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The IGAs provide a different set of rules for residents of the relevant IGA jurisdiction, which largely trump the FATCA rules under the Code and the Treasury regulations.There are two basic model IGAs, Model 1 and Model 2. The Model 1 IGA allows financial institutions resident in countries with IGAs to satisfy their FATCA obligations by reporting the relevant information regarding their US owners and account holders directly to the designated authority in their country ofresidence, which then reports to the IRS. These financial institutions are not required to enter into an FFI agreement. There are two subtypes of the Model 1 IGA: a reciprocal Model 1a IGA, and a non-reciprocal Model 1b IGA. The Model 1b IGA is further divided into two versions: one for countries with an existing tax information exchange agreement (TIEA) or double tax convention (DTC), and one for those without. The Model 2 IGA differs from the Model 1 in that it is non-reciprocal and provides that financial institutions must report directly to and enter into an FFI agreement with the IRS; in addition, the resident country must enable financial institutions to collect and exchange the FATCA information required and to register with the IRS. Like the Model 1 iIGA, there are two subtypes of the Model 2 IGA: one for countries with an existing TIEA or DTC, and one for those without. The model IGAs also include two annexes, which are generally similar regardless of the IGA’s type.