Abstract
Israel is going to exchange financial account information with the USA and, eventually, other countries as well. As a result, it is imperative that all trusts be certain of their status under the Foreign Account Tax Compliance Act (FATCA). On 1 August 2016, the Finance Committee confirmed Israel’s Regulations (‘Regulations’) implementing the FATCA Intergovernmental Agreement (IGA) signed between Israel and the USA in 2014. A request was filed with the Israeli High Court of Justice in January 2016 seeking to prohibit the Israeli tax authorities from sharing details of financial accounts with the US Internal Revenue Service (IRS). The Court denied that request on 12 September 2016. As a result, Israeli trust structures, if they have not done so already, must determine which entities in the structure have FATCA registration, due diligence, and reporting requirements.
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