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Greece signs bilateral FACTA with US

Greek FinMin Euclid Tsakalotos on Thursday signed a bilateral agreement with the United States for the implementation of America’s federal Foreign Account Tax Compliance Act (FATCA), as well as an MoC between the two sides.

US ambassador to Greece Geoffrey Pyatt signed on behalf of the American side.

According to the IRS’s website, FACTA “generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.”