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

Government of the Republic of Trinidad and Tobago to Improve International Tax 

Compliance and to Implement FATCA

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

Republic of Trinidad and Tobago (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 4 of the Agreement between the Government of the United States of 

America and the Government of the Republic of Trinidad and Tobago for the Exchange of 

Information with Respect to Taxes, done at Port of Spain on January 11, 1989 (the “TIEA”),

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 the Republic of Trinidad and Tobago is supportive of the 

underlying policy goal of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that Trinidad and Tobago 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 Trinidad and 

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

Republic of Trinidad and Tobago and pursuing equivalent levels of exchange, provided that 

the appropriate safeguards and infrastructure for an effective exchange relationship are in 

place;

Whereas, an intergovernmental approach to FATCA implementation would address legal 

impediments and reduce burdens for Trinidad and Tobago 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 TIEA, and subject to the confidentiality and other 

protections provided for therein, including the provisions limiting the use of the information 

exchanged under the TIEA;

Now, therefore, the Parties have agreed as follows:

Article 1

Definitions

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

following terms shall have the meanings set forth below:
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a) The term “United States” means the United States of America, including the 

States thereof, but 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 “Trinidad and Tobago” means the Republic of Trinidad and 

Tobago. 

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 Trinidad and Tobago, the Minister to whom the 

responsibility for Finance is assigned or his authorized representative. 

g) The term “Financial Institution” means a Custodial Institution, a 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 non-calendar 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;
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(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 “Trinidad and Tobago Financial Institution” means (i) any 

Financial Institution resident in Trinidad and Tobago, but excluding any 

branch of such Financial Institution that is located outside Trinidad and 

Tobago, and (ii) any branch of a Financial Institution not resident in Trinidad 

and Tobago, if such branch is located in Trinidad and Tobago.

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 Trinidad and 

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

context requires.

o) The term “Reporting Trinidad and Tobago Financial Institution” means 

any Trinidad and Tobago Financial Institution that is not a Non-Reporting 

Trinidad and Tobago 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 Trinidad and Tobago Financial Institution”

means any Trinidad and Tobago Financial Institution, or other Entity resident 

in Trinidad and Tobago, that is described in Annex II as a Non-Reporting 

Trinidad and Tobago Financial Institution or that otherwise qualifies as a 

deemed-compliant FFI or an exempt beneficial owner under relevant U.S. 

Treasury Regulations in effect on the date of signature of this Agreement.
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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 Trinidad and Tobago 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 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 noninvestmentlinked, 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” and shall be treated as a 

Financial Account 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 first

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

with respect to interests first 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 January 1, 2016.
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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 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 
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include an amount payable under an Insurance Contract as: 

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

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

Trinidad and Tobago Reportable Account, as the context requires.

bb) The term “Trinidad and Tobago 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 

Trinidad and Tobago 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 Trinidad and Tobago, 

including an Entity that certifies that it is resident in Trinidad and Tobago 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 Trinidad and Tobago 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 Value or change the beneficiary of the 

contract. If no person can access the Cash Value or change the beneficiary, the 
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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(ee) 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. 

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 
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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, Trinidad and 

Tobago 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 “Trinidad and Tobago TIN” means a Trinidad and Tobago

taxpayer identifying 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

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 4 of the TIEA.

2. The information to be obtained and exchanged is:

a) In the case of Trinidad and Tobago with respect to each U.S. Reportable 

Account of each Reporting Trinidad and Tobago 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 Non-U.S. 
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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 Trinidad and 

Tobago 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 Trinidad and Tobago Financial Institution acted as 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 

Trinidad and Tobago 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 Trinidad and Tobago

Reportable Account of each Reporting U.S. Financial Institution:

(1) the name, address, and Trinidad and Tobago TIN of any person that is a 
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resident of Trinidad and Tobago 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 Trinidad and Tobago, and the 

amount and characterization of payments made with respect to a Trinidad and Tobago

Reportable 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 Trinidad and Tobago:

(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;
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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 the Determination Date, and 

subject to paragraph 3 of Article 6 of this Agreement, the Parties are not required to obtain 

and include in the exchanged information the Trinidad and Tobago TIN 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 by the later of nine months after the end of the calendar 

year to which the information relates or the September 30th after the obligation of the Party 

to exchange information under Article 2 takes effect. 

6. The Competent Authorities of Trinidad and Tobago and the United States shall enter 

into an agreement or arrangement under the mutual agreement procedure provided for in 

Article 5 of the TIEA, which shall:

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 TIEA, 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 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 
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in paragraph 8 of this Article. Notwithstanding the foregoing, if the Trinidad and Tobago 

Competent Authority 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 Trinidad and Tobago has such safeguards and 

infrastructure in place, the obligation of Trinidad and Tobago to obtain and exchange 

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

notification provided by the Trinidad and Tobago Competent Authority to the U.S. 

Competent Authority pursuant to paragraph 8 of this Article. 

10. This Agreement shall terminate 12 months following entry into force 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 Trinidad and Tobago Financial Institutions

1. Treatment of Reporting Trinidad and Tobago Financial Institutions. Each

Reporting Trinidad and Tobago Financial Institution shall be treated as complying with, and 

not subject to withholding under, section 1471 of the U.S. Internal Revenue Code if Trinidad 

and Tobago complies with its obligations under Articles 2 and 3 of this Agreement with

respect to such Reporting Trinidad and Tobago Financial Institution, and the Reporting 

Trinidad and Tobago Financial Institution:

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

Tobago Competent Authority 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 Trinidad and Tobago 

Competent Authority 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 Trinidad and Tobago 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 

responsibility 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 Trinidad and Tobago 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 
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to any Nonparticipating Financial Institution, the Reporting Trinidad and 

Tobago 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 Trinidad and Tobago 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 

Trinidad and Tobago 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 Trinidad and Tobago 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 

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 Trinidad and Tobago 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, Trinidad and Tobago

retirement plans described in Annex II. For this purpose, a Trinidad and Tobago retirement 

plan includes an Entity established or located in, and regulated by, Trinidad and Tobago, 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 Trinidad and Tobago

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 Trinidad and Tobago

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 Trinidad and Tobago 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, such Trinidad and Tobago

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 Trinidad and Tobago 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 
14

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 

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 Trinidad and Tobago 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) Trinidad and Tobago 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) Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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, Trinidad and Tobago may use, and may permit Trinidad and 

Tobago 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 
15

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.

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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago. 

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

enhance the exchange relationship with Trinidad and Tobago 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. 
16

3. Documentation of Accounts Maintained as of the Determination Date. With 

respect to Reportable Accounts maintained by a Reporting Financial Institution as of the 

Determination Date:

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 Trinidad and Tobago TIN of each Account 

Holder of a Trinidad and Tobago Reportable Account as required pursuant to 

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

b) Trinidad and Tobago commits to establish, by January 1, 2017, for reporting 

with respect to 2017 and subsequent years, rules requiring Reporting Trinidad 

and Tobago 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. Trinidad and Tobago 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 Trinidad and 

Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 signing of the 

agreement incorporating the more favorable terms, unless Trinidad and Tobago declines in 

writing 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.

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.
17

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 Trinidad and Tobago’s written 

notification to the United States that Trinidad and Tobago 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, 2018, 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, this __ day of ________, 20__.

FOR THE GOVERNMENT OF THE 

UNITED STATES OF AMERICA:

FOR THE GOVERNMENT OF THE 

REPUBLIC OF TRINIDAD AND 

TOBAGO:
Annex I – 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. Trinidad and Tobago shall require that Reporting Trinidad and Tobago 

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 the 

Determination Date 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 the Determination Date, 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, 

Trinidad and Tobago may permit Reporting Trinidad and Tobago 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. Trinidad and Tobago may permit Reporting

Trinidad and Tobago 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). 
Annex I – 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 Trinidad and Tobago 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 Trinidad 

and Tobago 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 the 

Determination Date.

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 the Determination Date.

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

Contract or an Annuity Contract, provided the law or regulations of Trinidad 

and Tobago 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 Trinidad and Tobago requires reporting or 

withholding with respect to insurance products held by residents of Trinidad 

and Tobago).

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 the Determination Date, 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 Trinidad and Tobago

Financial Institution must review electronically searchable data maintained by 

the Reporting Trinidad and Tobago 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;
Annex I – 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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 

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: 
Annex I – 4

(a) The reason the Account Holder does not have 

such 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 Trinidad and Tobago 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 

non-U.S. status.

c) Where the Account Holder information contains standing 

instructions to transfer funds to an account maintained in the United 

States, the Reporting Trinidad and Tobago 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 

non-U.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 Trinidad 

and Tobago 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-U.S. status.
Annex I – 5

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 within two years from the 

Determination Date. 

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 Trinidad and Tobago 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 the Determination Date or 

December 31 of 2015 or Any Subsequent Year (“High Value Accounts”).

1. Electronic Record Search. The Reporting Trinidad and Tobago 

Financial Institution must review electronically searchable data maintained by 

the Reporting Trinidad and Tobago Financial Institution for any of the U.S. 

indicia described in subparagraph B(1) of this section.

2. Paper Record Search. If the Reporting Trinidad and Tobago 

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 Trinidad and Tobago 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 Trinidad and Tobago 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 

Trinidad and Tobago Financial Institution pursuant to AML/KYC 

Procedures or for other regulatory purposes;
Annex I – 6

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 Trinidad and Tobago Financial Institution is not required to perform 

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

Reporting Trinidad and Tobago 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 Trinidad and Tobago Financial 

Institution;

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

any, with the Reporting Trinidad and Tobago 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 Trinidad and Tobago 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 

Trinidad and Tobago 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 more U.S. indicia being associated with the account.
Annex I – 7

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 Trinidad and Tobago 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 the 

Determination Date, the Reporting Trinidad and Tobago Financial Institution 

must complete the enhanced review procedures described in paragraph D of 

this section with respect to such account within one year from the 

Determination Date. If based on this review such account is identified as a 

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

Trinidad and Tobago 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, the Reporting Trinidad and 

Tobago 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 

the Determination Date, but becomes a High Value Account as of the last day 

of 2015 or any subsequent calendar year, the Reporting Trinidad and Tobago

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 Trinidad and Tobago 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 Trinidad and Tobago Financial Institution applies the 

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

Value Account, the Reporting Trinidad and Tobago 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.
Annex I – 8

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 

Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 after the Determination Date (“New Individual Accounts”).

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

the Reporting Trinidad and Tobago 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 Trinidad and 

Tobago 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. 

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 
Annex I – 9

paragraph A of this section), the Reporting Trinidad and Tobago Financial Institution 

must obtain a self-certification, which may be part of the account opening 

documentation, that allows the Reporting Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago

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 Trinidad and Tobago Financial Institution 

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

or unreliable, the Reporting Trinidad and Tobago Financial Institution cannot 

rely on the original self-certification 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 Trinidad and Tobago Financial Institution 

is unable to obtain a valid self-certification, the Reporting Trinidad and 

Tobago 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 Trinidad and Tobago 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 

Trinidad and Tobago provide for such an election, a Preexisting Entity Account with 

an account balance or value that does not exceed $250,000 as of the Determination 

Date, 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.

 

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

an account balance or value that exceeds $250,000 as of the Determination Date, and 

a Preexisting Entity Account that does not exceed $250,000 as of the Determination 

Date 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 
Annex I – 10

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 Trinidad and Tobago Competent Authority.

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 Trinidad and Tobago 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 Trinidad and Tobago Financial Institution must 

treat the account as a U.S. Reportable Account unless it obtains a selfcertification 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 

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 Trinidad and Tobago 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.
Annex I – 11

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

Trinidad and Tobago Financial Institution may determine that the 

Account Holder is a Trinidad and Tobago Financial Institution or other

Partner Jurisdiction Financial Institution if the Reporting Trinidad and 

Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago Financial 

Institution or other Partner Jurisdiction Financial Institution, then the 

Reporting Trinidad and Tobago 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 Trinidad and Tobago 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.

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 Trinidad and Tobago 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 Trinidad and Tobago 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.
Annex I – 12

a) For purposes of determining the Controlling Persons of an 

Account Holder, a Reporting Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 the Determination Date must be completed 

within two years from the Determination Date.

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

value that does not exceed $250,000 as of the Determination Date, 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 Trinidad and Tobago 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 Trinidad and Tobago Financial Institution must redetermine the 
Annex I – 13

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 after the Determination 

Date (“New Entity Accounts”). 

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

Unless the Reporting Trinidad and Tobago 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 Trinidad 

and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago Financial 

Institution must determine whether the Account Holder is: (i) a Specified U.S. 

Person; (ii) a Trinidad and Tobago 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 Trinidad and 

Tobago Financial Institution may determine that the Account Holder is an 

Active NFFE, a Trinidad and Tobago Financial Institution, or other Partner 

Jurisdiction Financial Institution if the Reporting Trinidad and Tobago

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 Trinidad and Tobago Financial Institution, as applicable. 

2. If the Account Holder is a Trinidad and Tobago 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.

3. In all other cases, a Reporting Trinidad and Tobago 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 

Trinidad and Tobago Financial Institution must treat the account as a 

U.S. Reportable Account.
Annex I – 14

b) If the Account Holder is a Passive NFFE, the Reporting 

Trinidad and Tobago 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 Trinidad 

and Tobago 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 Trinidad and Tobago Financial Institution or other Partner 

Jurisdiction Financial Institution; (iii) a participating FFI, a deemedcompliant 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 Trinidad and Tobago 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 

Trinidad and Tobago Financial Institution may not rely on a self-certification or 

documentary evidence if the Reporting Trinidad and Tobago Financial Institution 

knows or has reason to know that the self-certification or documentary evidence is 

incorrect or unreliable.

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 Trinidad and Tobago Financial 

Institution pursuant to the anti-money laundering or similar requirements 

of Trinidad and Tobago to which such Reporting Trinidad and Tobago

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 Trinidad and Tobago or another Partner 

Jurisdiction and that is not a Financial Institution.
Annex I – 15

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 (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 
Annex I – 16

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 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 Reporting Financial Institution as of the 

Determination Date.

6. Determination Date. The “Determination Date” means the date, which 

may be prior to entry into force of this Agreement, on which the Treasury 
Annex I – 17

Department determines not to apply withholding under section 1471 of the 

U.S. Internal Revenue Code to Trinidad and Tobago Financial 

Institutions. That date is: (a) June 30, 2014, in the case of (i) a jurisdiction 

that signed an agreement with the United States to implement FATCA or 

facilitate FATCA implementation on or before June 30, 2014, or (ii) a 

jurisdiction that the Treasury Department determined reached such an 

agreement in substance on or before June 30, 2014, and is included on the 

Treasury Department list of such jurisdictions, (b) November 30, 2014, in 

the case of a jurisdiction that the Treasury Department determined reached 

such an agreement in substance on or after July 1, 2014, and on or before 

November 30, 2014, and is included on the Treasury Department list of 

such jurisdictions, or (c) the date of signature of such an agreement, in the 

case of any other jurisdiction. The Determination Date for Trinidad and 

Tobago is November 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 Trinidad and Tobago Financial Institution is required to aggregate 

all Financial Accounts maintained by the Reporting Trinidad and Tobago

Financial Institution, or by a Related Entity, but only to the extent that the 

Reporting Trinidad and Tobago 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 Trinidad and Tobago Financial Institution is required to take into 

account all Financial Accounts that are maintained by the Reporting Trinidad 

and Tobago Financial Institution, or by a Related Entity, but only to the extent 

that the Reporting Trinidad and Tobago 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 Trinidad and Tobago 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.
Annex I – 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 Trinidad and Tobago 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 Trinidad and Tobago 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 

anti-money 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 Trinidad and 

Tobago 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 Trinidad and Tobago Financial Institution 

has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. 

Person. A Reporting Trinidad and Tobago 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 Trinidad and Tobago Financial Institution and 

associated with the beneficiary contains U.S. indicia as described in subparagraph 

(B)(1) of section II of this Annex I. If a Reporting Trinidad and Tobago Financial 

Institution has actual knowledge, or reason to know, that the beneficiary is a Specified 
Annex I – 19

U.S. Person, the Reporting Trinidad and Tobago 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, Trinidad and Tobago may permit Reporting 

Trinidad and Tobago Financial Institutions to rely on due diligence procedures 

performed by third parties, to the extent provided in relevant U.S. Treasury 

Regulations.

G. Alternative Procedures for New Accounts Opened Prior to Entry Into 

Force of this Agreement.

1. Applicability. If Trinidad and Tobago has provided a written notice to 

the United States prior to entry into force of this Agreement that, as of the 

Determination Date, Trinidad and Tobago lacked the legal authority to require 

Reporting Trinidad and Tobago Financial Institutions either: (i) to require 

Account Holders of New Individual Accounts to provide the self-certification 

specified in section III of this Annex I, or (ii) to perform all the due diligence 

procedures related to New Entity Accounts specified in section V of this 

Annex I, then Reporting Trinidad and Tobago Financial Institutions may apply 

the alternative procedures described in subparagraph G(2) of this section, as 

applicable, to such New Accounts, in lieu of the procedures otherwise required 

under this Annex I. The alternative procedures described in subparagraph 

G(2) of this section shall be available only for those New Individual Accounts 

or New Entity Accounts, as applicable, opened prior to the earlier of: (i) the 

date Trinidad and Tobago has the ability to compel Reporting Trinidad and 

Tobago Financial Institutions to comply with the due diligence procedures 

described in section III or section V of this Annex I, as applicable, which date 

Trinidad and Tobago shall inform the United States of in writing by the date of 

entry into force of this Agreement, or (ii) the date of entry into force of this 

Agreement. If the alternative procedures for New Entity Accounts opened 

after the Determination Date, and before January 1, 2015, described in 

paragraph H of this section are applied with respect to all New Entity 

Accounts or a clearly identified group of such accounts, the alternative 

procedures described in this paragraph G may not be applied with respect to 

such New Entity Accounts. For all other New Accounts, Reporting Trinidad 

and Tobago Financial Institutions must apply the due diligence procedures 

described in section III or section V of this Annex I, as applicable, to 

determine if the account is a U.S. Reportable Account or an account held by a 

Nonparticipating Financial Institution.

2. Alternative Procedures. 

a) Within one year after the date of entry into force of this Agreement, 

Reporting Trinidad and Tobago Financial Institutions must: (i) with 

respect to a New Individual Account described in subparagraph 

G(1) of this section, request the self-certification specified in 

section III of this Annex I and confirm the reasonableness of such 

self-certification consistent with the procedures described in 

section III of this Annex I, and (ii) with respect to a New Entity 
Annex I – 20

Account described in subparagraph G(1) of this section, perform 

the due diligence procedures specified in section V of this Annex I 

and request information as necessary to document the account, 

including any self-certification, required by section V of this Annex 

I. 

b) Trinidad and Tobago must report on any New Account that is 

identified pursuant to subparagraph G(2)(a) of this section as a U.S. 

Reportable Account or as an account held by a Nonparticipating 

Financial Institution, as applicable, by the date that is the later of: 

(i) September 30 next following the date that the account is 

identified as a U.S. Reportable Account or as an account held by a 

Nonparticipating Financial Institution, as applicable, or (ii) 90 days 

after the account is identified as a U.S. Reportable Account or as an

account held by a Nonparticipating Financial Institution, as 

applicable. The information required to be reported with respect to 

such a New Account is any information that would have been 

reportable under this Agreement if the New Account had been 

identified as a U.S. Reportable Account or as an account held by a 

Nonparticipating Financial Institution, as applicable, as of the date 

the account was opened.

c) By the date that is one year after the date of entry into force of this 

Agreement, Reporting Trinidad and Tobago Financial Institutions 

must close any New Account described in subparagraph G(1) of 

this section for which it was unable to collect the required selfcertification or other documentation pursuant to the procedures 

described in subparagraph G(2)(a) of this section. In addition, by 

the date that is one year after the date of entry into force of this 

Agreement, Reporting Trinidad and Tobago Financial Institutions 

must: (i) with respect to such closed accounts that prior to such 

closure were New Individual Accounts (without regard to whether 

such accounts were High Value Accounts), perform the due 

diligence procedures specified in paragraph D of section II of this 

Annex I, or (ii) with respect to such closed accounts that prior to 

such closure were New Entity Accounts, perform the due diligence 

procedures specified in section IV of this Annex I.

d) Trinidad and Tobago must report on any closed account that is 

identified pursuant to subparagraph G(2)(c) of this section as a U.S. 

Reportable Account or as an account held by a Nonparticipating 

Financial Institution, as applicable, by the date that is the later of: 

(i) September 30 next following the date that the account is 

identified as a U.S. Reportable Account or as an account held by a 

Nonparticipating Financial Institution, as applicable, or (ii) 90 days 

after the account is identified as a U.S. Reportable Account or as an 

account held by a Nonparticipating Financial Institution, as 

applicable. The information required to be reported for such a 

closed account is any information that would have been reportable 

under this Agreement if the account had been identified as a U.S. 
Annex I – 21

Reportable Account or as an account held by a Nonparticipating 

Financial Institution, as applicable, as of the date the account was 

opened.

H. Alternative Procedures for New Entity Accounts Opened after the 

Determination Date, and before January 1, 2015. For New Entity Accounts 

opened after the Determination Date, and before January 1, 2015, either with respect 

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

of such accounts, Trinidad and Tobago may permit Reporting Trinidad and Tobago 

Financial Institutions to treat such accounts as Preexisting Entity Accounts and apply 

the due diligence procedures related to Preexisting Entity Accounts specified in 

section IV of this Annex I in lieu of the due diligence procedures specified in section 

V of this Annex I. In this case, the due diligence procedures of section IV of this 

Annex I must be applied without regard to the account balance or value threshold 

specified in paragraph A of section IV of this Annex I.
Annex II – 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 Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago, any political 

subdivision of Trinidad and Tobago (which, for the avoidance of doubt, includes a state, 

province, county, or municipality), or any wholly owned agency or instrumentality of 

Trinidad and Tobago or any one or more of the foregoing (each, a “Trinidad and Tobago

Governmental Entity”). This category is comprised of the integral parts, controlled 

entities, and political subdivisions of Trinidad and Tobago.

1. An integral part of Trinidad and Tobago means any person, organization, agency, 

bureau, fund, instrumentality, or other body, however designated, that constitutes a 

governing authority of Trinidad and Tobago. The net earnings of the governing 

authority must be credited to its own account or to other accounts of Trinidad and 

Tobago, 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 Trinidad and 

Tobago or that otherwise constitutes a separate juridical entity, provided that:

a) The Entity is wholly owned and controlled by one or more Trinidad and Tobago

Governmental Entities directly or through one or more controlled entities; 
Annex II – 2

b) The Entity’s net earnings are credited to its own account or to the accounts of one 

or more Trinidad and Tobago Governmental Entities, with no portion of its 

income inuring to the benefit of any private person; and 

c) The Entity’s assets vest in one or more Trinidad and Tobago 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 Trinidad and Tobago; 

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 Trinidad and Tobago itself, issuing instruments 

intended to circulate as currency. Such an institution may include an instrumentality that 

is separate from the government of Trinidad and Tobago, whether or not owned in whole

or in part by Trinidad and Tobago.

II. Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be treated 

as Non-Reporting Trinidad and Tobago 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 Trinidad and Tobago, 

provided that the fund is entitled to benefits under an income tax treaty between Trinidad 

and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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:
Annex II – 3

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 information reporting to the tax 

authorities in Trinidad and Tobago; and 

3. Satisfies at least one of the following requirements:

a) The fund is generally exempt from tax in Trinidad and Tobago on investment 

income under the laws of Trinidad and Tobago 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 Trinidad and Tobago 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; 
Annex II – 4

4. Participants that are not residents of Trinidad and Tobago are not entitled to more 

than 20 percent of the fund’s assets; and 

5. The fund is subject to government regulation and provides information reporting to 

the tax authorities in Trinidad and Tobago.

D. Pension Fund of an Exempt Beneficial Owner. A fund established in Trinidad and 

Tobago 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 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

Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago; 

2. The Financial Institution must have no fixed place of business outside of Trinidad and 

Tobago. 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 

Trinidad and Tobago. For this purpose, a Financial Institution shall not be considered 

to have solicited customers or Account Holders outside Trinidad and Tobago 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 Trinidad and Tobago 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;
Annex II – 5

4. The Financial Institution must be required under the laws of Trinidad and Tobago to 

identify resident Account Holders for purposes of either information reporting or 

withholding of tax with respect to Financial Accounts held by residents or for 

purposes of satisfying Trinidad and Tobago’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 Trinidad 

and Tobago; 

6. By the later of the Determination Date, or the date that the Financial Institution 

claims treatment as a deemed-compliant FFI pursuant to this paragraph A, 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 Trinidad and Tobago (including a U.S. Person that 

was a resident of Trinidad and Tobago when the Financial Account was opened but 

subsequently ceases to be a resident of Trinidad and Tobago) or any Passive NFFE 

with Controlling Persons who are U.S. residents or U.S. citizens who are not residents 

of Trinidad and Tobago; 

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 Trinidad and Tobago or by a Passive 

NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not 

residents of Trinidad and Tobago is identified, the Financial Institution must report 

such Financial Account as would be required if the Financial Institution were a 

Reporting Trinidad and Tobago 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 

Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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 
Annex II – 6

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 Trinidad and Tobago.

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 Trinidad and Tobago 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 

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 Trinidad and Tobago, 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 Trinidad and Tobago

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. 
Annex II – 7

D. Qualified Credit Card Issuer. A Trinidad and Tobago 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. By the later of the Determination Date, or the date that the Financial Institution 

claims treatment as a deemed-compliant FFI pursuant to this paragraph D, 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 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 Trinidad and Tobago Financial Institutions that shall be treated as deemedcompliant 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 Trinidad and Tobago

to the extent that the trustee of the trust is a Reporting U.S. Financial Institution,

Reporting Model 1 FFI, or Participating FFI and the trustee reports all information 

required to be reported pursuant to the Agreement as would be required if the trust were a 

Reporting Trinidad and Tobago Financial Institution (including by following the 

applicable registration requirements on the IRS FATCA registration website).

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 Trinidad and Tobago 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 

 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 
Annex II – 8

Trinidad and Tobago 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. 

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, 2016 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 Trinidad 

and Tobago 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 Trinidad and Tobago Financial 

Institution satisfying the following requirements:

 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.
Annex II – 9

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 Trinidad and Tobago Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehicle for 

unrelated parties;

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 Trinidad 

and Tobago 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 

Trinidad and Tobago 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 Trinidad and 

Tobago 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 
Annex II – 10

$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 

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 Trinidad and Tobago

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 Trinidad and Tobago

that is not described in paragraph E or subparagraph F(2) of this section, consistent 

with paragraph 3 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 Trinidad and Tobago 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; 
Annex II – 11

c) The collective investment vehicle (or a Reporting Trinidad and Tobago 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.

A. Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension account maintained in 

Trinidad and Tobago that satisfies the following requirements under the laws of 

Trinidad and Tobago.

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 Trinidad and Tobago 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 Trinidad and 

Tobago 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 Trinidad and Tobago

(other than an insurance or Annuity Contract) that satisfies the following 

requirements under the laws of Trinidad and Tobago.
Annex II – 12

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 Trinidad and Tobago 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.

B. Certain Term Life Insurance Contracts. A life insurance contract maintained in 

Trinidad and Tobago 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 Trinidad and Tobago 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 Trinidad and Tobago 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:
Annex II – 13

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;

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 Trinidad and Tobago 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 shall 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. 
Annex II – 14

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.