Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network.
So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA.
FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments.
Overseas tax authorities and financial institutions identify their accounts with a balance of more than $50,000 controlled by US customers and send the customer information to the Internal Revenue Service (IRS).
The IRS then compares the information with personal tax returns to make sure the taxpayers has declared their overseas earnings in full and paid the correct amount of tax.
FATCA enforcement started from July 1, 2014.
This is the latest list of countries and financial jurisdictions sending FATCA data to the IRS:
FATCA Tax Network Members – August 1, 2014
| Jursidiction | FATCA status | IGA category |
|---|---|---|
| Algeria (6-30-2014) | Agreed to join | Model1 IGA |
| Anguilla (6-30-2014) | Agreed to join | Model1 IGA |
| Antigua and Barbuda (6-3-2014) | Agreed to join | Model1 IGA |
| Armenia (5-8-2014) | Agreed to join | Model 2 IGA |
| Australia (4-28-2014) | Joined | Model1 IGA |
| Austria (4-29-2014) | Joined | Model2 IGA |
| Azerbaijan (5-16-2014) | Agreed to join | Model1 IGA |
| Bahamas (4-17-2014) | Agreed to join | Model1 IGA |
| Bahrain (6-30-2014) | Agreed to join | Model1 IGA |
| Barbados (5-27-2014) | Agreed to join | Model1 IGA |
| Belarus (6-6-2014) | Agreed to join | Model1 IGA |
| Belgium (4-23-2014) | Joined | Model1 IGA |
| Bermuda (12-19-2013) | Joined | Model2 IGA |
| Brazil (4-2-2014) | Agreed to join | Model1 IGA |
| British Virgin Islands (6-30-2014) | Joined | Model1 IGA |
| Bulgaria (4-23-2014) | Agreed to join | Model1 IGA |
| Cabo Verde (6-30-2014) | Agreed to join | Model1 IGA |
| Canada (2-5-2014) | Joined | Model1 IGA |
| Cayman Islands (11-29-2013) | Joined | Model1 IGA |
| Chile (3-5-2014) | Joined | Model2 IGA |
| China (6-26-2014) | Agreed to join | Model1 IGA |
| Colombia (4-23-2014) | Agreed to join | Model1 IGA |
| Costa Rica (11-26-2013) | Joined | Model1 IGA |
| Croatia (4-2-2014) | Agreed to join | Model1 IGA |
| Curaçao (4-30-2014) | Agreed to join | Model1 IGA |
| Cyprus (4-22-2014) | Agreed to join | Model1 IGA |
| Czech Republic (4-2-2014) | Agreed to join | Model1 IGA |
| Denmark (11-19-2012) | Joined | Model1 IGA |
| Dominica (6-19-2014) | Agreed to join | Model1 IGA |
| Dominican Republic (6-30-2014) | Agreed to join | Model1 IGA |
| Estonia (4-11-2014) | Joined | Model1 IGA |
| Finland (3-5-2014) | Joined | Model1 IGA |
| France (11-14-2013) | Joined | Model1 IGA |
| Georgia (6-12-201) | Agreed to join | Model1 IGA |
| Germany (5-31-2013) | Joined | Model1 IGA |
| Gibraltar (5-8-2014) | Joined | Model1 IGA |
| Greenland (6-29-2014) | Agreed to join | Model1 IGA |
| Grenada (6-16-2014) | Agreed to join | Model1 IGA |
| Guernsey (12-13-2013) | Joined | Model1 IGA |
| Guyana (6-24-2014) | Agreed to join | Model1 IGA |
| Haiti (6-30-2014) | Agreed to join | Model1 IGA |
| Honduras (3-31-2014) | Joined | Model1 IGA |
| Hong Kong (5-9-2014) | Agreed to join | Model 2 IGA |
| Hungary (2-4-2014) | Joined | Model1 IGA |
| India (4-11-2014) | Agreed to join | Model1 IGA |
| Indonesia (5-4-2014) | Agreed to join | Model1 IGA |
| Iraq (6-30-2014) | Agreed to join | Model 2 IGA |
| Ireland (1-23-2013) | Joined | Model1 IGA |
| Isle of Man (12-13-2013) | Joined | Model1 IGA |
| Israel (6-30-2014) | Joined | Model1 IGA |
| Italy (1-10-2014) | Joined | Model1 IGA |
| Jamaica (5-1-2014) | Joined | Model1 IGA |
| Japan (6-11-2013) | Joined | Model2 IGA |
| Jersey (12-13-2013) | Joined | Model1 IGA |
| Kosovo (4-2-2014) | Agreed to join | Model1 IGA |
| Kuwait (5-1-2014) | Agreed to join | Model1 IGA |
| Latvia (6-27-2014) | Joined | Model1 IGA |
| Liechtenstein (5-19-2014) | Joined | Model1 IGA |
| Lithuania (4-2-2014) | Agreed to join | Model1 IGA |
| Luxembourg (3-28-2014) | Joined | Model1 IGA |
| Malaysia (6-30-2014) | Agreed to join | Model1 IGA |
| Malta (12-16-2013) | Joined | Model1 IGA |
| Mauritius (12-27-2013) | Joined | Model1 IGA |
| Mexico (4-9-2014) | Joined | Model1 IGA |
| Moldova (6-30-2014) | Agreed to join | Model 2 IGA |
| Montenegro (6-30-2014) | Agreed to join | Model1 IGA |
| Netherlands (12-18-2013) | Joined | Model1 IGA |
| New Zealand (6-12-2014) | Joined | Model1 IGA |
| Nicaragua (6-30-2014) | Agreed to join | Model 2 IGA |
| Norway (4-15-2013) | Joined | Model1 IGA |
| Panama (5-1-2014) | Agreed to join | Model1 IGA |
| Paraguay (6-6-2014) | Agreed to join | Model 2 IGA |
| Peru (5-1-2014) | Agreed to join | Model1 IGA |
| Poland (4-2-2014) | Agreed to join | Model1 IGA |
| Portugal (4-2-2014) | Agreed to join | Model1 IGA |
| Qatar (4-2-2014) | Agreed to join | Model1 IGA |
| Romania (4-2-2014) | Agreed to join | Model1 IGA |
| San Marino (6-30-2014) | Agreed to join | Model 2 IGA |
| Saudi Arabia (6-24-2014) | Agreed to join | Model1 IGA |
| Serbia (6-30-2014) | Agreed to join | Model1 IGA |
| Seychelles (5-28-2014) | Agreed to join | Model1 IGA |
| Singapore (5-5-2014) | Agreed to join | Model1 IGA |
| Slovak Republic (4-11-2014) | Agreed to join | Model1 IGA |
| Slovenia (6-2-2014) | Joined | Model1 IGA |
| South Africa (6-9-2014) | Joined | Model1 IGA |
| South Korea (4-2-2014) | Agreed to join | Model1 IGA |
| Spain (5-14-2013) | Joined | Model1 IGA |
| St. Kitts and Nevis (6-4-2014) | Agreed to join | Model1 IGA |
| St. Lucia (6-12-2014) | Agreed to join | Model1 IGA |
| St. Vincent and the Grenadines (6-2-2014) | Agreed to join | Model1 IGA |
| Sweden (4-24-2014) | Agreed to join | Model1 IGA |
| Switzerland (2-14-2013) | Joined | Model2 IGA |
| Taiwan (6-23-2014) | Agreed to join | Model 2 IGA |
| Thailand (6-24-2014) | Agreed to join | Model1 IGA |
| Turkey (6-3-2014) | Agreed to join | Model1 IGA |
| Turkmenistan (6-3-2014) | Agreed to join | Model1 IGA |
| Turks and Caicos Islands (5-12-2014) | Agreed to join | Model1 IGA |
| Ukraine (6-26-2014) | Agreed to join | Model1 IGA |
| United Arab Emirates (5-21-2014) | Agreed to join | Model1 IGA |
| United Kingdom (9-12-2012) | Joined | Model1 IGA |
| Uzbekistan (6-30-2014) | Agreed to join | Model1 IGA |
| Source: US Internal Revenue Service |
The rules of the road in Canada, and the EU have not been finally written for FATCA. Court cases will ultimately find FATCA unconstitutional for dual citizens.
Also FATCA will be watered down in future due to the de-dollarization of Asia which is taking place before our eyes.
FATCA will turn out to be a short term gain for the US with long term pain.
I wish there was one Congressman who shared this view. These imbeciles are reluctant to part
with even a penny of tax income, regardless if it costs a dollar to get that one penny unfortunately
Does anyone have any positive information regarding the anti US FATCA effort
by attorney Jim Bopp? I’m beginning to suspect Mr Bopp is full of hot air and taking
all those affected for a ride. Also feel a grand opportunity is being missed by opening
a second front along with the Canadian lawsuit.
Hey Jim Atkins, why don’t you write an article on
What people really think of FATCA. Write about how all these financial institutions
We’re bullied into this. Write about how all got pussy-whipped into falling in line
Especially Americas main poodle the UK. Gutless eunuchs in parliament. Every UK CITIZEN
should be ashamed how Cameron just bent and withered to US will. I can just picture him , drawers down. Cheeks spread wide asking Obama for more American love. What disgrace.