting is 

required with respect to the account.

b) If the Account Holder is a Jamaican Financial Institution or other 

Partner Jurisdiction Financial Institution treated by the IRS as a 

Nonparticipating Financial Institution, then the account is not a U.S. 

Reportable Account, but payments to the Account Holder must be reported 

as contemplated in subparagraph 1(b) of Article 4 of the Agreement.

c) If the Account Holder is not a Jamaican Financial Institution or 

other Partner Jurisdiction Financial Institution, then the Reporting 

Jamaican Financial Institution must treat the Account Holder as a 

Nonparticipating Financial Institution payments to which are reportable 

under subparagraph 1(b) of Article 4 of the Agreement, unless the 

Reporting Jamaican Financial Institution:

(1) Obtains a self-certification (which may be on an IRS Form 

W-8 or similar agreed form) from the Account Holder that it is a 

certified deemed-compliant FFI, or an exempt beneficial owner, as 

those terms are defined in relevant U.S. Treasury Regulations; or

(2) In the case of a participating FFI or registered deemedcompliant FFI, verifies the Account Holder’s Global Intermediary 

Identification Number on the published IRS FFI list.
12

4. Determine Whether an Account Held by an NFFE Is a U.S. 

Reportable Account. With respect to an Account Holder of a Preexisting Entity 

Account that is not identified as either a U.S. Person or a Financial Institution, the 

Reporting Jamaican Financial Institution must identify (i) whether the Account 

Holder has Controlling Persons, (ii) whether the Account Holder is a Passive 

NFFE, and (iii) whether any of the Controlling Persons of the Account Holder is a 

U.S. citizen or resident. In making these determinations the Reporting Jamaican 

Financial Institution must follow the guidance in subparagraphs D(4)(a) through 

D(4)(d) of this section in the order most appropriate under the circumstances.

a) For purposes of determining the Controlling Persons of an Account 

Holder, a Reporting Jamaican Financial Institution may rely on 

information collected and maintained pursuant to AML/KYC Procedures.

b) For purposes of determining whether the Account Holder is a 

Passive NFFE, the Reporting Jamaican Financial Institution must obtain a 

self-certification (which may be on an IRS Form W-8 or W-9, or on a 

similar agreed form) from the Account Holder to establish its status, unless 

it has information in its possession or that is publicly available, based on 

which it can reasonably determine that the Account Holder is an Active 

NFFE.

c) For purposes of determining whether a Controlling Person of a 

Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting 

Jamaican Financial Institution may rely on: 

(1) Information collected and maintained pursuant to 

AML/KYC Procedures in the case of a Preexisting Entity Account 

held by one or more NFFEs with an account balance or value that 

does not exceed $1,000,000; or

(2) A self-certification (which may be on an IRS Form W-8 or 

W-9, or on a similar agreed form) from the Account Holder or such 

Controlling Person in the case of a Preexisting Entity Account held 

by one or more NFFEs with an account balance or value that 

exceeds $1,000,000. 

d) If any Controlling Person of a Passive NFFE is a U.S. citizen or 

resident, the account shall be treated as a U.S. Reportable Account.

E. Timing of Review and Additional Procedures Applicable to Preexisting 

Entity Accounts.

1. Review of Preexisting Entity Accounts with an account balance or value 

that exceeds $250,000 as of June 30, 2014 must be completed by June 30, 2016.
13

2. Review of Preexisting Entity Accounts with an account balance or value 

that does not exceed $250,000 as of June 30, 2014, but exceeds $1,000,000 as of 

December 31 of 2015 or any subsequent year, must be completed within six 

months after the last day of the calendar year in which the account balance or 

value exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting Entity 

Account that causes the Reporting Jamaican Financial Institution to know, or have 

reason to know, that the self-certification or other documentation associated with 

an account is incorrect or unreliable, the Reporting Jamaican Financial Institution

must redetermine the status of the account in accordance with the procedures set 

forth in paragraph D of this section.

V. New Entity Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial 

Institutions among Financial Accounts held by Entities and opened on or after July 1, 2014 

(“New Entity Accounts”). 

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. 

Unless the Reporting Jamaican Financial Institution elects otherwise, either with respect 

to all New Entity Accounts or, separately, with respect to any clearly identified group of 

such accounts, where the implementing rules in Jamaica provide for such election, a 

credit card account or a revolving credit facility treated as a New Entity Account is not 

required to be reviewed, identified, or reported, provided that the Reporting Jamaican 

Financial Institution maintaining such account implements policies and procedures to 

prevent an account balance owed to the Account Holder that exceeds $50,000.

B. Other New Entity Accounts. With respect to New Entity Accounts not described 

in paragraph A of this section, the Reporting Jamaican Financial Institution must 

determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Jamaican 

Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating 

FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined 

in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE. 

1. Subject to subparagraph B(2) of this section, a Reporting Jamaican 

Financial Institution may determine that the Account Holder is an Active NFFE, a 

Jamaican Financial Institution, or other Partner Jurisdiction Financial Institution if 

the Reporting Jamaican Financial Institution reasonably determines that the 

Account Holder has such status on the basis of the Account Holder’s Global 

Intermediary Identification Number or other information that is publicly available 

or in the possession of the Reporting Jamaican Financial Institution, as applicable. 

2. If the Account Holder is a Jamaican Financial Institution or other Partner 

Jurisdiction Financial Institution treated by the IRS as a Nonparticipating 

Financial Institution, then the account is not a U.S. Reportable Account, but 
14

payments to the Account Holder must be reported as contemplated in 

subparagraph 1(b) of Article 4 of the Agreement.

3. In all other cases, a Reporting Jamaican Financial Institution must obtain a 

self-certification from the Account Holder to establish the Account Holder’s 

status. Based on the self-certification, the following rules apply:

 

a) If the Account Holder is a Specified U.S. Person, the Reporting 

Jamaican Financial Institution must treat the account as a U.S. Reportable 

Account.

b) If the Account Holder is a Passive NFFE, the Reporting Jamaican 

Financial Institution must identify the Controlling Persons as determined 

under AML/KYC Procedures, and must determine whether any such 

person is a U.S. citizen or resident on the basis of a self-certification from 

the Account Holder or such person. If any such person is a U.S. citizen or 

resident, the Reporting Jamaican Financial Institution must treat the 

account as a U.S. Reportable Account.

c) If the Account Holder is: (i) a U.S. Person that is not a Specified 

U.S. Person; (ii) subject to subparagraph B(3)(d) of this section, a 

Jamaican Financial Institution or other Partner Jurisdiction Financial 

Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt 

beneficial owner, as those terms are defined in relevant U.S. Treasury 

Regulations; (iv) an Active NFFE; or (v) a Passive NFFE none of the

Controlling Persons of which is a U.S. citizen or resident, then the account 

is not a U.S. Reportable Account, and no reporting is required with respect 

to the account.

d) If the Account Holder is a Nonparticipating Financial Institution 

(including a Jamaican Financial Institution or other Partner Jurisdiction 

Financial Institution treated by the IRS as a Nonparticipating Financial 

Institution), then the account is not a U.S. Reportable Account, but 

payments to the Account Holder must be reported as contemplated in 

subparagraph 1(b) of Article 4 of the Agreement.

VI. Special Rules and Definitions. The following additional rules and definitions apply in 

implementing the due diligence procedures described above:

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting 

Jamaican Financial Institution may not rely on a self-certification or documentary 

evidence if the Reporting Jamaican Financial Institution knows or has reason to know 

that the self-certification or documentary evidence is incorrect or unreliable.
15

B. Definitions. The following definitions apply for purposes of this Annex I.

1. AML/KYC Procedures. “AML/KYC Procedures” means the customer due 

diligence procedures of a Reporting Jamaican Financial Institution pursuant to 

the anti-money laundering or similar requirements of Jamaica to which such 

Reporting Jamaican Financial Institution is subject. 

2. NFFE. An “NFFE” means any Non-U.S. Entity that is not an FFI as defined 

in relevant U.S. Treasury Regulations or is an Entity described in 

subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity 

that is established in Jamaica or another Partner Jurisdiction and that is not a 

Financial Institution.

3. Passive NFFE. A “Passive NFFE” means any NFFE that is not (i) an Active 

NFFE, or (ii) a withholding foreign partnership or withholding foreign trust 

pursuant to relevant U.S. Treasury Regulations.

4. Active NFFE. An “Active NFFE” means any NFFE that meets any of the 

following criteria:

a) Less than 50 percent of the NFFE’s gross income for the preceding 

calendar year or other appropriate reporting period is passive income 

and less than 50 percent of the assets held by the NFFE during the 

preceding calendar year or other appropriate reporting period are 

assets that produce or are held for the production of passive income;

b) The stock of the NFFE is regularly traded on an established securities 

market or the NFFE is a Related Entity of an Entity the stock of which 

is regularly traded on an established securities market;

c) The NFFE is organized in a U.S. Territory and all of the owners of the 

payee are bona fide residents of that U.S. Territory;

d) The NFFE is a government (other than the U.S. government), a 

political subdivision of such government (which, for the avoidance of 

doubt, includes a state, province, county, or municipality), or a public 

body performing a function of such government or a political 

subdivision thereof, a government of a U.S. Territory, an international 

organization, a non-U.S. central bank of issue, or an Entity wholly 

owned by one or more of the foregoing; 

e) Substantially all of the activities of the NFFE consist of holding (in 

whole or in part) the outstanding stock of, or providing financing and 

services to, one or more subsidiaries that engage in trades or 

businesses other than the business of a Financial Institution, except 

that an entity shall not qualify for NFFE status if the entity functions 
16

(or holds itself out) as an investment fund, such as a private equity 

fund, venture capital fund, leveraged buyout fund, or any investment 

vehicle whose purpose is to acquire or fund companies and then hold 

interests in those companies as capital assets for investment purposes;

f) The NFFE is not yet operating a business and has no prior operating 

history, but is investing capital into assets with the intent to operate a 

business other than that of a Financial Institution, provided that the 

NFFE shall not qualify for this exception after the date that is 24 

months after the date of the initial organization of the NFFE;

g) The NFFE was not a Financial Institution in the past five years, and is 

in the process of liquidating its assets or is reorganizing with the intent 

to continue or recommence operations in a business other than that of a 

Financial Institution;

h) The NFFE primarily engages in financing and hedging transactions 

with, or for, Related Entities that are not Financial Institutions, and 

does not provide financing or hedging services to any Entity that is not 

a Related Entity, provided that the group of any such Related Entities 

is primarily engaged in a business other than that of a Financial 

Institution;

i) The NFFE is an “excepted NFFE” as described in relevant U.S. Treasury 

Regulations; or

j) The NFFE meets all of the following requirements:

i. It is established and operated in its jurisdiction of residence 

exclusively for religious, charitable, scientific, artistic, cultural, 

athletic, or educational purposes; or it is established and operated 

in its jurisdiction of residence and it is a professional 

organization, business league, chamber of commerce, labor 

organization, agricultural or horticultural organization, civic 

league or an organization operated exclusively for the promotion 

of social welfare;

ii. It is exempt from income tax in its jurisdiction of residence; 

iii. It has no shareholders or members who have a proprietary or 

beneficial interest in its income or assets;

iv. The applicable laws of the NFFE’s jurisdiction of residence or 

the NFFE’s formation documents do not permit any income or 

assets of the NFFE to be distributed to, or applied for the benefit 

of, a private person or non-charitable Entity other than pursuant 

to the conduct of the NFFE’s charitable activities, or as payment 
17

of reasonable compensation for services rendered, or as payment 

representing the fair market value of property which the NFFE 

has purchased; and

v. The applicable laws of the NFFE’s jurisdiction of residence or 

the NFFE’s formation documents require that, upon the NFFE’s 

liquidation or dissolution, all of its assets be distributed to a 

governmental entity or other non-profit organization, or escheat 

to the government of the NFFE’s jurisdiction of residence or any 

political subdivision thereof.

5. Preexisting Account. A “Preexisting Account” means a Financial Account 

maintained by a [for Model 1A IGAs: Reporting Financial Institution][for 

Model 1B IGAs: Reporting Jamaican Financial Institution] as of June 30, 

2014.

C. Account Balance Aggregation and Currency Translation Rules.

1. Aggregation of Individual Accounts. For purposes of determining the 

aggregate balance or value of Financial Accounts held by an individual, a 

Reporting Jamaican Financial Institution is required to aggregate all Financial 

Accounts maintained by the Reporting Jamaican Financial Institution, or by a 

Related Entity, but only to the extent that the Reporting Jamaican Financial 

Institution’s computerized systems link the Financial Accounts by reference to a 

data element such as client number or taxpayer identification number, and allow 

account balances or values to be aggregated. Each holder of a jointly held 

Financial Account shall be attributed the entire balance or value of the jointly held 

Financial Account for purposes of applying the aggregation requirements 

described in this paragraph 1.

2. Aggregation of Entity Accounts. For purposes of determining the 

aggregate balance or value of Financial Accounts held by an Entity, a Reporting 

Jamaican Financial Institution is required to take into account all Financial 

Accounts that are maintained by the Reporting Jamaican Financial Institution, or 

by a Related Entity, but only to the extent that the Reporting Jamaican Financial 

Institution’s computerized systems link the Financial 

Accounts by reference to a data element such as client number or taxpayer 

identification number, and allow account balances or values to be aggregated.

3. Special Aggregation Rule Applicable to Relationship Managers. For 

purposes of determining the aggregate balance or value of Financial Accounts 

held by a person to determine whether a Financial Account is a High Value 

Account, a Reporting Jamaican Financial Institution is also required, in the case 

of any Financial Accounts that a relationship manager knows, or has reason to 

know, are directly or indirectly owned, controlled, or established (other than in a 

fiduciary capacity) by the same person, to aggregate all such accounts.
18

4. Currency Translation Rule. For purposes of determining the balance or 

value of Financial Accounts denominated in a currency other than the U.S. dollar, 

a Reporting Jamaican Financial Institution must convert the U.S. dollar threshold 

amounts described in this Annex I into such currency using a published spot rate 

determined as of the last day of the calendar year preceding the year in which the 

Reporting Jamaican Financial Institution is determining the balance or value.

D. Documentary Evidence. For purposes of this Annex I, acceptable documentary 

evidence includes any of the following:

1. A certificate of residence issued by an authorized government body (for 

example, a government or agency thereof, or a municipality) of the jurisdiction in 

which the payee claims to be a resident.

2. With respect to an individual, any valid identification issued by an 

authorized government body (for example, a government or agency thereof, or a 

municipality), that includes the individual’s name and is typically used for 

identification purposes.

3. With respect to an Entity, any official documentation issued by an 

authorized government body (for example, a government or agency thereof, or a 

municipality) that includes the name of the Entity and either the address of its 

principal office in the jurisdiction (or U.S. Territory) in which it claims to be a 

resident or the jurisdiction (or U.S. Territory) in which the Entity was 

incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction with antimoney laundering rules that have been approved by the IRS in connection with a 

QI agreement (as described in relevant U.S. Treasury Regulations), any of the 

documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s 

attachment to the QI agreement for identifying individuals or Entities.

5. Any financial statement, third-party credit report, bankruptcy filing, or 

U.S. Securities and Exchange Commission report.

E. Alternative Procedures for Financial Accounts Held by Individual 

Beneficiaries of a Cash Value Insurance Contract. A Reporting Jamaican Financial 

Institution may presume that an individual beneficiary (other than the owner) of a Cash 

Value Insurance Contract receiving a death benefit is not a Specified U.S. Person and 

may treat such Financial Account as other than a U.S. Reportable Account unless the 

Reporting Jamaican Financial Institution has actual knowledge, or reason to know, that 

the beneficiary is a Specified U.S. Person. A Reporting Jamaican Financial Institution

has reason to know that a beneficiary of a Cash Value Insurance Contract is a Specified 

U.S. Person if the information collected by the Reporting Jamaican Financial Institution

and associated with the beneficiary contains U.S. indicia as described in subparagraph 
19

(B)(1) of section II of this Annex I. If a Reporting Jamaican Financial Institution has 

actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person, the 

Reporting Jamaican Financial Institution must follow the procedures in subparagraph 

B(3) of section II of this Annex I.

F. Reliance on Third Parties. Regardless of whether an election is made under 

paragraph C of section I of this Annex I, Jamaica may permit Reporting Jamaican 

Financial Institutions to rely on due diligence procedures performed by third parties, to 

the extent provided in relevant U.S. Treasury Regulations.
1

Annex II

The following Entities shall be treated as exempt beneficial owners or deemed-compliant FFIs, 

as the case may be, and the following accounts are excluded from the definition of Financial 

Accounts.

This Annex II may be modified by a mutual written decision entered into between the Competent 

Authorities of Jamaica and the United States: (1) to include additional Entities and accounts that 

present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar 

characteristics to the Entities and accounts described in this Annex II as of the date of signature

of the Agreement; or (2) to remove Entities and accounts that, due to changes in circumstances, 

no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any such addition 

or removal shall be effective on the date of signature of the mutual decision, unless otherwise 

provided therein. Procedures for reaching such a mutual decision may be included in the mutual 

agreement or arrangement described in paragraph 6 of Article 3 of the Agreement.

I. Exempt Beneficial Owners other than Funds. The following Entities shall be treated as 

Non-Reporting Jamaican Financial Institutions and as exempt beneficial owners for purposes 

of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a 

payment that is derived from an obligation held in connection with a commercial financial 

activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or 

Depository Institution.

A. Governmental Entity. The government of Jamaica, any political subdivision of Jamaica

(which, for the avoidance of doubt, includes a state, province, county, or municipality), or 

any wholly owned agency or instrumentality of Jamaica or any one or more of the 

foregoing (each, a “Jamaican Governmental Entity”). This category is comprised of the 

integral parts, controlled entities, and political subdivisions of Jamaica.

1. An integral part of Jamaica means any person, organization, agency, bureau, fund, 

instrumentality, or other body, however designated, that constitutes a governing 

authority of Jamaica. The net earnings of the governing authority must be credited to 

its own account or to other accounts of Jamaica, with no portion inuring to the benefit 

of any private person. An integral part does not include any individual who is a 

sovereign, official, or administrator acting in a private or personal capacity. 

2. A controlled entity means an Entity that is separate in form from Jamaica or that 

otherwise constitutes a separate juridical entity, provided that:

a) The Entity is wholly owned and controlled by one or more Jamaican

Governmental Entities directly or through one or more controlled entities; 

b) The Entity’s net earnings are credited to its own account or to the accounts of one 

or more Jamaican Governmental Entities, with no portion of its income inuring to 

the benefit of any private person; and 
2

c) The Entity’s assets vest in one or more Jamaican Governmental Entities upon 

dissolution. 

3. Income does not inure to the benefit of private personsif such persons are the 

intended beneficiaries of a governmental program, and the program activities are 

performed for the general public with respect to the common welfare or relate to the 

administration of some phase of government. Notwithstanding the foregoing, 

however, income is considered to inure to the benefit of private persons if the income 

is derived from the use of a governmental entity to conduct a commercial business, 

such as a commercial banking business, that provides financial services to private 

persons.

B. International Organization. Any international organization or wholly owned agency or 

instrumentality thereof. This category includes any intergovernmental organization 

(including a supranational organization) (1) that is comprised primarily of non-U.S. 

governments; (2) that has in effect a headquarters agreement with Jamaica; and (3) the 

income of which does not inure to the benefit of private persons.

C. Central Bank. An institution that is by law or government sanction the principal 

authority, other than the government of Jamaica itself, issuing instruments intended to 

circulate as currency. Such an institution may include an instrumentality that is separate 

from the government of Jamaica, whether or not owned in whole or in part by Jamaica.

II. Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be treated 

as Non-Reporting Jamaican Financial Institutions and as exempt beneficial owners for 

purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Treaty-Qualified Retirement Fund. A fund established in Jamaica, provided that the 

fund is entitled to benefits under an income tax treaty between Jamaica and the United 

States on income that it derives from sources within the United States (or would be 

entitled to such benefits if it derived any such income) as a resident of Jamaica that 

satisfies any applicable limitation on benefits requirement, and is operated principally to

administer or provide pension or retirement benefits.

B. Broad Participation Retirement Fund. A fund established in Jamaica to provide 

retirement, disability, or death benefits, or any combination thereof, to beneficiaries that 

are current or former employees (or persons designated by such employees) of one or 

more employers in consideration for services rendered, provided that the fund:

1. Does not have a single beneficiary with a right to more than five percent of the fund’s 

assets; 

2. Is subject to government regulation and provides annual information reporting about 

its beneficiaries to the relevant tax authorities in Jamaica; and 

3. Satisfies at least one of the following requirements:
3

a) The fund is generally exempt from tax in Jamaica on investment income under the 

laws of Jamaica due to its status as a retirement or pension plan; 

b) The fund receives at least 50 percent of its total contributions (other than transfers 

of assets from other plans described in paragraphs A through D of this section or 

from retirement and pension accounts described in subparagraph A(1) of section 

V of this Annex II) from the sponsoring employers; 

c) Distributions or withdrawals from the fund are allowed only upon the occurrence 

of specified events related to retirement, disability, or death (except rollover 

distributions to other retirement funds described in paragraphs A through D of this 

section or retirement and pension accounts described in subparagraph A(1) of 

section V of this Annex II), or penalties apply to distributions or withdrawals 

made before such specified events; or

d) Contributions (other than certain permitted make-up contributions) by employees 

to the fund are limited by reference to earned income of the employee or may not 

exceed $50,000 annually, applying the rules set forth in Annex I for account 

aggregation and currency translation.

C. Narrow Participation Retirement Fund. A fund established in Jamaica to provide 

retirement, disability, or death benefits to beneficiaries that are current or former 

employees (or persons designated by such employees) of one or more employers in 

consideration for services rendered, provided that:

1. The fund has fewer than 50 participants; 

2. The fund is sponsored by one or more employers that are not Investment Entities or 

Passive NFFEs; 

3. The employee and employer contributions to the fund (other than transfers of assets 

from treaty-qualified retirement funds described in paragraph A of this section or 

retirement and pension accounts described in subparagraph A(1) of section V of this 

Annex II) are limited by reference to earned income and compensation of the 

employee, respectively; 

4. Participants that are not residents of Jamaica are not entitled to more than 20 percent 

of the fund’s assets; and 

5. The fund is subject to government regulation and provides annual information 

reporting about its beneficiaries to the relevant tax authorities in Jamaica.

D. Pension Fund of an Exempt Beneficial Owner. A fund established in Jamaica by an 

exempt beneficial owner to provide retirement, disability, or death benefits to 

beneficiaries or participants that are current or former employees of the exempt beneficial 
4

owner (or persons designated by such employees), or that are not current or former 

employees, if the benefits provided to such beneficiaries or participants are in 

consideration of personal services performed for the exempt beneficial owner.

E. Investment Entity Wholly Owned by Exempt Beneficial Owners. An Entity that is a

Jamaican Financial Institution solely because it is an Investment Entity, provided that 

each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and 

each direct holder of a debt interest in such Entity is either a Depository Institution (with 

respect to a loan made to such Entity) or an exempt beneficial owner.

III. Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant FFIs.

The following Financial Institutions are Non-Reporting Jamaican Financial Institutions that 

shall be treated as deemed-compliant FFIs for purposes of section 1471 of the U.S. Internal 

Revenue Code.

A. Financial Institution with a Local Client Base. A Financial Institution satisfying the 

following requirements:

1. The Financial Institution must be licensed and regulated as a financial institution 

under the laws of Jamaica; 

2. The Financial Institution must have no fixed place of business outside of Jamaica. 

For this purpose, a fixed place of business does not include a location that is not 

advertised to the public and from which the Financial Institution performs solely 

administrative support functions;

3. The Financial Institution must not solicit customers or Account Holders outside 

Jamaica. For this purpose, a Financial Institution shall not be considered to have 

solicited customers or Account Holders outside Jamaica merely because the Financial 

Institution (a) operates a website, provided that the website does not specifically 

indicate that the Financial Institution provides Financial Accounts or services to 

nonresidents, and does not otherwise target or solicit U.S. customers or Account 

Holders, or (b) advertises in print media or on a radio or television station that is 

distributed or aired primarily within Jamaica but is also incidentally distributed or 

aired in other countries, provided that the advertisement does not specifically indicate 

that the Financial Institution provides Financial Accounts or services to nonresidents, 

and does not otherwise target or solicit U.S. customers or Account Holders;

4. The Financial Institution must be required under the laws of Jamaica to identify 

resident Account Holders for purposes of either information reporting or withholding 

of tax due to the Jamaican tax authorities with respect to Financial Accounts held by 

residents or for purposes of satisfying Jamaica’s AML due diligence requirements;

5. At least 98 percent of the Financial Accounts by value maintained by the Financial 

Institution must be held by residents (including residents that are Entities) of Jamaica
5

6. Beginning on or before July 1, 2014, the Financial Institution must have policies and 

procedures, consistent with those set forth in Annex I, to prevent the Financial 

Institution from providing a Financial Account to any Nonparticipating Financial 

Institution and to monitor whether the Financial Institution opens or maintains a 

Financial Account for any Specified U.S. Person who is not a resident of Jamaica

(including a U.S. Person that was a resident of Jamaica when the Financial Account 

was opened but subsequently ceases to be a resident of Jamaica) or any Passive NFFE 

with Controlling Persons who are U.S. residents or U.S. citizens who are not residents 

of Jamaica; 

7. Such policies and procedures must provide that if any Financial Account held by a 

Specified U.S. Person who is not a resident of Jamaica or by a Passive NFFE with 

Controlling Persons who are U.S. residents or U.S. citizens who are not residents of 

Jamaica is identified, the Financial Institution must report such Financial Account as 

would be required if the Financial Institution were a Reporting Jamaican Financial 

Institution (including by following the applicable registration requirements on the IRS 

FATCA registration website) or close such Financial Account;

8. With respect to a Preexisting Account held by an individual who is not a resident of 

Jamaica or by an Entity, the Financial Institution must review those Preexisting 

Accounts in accordance with the procedures set forth in Annex I applicable to 

Preexisting Accounts to identify any U.S. Reportable Account or Financial Account 

held by a Nonparticipating Financial Institution, and must report such Financial 

Account as would be required if the Financial Institution were a Reporting Jamaican

Financial Institution (including by following the applicable registration requirements 

on the IRS FATCA registration website) or close such Financial Account;

9. Each Related Entity of the Financial Institution that is a Financial Institution must be 

incorporated or organized in Jamaica and, with the exception of any Related Entity 

that is a retirement fund described in paragraphs A through D of section II of this 

Annex II, satisfy the requirements set forth in this paragraph A; and 

10. The Financial Institution must not have policies or practices that discriminate against

opening or maintaining Financial Accounts for individuals who are Specified U.S.

Persons and residents of Jamaica.

B. Local Bank. A Financial Institution satisfying the following requirements:

1. The Financial Institution operates solely as (and is licensed and regulated under the 

laws of Jamaica as) (a) a bank or (b) a credit union or similar cooperative credit 

organization that is operated without profit;

2. The Financial Institution’s business consists primarily of receiving deposits from and 

making loans to, with respect to a bank, unrelated retail customers and, with respect 

to a credit union or similar cooperative credit organization, members, provided that 
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no member has a greater than five percent interest in such credit union or cooperative 

credit organization;

3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2)

and A(3) of this section, provided that, in addition to the limitations on the website 

described in subparagraph A(3) of this section, the website does not permit the 

opening of a Financial Account;

4. The Financial Institution does not have more than $175 million in assets on its 

balance sheet, and the Financial Institution and any Related Entities, taken together, 

do not have more than $500 million in total assets on their consolidated or combined 

balance sheets; and

5. Any Related Entity must be incorporated or organized in Jamaica, and any Related 

Entity that is a Financial Institution, with the exception of any Related Entity that is 

a retirement fund described in paragraphs A through D of section II of this Annex II

or a Financial Institution with only low-value accounts described in paragraph C of 

this section, must satisfy the requirements set forth in this paragraph B. 

C. Financial Institution with Only Low-Value Accounts. A Jamaican Financial 

Institution satisfying the following requirements:

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or any Related Entity

has a balance or value in excess of $50,000, applying the rules set forth in Annex I 

for account aggregation and currency translation; and 

3. The Financial Institution does not have more than $50 million in assets on its 

balance sheet, and the Financial Institution and any Related Entities, taken together, 

do not have more than $50 million in total assets on their consolidated or combined 

balance sheets. 

D. Qualified Credit Card Issuer. A Jamaican Financial Institution satisfying the following 

requirements:

1. The Financial Institution is a Financial Institution solely because it is an issuer of 

credit cards that accepts deposits only when a customer makes a payment in excess of 

a balance due with respect to the card and the overpayment is not immediately 

returned to the customer; and

2. Beginning on or before July 1, 2014, the Financial Institution implements policies and 

procedures to either prevent a customer deposit in excess of $50,000, or to ensure that 

any customer deposit in excess of $50,000, in each case applying the rules set forth in 

Annex I for account aggregation and currency translation, is refunded to the 

customer within 60 days. For this purpose, a customer deposit does not refer to credit 
7

balances to the extent of disputed charges but does include credit balances resulting 

from merchandise returns.

IV. Investment Entities that Qualify as Deemed-Compliant FFIs and Other Special Rules. 

The Financial Institutions described in paragraphs A through E of this section are NonReporting Jamaican Financial Institutions that shall be treated as deemed-compliant FFIs for 

purposes of section 1471 of the U.S. Internal Revenue Code. In addition, paragraph F of this 

section provides special rules applicable to an Investment Entity. 

A. Trustee-Documented Trust. A trust established under the laws of Jamaica to the extent 

that the trustee of the trust is a Reporting U.S. Financial Institution, Reporting Model 1 

FFI, or Participating FFI and reports all information required to be reported pursuant to 

the Agreement with respect to all U.S. Reportable Accounts of the trust.

B. Sponsored Investment Entity and Controlled Foreign Corporation. A Financial 

Institution described in subparagraph B(1) or B(2) of this section having a sponsoring 

entity that complies with the requirements of subparagraph B(3) of this section. 

1. A Financial Institution is a sponsored investment entity if (a) it is an Investment

Entity established in Jamaica that is not a qualified intermediary, withholding foreign 

partnership, or withholding foreign trust pursuant to relevant U.S. Treasury 

Regulations; and (b) an Entity has agreed with the Financial Institution to act as a 

sponsoring entity for the Financial Institution. 

2. A Financial Institution is a sponsored controlled foreign corporation if (a) the 

Financial Institution is a controlled foreign corporation1 organized under the laws of 

Jamaica that is not a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust pursuant to relevant U.S. Treasury Regulations; (b) the 

Financial Institution is wholly owned, directly or indirectly, by a Reporting U.S. 

Financial Institution that agrees to act, or requires an affiliate of the Financial 

Institution to act, as a sponsoring entity for the Financial Institution; and (c) the 

Financial Institution shares a common electronic account system with the sponsoring 

entity that enables the sponsoring entity to identify all Account Holders and payees of 

the Financial Institution and to access all account and customer information 

maintained by the Financial Institution including, but not limited to, customer 

identification information, customer documentation, account balance, and all 

payments made to the Account Holder or payee. 

 1 A “controlled foreign corporation” means any foreign corporation if more than 50 percent of the total combined 

voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of such 

corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the taxable 

year of such foreign corporation. The term a “United States shareholder” means, with respect to any foreign 

corporation, a United States person who owns, or is considered as owning, 10 percent or more of the total 

combined voting power of all classes of stock entitled to vote of such foreign corporation.
8

3. The sponsoring entity complies with the following requirements:

a) The sponsoring entity is authorized to act on behalf of the Financial Institution 

(such as a fund manager, trustee, corporate director, or managing partner) to 

fulfill applicable registration requirements on the IRS FATCA registration 

website; 

b) The sponsoring entity has registered as a sponsoring entity with the IRS on the 

IRS FATCA registration website; 

c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to 

the Financial Institution, the sponsoring entity registers the Financial Institution

pursuant to applicable registration requirements on the IRS FATCA registration 

website on or before the later of December 31, 2015 and the date that is 90 days 

after such a U.S. Reportable Account is first identified; 

d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all 

due diligence, withholding, reporting, and other requirements that the Financial 

Institution would have been required to perform if it were a Reporting Jamaican

Financial Institution; 

e) The sponsoring entity identifies the Financial Institution and includes the 

identifying number of the Financial Institution (obtained by following applicable 

registration requirements on the IRS FATCA registration website) in all reporting 

completed on the Financial Institution’s behalf; and 

f) The sponsoring entity has not had its status as a sponsor revoked.

C. Sponsored, Closely Held Investment Vehicle. A Jamaican Financial Institution 

satisfying the following requirements:

1. The Financial Institution is a Financial Institution solely because it is an Investment 

Entity and is not a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 

FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution 

(such as a professional manager, trustee, or managing partner), and agrees to perform,

on behalf of the Financial Institution, all due diligence, withholding, reporting, and 

other requirements that the Financial Institution would have been required to perform 

if it were a Reporting Jamaican Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehicle for 

unrelated parties; 
9

4. Twenty or fewer individuals own all of the debt interests and Equity Interests in the 

Financial Institution (disregarding debt interests owned by Participating FFIs and 

deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 

100 percent of the Equity Interests in the Financial Institution and is itself a sponsored 

Financial Institution described in this paragraph C); and

5. The sponsoring entity complies with the following requirements: 

a) The sponsoring entity has registered as a sponsoring entity with the IRS on the 

IRS FATCA registration website; 

b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all 

due diligence, withholding, reporting, and other requirements that the Financial 

Institution would have been required to perform if it were a Reporting Jamaican

Financial Institution and retains documentation collected with respect to the 

Financial Institution for a period of six years; 

c) The sponsoring entity identifies the Financial Institution in all reporting 

completed on the Financial Institution’s behalf; and 

d) The sponsoring entity has not had its status as a sponsor revoked. 

D. Investment Advisors and Investment Managers. An Investment Entity established in 

Jamaica that is a Financial Institution solely because it (1) renders investment advice to, 

and acts on behalf of, or (2) manages portfolios for, and acts on behalf of, a customer for 

the purposes of investing, managing, or administering funds deposited in the name of the 

customer with a Financial Institution other than a Nonparticipating Financial Institution.

E. Collective Investment Vehicle. An Investment Entity established in Jamaica that is 

regulated as a collective investment vehicle, provided that all of the interests in the 

collective investment vehicle (including debt interests in excess of $50,000) are held by 

or through one or more exempt beneficial owners, Active NFFEs described in 

subparagraph B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S. 

Persons, or Financial Institutions that are not Nonparticipating Financial Institutions. 

F. Special Rules. The following rules apply to an Investment Entity: 

1. With respect to interests in an Investment Entity that is a collective investment 

vehicle described in paragraph E of this section, the reporting obligations of any 

Investment Entity (other than a Financial Institution through which interests in the 

collective investment vehicle are held) shall be deemed fulfilled.

2. With respect to interests in: 

a) An Investment Entity established in a Partner Jurisdiction that is regulated as a 

collective investment vehicle, all of the interests in which (including debt interests 
10

in excess of $50,000) are held by or through one or more exempt beneficial 

owners, Active NFFEs described in subparagraph B(4) of section VI of Annex I, 

U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are 

not Nonparticipating Financial Institutions; or

b) An Investment Entity that is a qualified collective investment vehicle under 

relevant U.S. Treasury Regulations; 

the reporting obligations of any Investment Entity that is a Jamaican Financial 

Institution (other than a Financial Institution through which interests in the collective 

investment vehicle are held) shall be deemed fulfilled.

3. With respect to interests in an Investment Entity established in Jamaica that is not 

described in paragraph E or subparagraph F(2) of this section, consistent with [for 

Model 1A and Model 1B Non-Reciprocal IGAs: paragraph 3 of Article 5][for Model 

1B Standalone IGA: paragraph 4 of Article 5] of the Agreement, the reporting 

obligations of all other Investment Entities with respect to such interests shall be 

deemed fulfilled if the information required to be reported by the first-mentioned 

Investment Entity pursuant to the Agreement with respect to such interests is reported 

by such Investment Entity or another person.

4. [An Investment Entity established in Jamaica that is regulated as a collective 

investment vehicle shall not fail to qualify under paragraph E or subparagraph F(2) of 

this section, or otherwise as a deemed-compliant FFI, solely because the collective 

investment vehicle has issued physical shares in bearer form, provided that: 

a) The collective investment vehicle has not issued, and does not issue, any physical 

shares in bearer form after December 31, 2012; 

b) The collective investment vehicle retires all such shares upon surrender; 

c) The collective investment vehicle (or a Reporting Jamaican Financial Institution) 

performs the due diligence procedures set forth in Annex I and reports any 

information required to be reported with respect to any such shares when such 

shares are presented for redemption or other payment; and 

d) The collective investment vehicle has in place policies and procedures to ensure 

that such shares are redeemed or immobilized as soon as possible, and in any 

event prior to January 1, 2017.]

V. Accounts Excluded from Financial Accounts. The following accounts are excluded from 

the definition of Financial Accounts and therefore shall not be treated as U.S. Reportable 

Accounts.
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A. Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension account maintained in 

Jamaica that satisfies the following requirements under the laws of Jamaica.

a) The account is subject to regulation as a personal retirement account or is part of a 

registered or regulated retirement or pension plan for the provision of retirement 

or pension benefits (including disability or death benefits);

b) The account is tax-favored (i.e., contributions to the account that would otherwise 

be subject to tax under the laws of Jamaica are deductible or excluded from the 

gross income of the account holder or taxed at a reduced rate, or taxation of 

investment income from the account is deferred or taxed at a reduced rate);

c) Annual information reporting is required to the tax authorities in Jamaica with 

respect to the account;

d) Withdrawals are conditioned on reaching a specified retirement age, disability, or 

death, or penalties apply to withdrawals made before such specified events; and

e) Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a 

maximum lifetime contribution limit to the account of $1,000,000 or less, in each 

case applying the rules set forth in Annex I for account aggregation and currency 

translation. 

2. Non-Retirement Savings Accounts. An account maintained in Jamaica (other than an 

insurance or Annuity Contract) that satisfies the following requirements under the 

laws of Jamaica.

a) The account is subject to regulation as a savings vehicle for purposes other than 

for retirement;

b) The account is tax-favored (i.e., contributions to the account that would otherwise 

be subject to tax under the laws of Jamaica are deductible or excluded from the 

gross income of the account holder or taxed at a reduced rate, or taxation of 

investment income from the account is deferred or taxed at a reduced rate);

c) Withdrawals are conditioned on meeting specific criteria related to the purpose of 

the savings account (for example, the provision of educational or medical 

benefits), or penalties apply to withdrawals made before such criteria are met; and

d) Annual contributions are limited to $50,000 or less, applying the rules set forth in 

Annex I for account aggregation and currency translation.
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B. Certain Term Life Insurance Contracts. A life insurance contract maintained in 

Jamaica with a coverage period that will end before the insured individual attains age 90, 

provided that the contract satisfies the following requirements: 

1. Periodic premiums, which do not decrease over time, are payable at least annually 

during the period the contract is in existence or until the insured attains age 90, 

whichever is shorter;

2. The contract has no contract value that any person can access (by withdrawal, loan, or 

otherwise) without terminating the contract;

3. The amount (other than a death benefit) payable upon cancellation or termination of 

the contract cannot exceed the aggregate premiums paid for the contract, less the sum 

of mortality, morbidity, and expense charges (whether or not actually imposed) for 

the period or periods of the contract’s existence and any amounts paid prior to the 

cancellation or termination of the contract; and

4. The contract is not held by a transferee for value.

C. Account Held By an Estate. An account maintained in Jamaica that is held solely by an 

estate if the documentation for such account includes a copy of the deceased’s will or 

death certificate.

D. Escrow Accounts. An account maintained in Jamaica established in connection with any 

of the following: 

1. A court order or judgment.

2. A sale, exchange, or lease of real or personal property, provided that the account 

satisfies the following requirements:

a) The account is funded solely with a down payment, earnest money, deposit in an 

amount appropriate to secure an obligation directly related to the transaction, or a 

similar payment, or is funded with a financial asset that is deposited in the 

account in connection with the sale, exchange, or lease of the property; 

b) The account is established and used solely to secure the obligation of the 

purchaser to pay the purchase price for the property, the seller to pay any 

contingent liability, or the lessor or lessee to pay for any damages relating to the 

leased property as agreed under the lease;

c) The assets of the account, including the income earned thereon, will be paid or 

otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee 

(including to satisfy such person’s obligation) when the property is sold, 

exchanged, or surrendered, or the lease terminates;
13

d) The account is not a margin or similar account established in connection with a 

sale or exchange of a financial asset; and

e) The account is not associated with a credit card account. 

3. An obligation of a Financial Institution servicing a loan secured by real property to 

set aside a portion of a payment solely to facilitate the payment of taxes or insurance 

related to the real property at a later time.

4. An obligation of a Financial Institution solely to facilitate the payment of taxes at a 

later time.

E. Partner Jurisdiction Accounts. An account maintained in Jamaica and excluded from 

the definition of Financial Account under an agreement between the United States and 

another Partner Jurisdiction to facilitate the implementation of FATCA, provided that 

such account is subject to the same requirements and oversight under the laws of such 

other Partner Jurisdiction as if such account were established in that Partner Jurisdiction 

and maintained by a Partner Jurisdiction Financial Institution in that Partner Jurisdiction.

VI. Definitions. The following additional definitions apply to the descriptions above:

A. Reporting Model 1 FFI. The term Reporting Model 1 FFI means a Financial Institution 

with respect to which a non-U.S. government or agency thereof agrees to obtain and 

exchange information pursuant to a Model 1 IGA, other than a Financial Institution

treated as a Nonparticipating Financial Institution under the Model 1 IGA. For purposes

of this definition, the term Model 1 IGA means an arrangement between the United 

States or the Treasury Department and a non-U.S. government or one or more agencies 

thereof to implement FATCA through reporting by Financial Institutions to such nonU.S. government or agency thereof, followed by automatic exchange of such reported 

information with the IRS. 

B. Participating FFI. The term Participating FFI means a Financial Institution that has 

agreed to comply with the requirements of an FFI Agreement, including a Financial 

Institution described in a Model 2 IGA that has agreed to comply with the requirements 

of an FFI Agreement. The term Participating FFI also includes a qualified intermediary 

branch of a Reporting U.S. Financial Institution, unless such branch is a Reporting Model 

1 FFI. For purposes of this definition, the term FFI Agreement means an agreement that 

sets forth the requirements for a Financial Institution to be treated as complying with the 

requirements of section 1471(b) of the U.S. Internal Revenue Code. In addition, for 

purposes of this definition, the term Model 2 IGA means an arrangement between the 

United States or the Treasury Department and a non-U.S. government or one or more 

agencies thereof to facilitate the implementation of FATCA through reporting by 

Financial Institutions directly to the IRS in accordance with the requirements of an FFI 

Agreement, supplemented by the exchange of information between such non-U.S.

government or agency thereof and the IRS.