The list of international financial institutions signing up to comply with the US Foreign Account Tax Compliance Act (FATCA) is still growing.
Another 3,734 registered as FATCA compliant during March, taking the total number to 160,010 from 227 financial jurisdictions – up from 156,276 in February.
Every organisation listed has pledged to report the financial details of US resident taxpayers and US expats controlling bank accounts or investments to the IRS annually.
China and Russia have both seen more than 1,000 financial institutions each register under FATCA.
Russia threatened to stay outside the network, but later recanted and offered to sign a treaty with the US, which was declined as part of the West’s economic sanctions against Moscow due to the military incursion into the Ukraine and the annexation of The Crimea.
Tax compliance
Forcing Russia’s banks and financial institutions to individually sign up to FATCA rather than allowing them to report through the Moscow tax authority adds considerable costs to compliance.
China was also reluctant to join, but the government in Beijing realised efforts to make the yuan a world currency would be affected by non-compliance. Although not signing a direct treaty with Washington, the government is fully complying with FATCA.
Under FATCA, each financial institution on the list must tell the Internal Revenue Service (IRS) the financial details of each US resident with holding accounts or investments of $50,000 or more. The threshold is $200,000 for expats.
| FATCA List - April 1, 2015 | |
|---|---|
| COUNTRY | FATCA REGISTRATIONS |
| CAYMAN ISLANDS | 29040 |
| UNITED KINGDOM | 22741 |
| LUXEMBOURG | 7595 |
| BRAZIL | 5183 |
| VIRGIN ISLANDS (BRITISH) | 5176 |
| GUERNSEY | 4855 |
| SWITZERLAND | 4852 |
| FRANCE | 4441 |
| JERSEY | 4339 |
| CANADA | 4197 |
| IRELAND | 3966 |
| GERMANY | 3917 |
| JAPAN | 3654 |
| NETHERLANDS | 3289 |
| AUSTRALIA | 3235 |
| AUSTRIA | 3044 |
| HONG KONG | 2874 |
| BERMUDA | 2245 |
| MAURITIUS | 2135 |
| GIBRALTAR | 2062 |
| SINGAPORE | 1879 |
| THAILAND | 1506 |
| SPAIN | 1401 |
| ITALY | 1272 |
| NEW ZEALAND | 1256 |
| RUSSIAN FEDERATION | 1117 |
| SOUTH KOREA | 1077 |
| CHINA | 1021 |
| ISLE OF MAN | 1003 |
| LIECHTENSTEIN | 998 |
| BAHAMAS | 939 |
| TAIWAN | 885 |
| MALTA | 849 |
| PANAMA | 842 |
| UNITED STATES | 836 |
| OTHER | 833 |
| CYPRUS | 830 |
| SOUTH AFRICA | 750 |
| INDIA | 739 |
| SWEDEN | 721 |
| ISRAEL | 711 |
| FINLAND | 690 |
| MEXICO | 651 |
| ARGENTINA | 550 |
| NORWAY | 549 |
| MALAYSIA | 531 |
| INDONESIA | 470 |
| POLAND | 433 |
| UNITED ARAB EMIRATES | 414 |
| CHILE | 382 |
| HUNGARY | 376 |
| DENMARK | 362 |
| BELGIUM | 354 |
| PORTUGAL | 350 |
| SAINT VINCENT AND THE GRENADINES | 312 |
| CURACAO | 284 |
| BELIZE | 270 |
| BAHRAIN | 248 |
| TURKEY | 247 |
| COLOMBIA | 238 |
| EGYPT | 238 |
| SAUDI ARABIA | 235 |
| CZECH REPUBLIC | 223 |
| PHILIPPINES | 220 |
| UKRAINE | 217 |
| KUWAIT | 212 |
| PERU | 205 |
| BULGARIA | 183 |
| BARBADOS | 182 |
| SAINT KITTS AND NEVIS | 181 |
| URUGUAY | 169 |
| SEYCHELLES | 169 |
| GREECE | 161 |
| LEBANON | 159 |
| ANGUILLA | 152 |
| VIET NAM | 150 |
| PAKISTAN | 147 |
| COSTA RICA | 143 |
| MOROCCO | 143 |
| MONACO | 137 |
| ROMANIA | 135 |
| COOK ISLANDS | 133 |
| DOMINICAN REPUBLIC | 118 |
| MARSHALL ISLANDS | 116 |
| KAZAKHSTAN | 99 |
| CAMBODIA | 92 |
| NIGERIA | 92 |
| BANGLADESH | 90 |
| SLOVAKIA | 88 |
| CROATIA | 88 |
| SAINT LUCIA | 85 |
| GUATEMALA | 84 |
| MACAO | 84 |
| TRINIDAD AND TOBAGO | 81 |
| TUNISIA | 79 |
| VENEZUELA, BOLIVARIAN REPUBLIC OF | 79 |
| KENYA | 77 |
| JORDAN | 77 |
| LIBERIA | 74 |
| TURKS AND CAICOS ISLANDS | 72 |
| BELARUS | 72 |
| QATAR | 71 |
| EL SALVADOR | 71 |
| AZERBAIJAN | 70 |
| SRI LANKA | 66 |
| IRAQ | 63 |
| SLOVENIA | 61 |
| JAMAICA | 57 |
| LATVIA | 57 |
| SAMOA | 55 |
| GHANA | 54 |
| HONDURAS | 53 |
| BOSNIA AND HERZEGOVINA | 49 |
| SERBIA | 47 |
| NAMIBIA | 45 |
| ESTONIA | 43 |
| ANTIGUA AND BARBUDA | 41 |
| BOLIVIA | 39 |
| PARAGUAY | 39 |
| LITHUANIA | 39 |
| NEPAL | 37 |
| ECUADOR | 36 |
| ARMENIA | 36 |
| WEST BANK AND GAZA | 35 |
| ANDORRA | 35 |
| OMAN | 34 |
| GRENADA | 33 |
| COTE D'IVOIRE | 33 |
| BOTSWANA | 32 |
| TAJIKISTAN | 32 |
| TANZANIA | 31 |
| MOLDOVA | 30 |
| KYRGYZSTAN | 30 |
| GEORGIA | 30 |
| UGANDA | 29 |
| MACEDONIA | 27 |
| ANGOLA | 27 |
| BRUNEI DARUSSALAM | 25 |
| ZAMBIA | 24 |
| DOMINICA | 24 |
| HAITI | 23 |
| ETHIOPIA | 23 |
| MYANMAR | 23 |
| MONGOLIA | 23 |
| SENEGAL | 22 |
| LAOS | 22 |
| ICELAND | 22 |
| NICARAGUA | 21 |
| ALBANIA | 20 |
| ARUBA | 20 |
| LIBYA | 20 |
| YEMEN | 20 |
| MOZAMBIQUE | 19 |
| RWANDA | 18 |
| SINT MAARTEN (DUTCH PART) | 18 |
| CAMEROON | 18 |
| SAN MARINO | 18 |
| DEMOCRATIC REPUBLIC OF THE CONGO | 18 |
| BRITISH INDIAN OCEAN TERRITORY | 16 |
| BENIN | 16 |
| CAPE VERDE | 16 |
| MAURITANIA | 15 |
| GAMBIA | 14 |
| MALAWI | 13 |
| MONTENEGRO | 13 |
| AFGHANISTAN | 13 |
| TURKMENISTAN | 12 |
| MALI | 12 |
| MONTSERRAT | 12 |
| BONAIRE, SINT EUSTATIUS AND SABA | 12 |
| GUINEA | 12 |
| ZIMBABWE | 12 |
| SWAZILAND | 12 |
| GUYANA | 11 |
| VANUATU | 11 |
| SURINAME | 11 |
| TOGO | 11 |
| SIERRA LEONE | 10 |
| BURUNDI | 10 |
| GABON | 9 |
| BURKINA FASO | 9 |
| MADAGASCAR | 9 |
| SOUTH SUDAN | 8 |
| UZBEKISTAN | 8 |
| SUDAN | 8 |
| CONGO | 7 |
| MALDIVES | 7 |
| SAO TOME AND PRINCIPE | 7 |
| NIGER | 7 |
| CENTRAL AFRICAN REPUBLIC | 6 |
| EQUATORIAL GUINEA | 6 |
| ALGERIA | 6 |
| FIJI | 6 |
| LESOTHO | 6 |
| NEW CALEDONIA | 5 |
| PAPUA NEW GUINEA | 5 |
| CHAD | 5 |
| FRENCH POLYNESIA | 4 |
| SOLOMON ISLANDS | 4 |
| COMOROS | 4 |
| PUERTO RICO | 4 |
| GUAM | 4 |
| DJIBOUTI | 4 |
| TIMOR-LESTE | 3 |
| BOUVET ISLAND | 3 |
| GREENLAND | 3 |
| TONGA | 2 |
| SAINT MARTIN (FRENCH PART) | 2 |
| VIRGIN ISLANDS (US) | 2 |
| FRENCH SOUTHERN TERRITORIES | 1 |
| BHUTAN | 1 |
| HOLY SEE (VATICAN CITY STATE) | 1 |
| NORTH KOREA | 1 |
| ALAND ISLANDS | 1 |
| FEDERATED STATES OF MICRONESIA | 1 |
| SOMALIA | 1 |
| WALLIS AND FUTUNA | 1 |
| FALKLAND ISLANDS (MALVINAS) | 1 |
| KIRIBATI | 1 |
| NORTHERN MARIANA ISLANDS | 1 |
| GUINEA-BISSAU | 1 |
| GUADELOUPE | 1 |
| SAINT PIERRE AND MIQUELON | 1 |
| REUNION | 1 |
| MARTINIQUE | 1 |
| UNITED STATES MINOR OUTLYING ISLANDS | 1 |
| PALAU | 1 |
| Grand Total | 160010 |
| Source: US Internal Revenue Service | |
| FATCA List Top 30 - April 1, 2015 | |
|---|---|
| COUNTRY | FATCA REGISTRATIONS |
| CAYMAN ISLANDS | 29040 |
| UNITED KINGDOM | 22741 |
| LUXEMBOURG | 7595 |
| BRAZIL | 5183 |
| VIRGIN ISLANDS (BRITISH) | 5176 |
| GUERNSEY | 4855 |
| SWITZERLAND | 4852 |
| FRANCE | 4441 |
| JERSEY | 4339 |
| CANADA | 4197 |
| IRELAND | 3966 |
| GERMANY | 3917 |
| JAPAN | 3654 |
| NETHERLANDS | 3289 |
| AUSTRALIA | 3235 |
| AUSTRIA | 3044 |
| HONG KONG | 2874 |
| BERMUDA | 2245 |
| MAURITIUS | 2135 |
| GIBRALTAR | 2062 |
| SINGAPORE | 1879 |
| THAILAND | 1506 |
| SPAIN | 1401 |
| ITALY | 1272 |
| NEW ZEALAND | 1256 |
| RUSSIAN FEDERATION | 1117 |
| SOUTH KOREA | 1077 |
| CHINA | 1021 |
| ISLE OF MAN | 1003 |
| Grand Total | 134372 |
| Source: US Internal Revenue Service |
