A global financial imbalance is becoming apparent in the number of financial institutions signing up for the US Foreign Account Tax Compliance Act (FATCA).
FATCA demands any overseas financial organisation handling cash or assets controlled by US taxpayers.
Another 2,479 organisations registered with the Internal Revenue Service (IRS) to confirm they will make detailed reports about the finances of their US clients.
That figure takes the global total to 156,276 registered financial institutions – an increase of 2,479 during February.
FATCA rift
Although, 226 financial jurisdictions have FATCA registered organisations, only 27 have more than a thousand registrations and only two have more than 10,000 – The Cayman Islands with 28,599 and the UK with 22337.
Together, the top two account for a third of FATCA registrations, while the centres with more than a thousand registrations comprise 82% of the total.
However, 52 financial centres have 10 or less registrations, totalling 230 organisations or just 0.1% of the FATCA list.
The next FATCA list is due for publication by the IRS on April 1, 2015.
| FATCA Jurisdictions - 1000+ registrations - March 1, 2015 | |
|---|---|
| Financial jurisdiction | FATCA registrations |
| CAYMAN ISLANDS | 28559 |
| UNITED KINGDOM | 22337 |
| LUXEMBOURG | 7436 |
| BRAZIL | 5129 |
| VIRGIN ISLANDS (BRITISH) | 4997 |
| SWITZERLAND | 4797 |
| GUERNSEY | 4783 |
| JERSEY | 4260 |
| CANADA | 4149 |
| GERMANY | 3872 |
| FRANCE | 3805 |
| IRELAND | 3805 |
| JAPAN | 3656 |
| NETHERLANDS | 3232 |
| AUSTRALIA | 3187 |
| AUSTRIA | 3043 |
| HONG KONG | 2866 |
| BERMUDA | 2140 |
| MAURITIUS | 2096 |
| GIBRALTAR | 2052 |
| SINGAPORE | 1853 |
| THAILAND | 1463 |
| SPAIN | 1400 |
| ITALY | 1265 |
| NEW ZEALAND | 1225 |
| RUSSIAN FEDERATION | 1098 |
| CHINA | 1011 |
| Grand Total | 129516 |
| Source: IRS | |
| FATCA List - March 01, 2015 | |
|---|---|
| Financial jurisdiction | FATCA registrations |
| AFGHANISTAN | 12 |
| ALAND ISLANDS | 1 |
| ALBANIA | 20 |
| ALGERIA | 6 |
| ANDORRA | 35 |
| ANGOLA | 26 |
| ANGUILLA | 154 |
| ANTIGUA AND BARBUDA | 41 |
| ARGENTINA | 540 |
| ARMENIA | 36 |
| ARUBA | 20 |
| AUSTRALIA | 3187 |
| AUSTRIA | 3043 |
| AZERBAIJAN | 71 |
| BAHAMAS | 917 |
| BAHRAIN | 247 |
| BANGLADESH | 87 |
| BARBADOS | 182 |
| BELARUS | 72 |
| BELGIUM | 353 |
| BELIZE | 261 |
| BENIN | 16 |
| BERMUDA | 2140 |
| BHUTAN | 1 |
| BOLIVIA, PLURINATIONAL STATE OF | 39 |
| BONAIRE, SINT EUSTATIUS AND SABA | 12 |
| BOSNIA AND HERZEGOVINA | 46 |
| BOTSWANA | 32 |
| BOUVET ISLAND | 3 |
| BRAZIL | 5129 |
| BRITISH INDIAN OCEAN TERRITORY | 16 |
| BRUNEI DARUSSALAM | 25 |
| BULGARIA | 183 |
| BURKINA FASO | 9 |
| BURUNDI | 10 |
| CAMBODIA | 92 |
| CAMEROON | 18 |
| CANADA | 4149 |
| CAPE VERDE | 16 |
| CAYMAN ISLANDS | 28559 |
| CENTRAL AFRICAN REPUBLIC | 6 |
| CHAD | 5 |
| CHILE | 387 |
| CHINA | 1011 |
| COLOMBIA | 237 |
| COMOROS | 4 |
| CONGO | 7 |
| CONGO, DEMOCRATIC REPUBLIC OF THE | 16 |
| COOK ISLANDS | 100 |
| COSTA RICA | 141 |
| COTE D'IVOIRE | 33 |
| CROATIA | 88 |
| CURACAO | 282 |
| CYPRUS | 773 |
| CZECH REPUBLIC | 205 |
| DENMARK | 357 |
| DJIBOUTI | 4 |
| DOMINICA | 24 |
| DOMINICAN REPUBLIC | 114 |
| ECUADOR | 36 |
| EGYPT | 229 |
| EL SALVADOR | 72 |
| EQUATORIAL GUINEA | 6 |
| ESTONIA | 43 |
| ETHIOPIA | 18 |
| FALKLAND ISLANDS (MALVINAS) | 1 |
| FIJI | 6 |
| FINLAND | 686 |
| FRANCE | 3805 |
| FRENCH POLYNESIA | 4 |
| FRENCH SOUTHERN TERRITORIES | 1 |
| GABON | 9 |
| GAMBIA | 14 |
| GEORGIA | 30 |
| GERMANY | 3872 |
| GHANA | 56 |
| GIBRALTAR | 2052 |
| GREECE | 160 |
| GREENLAND | 3 |
| GRENADA | 33 |
| GUADELOUPE | 1 |
| GUAM | 4 |
| GUATEMALA | 82 |
| GUERNSEY | 4783 |
| GUINEA | 12 |
| GUINEA-BISSAU | 1 |
| GUYANA | 11 |
| HAITI | 23 |
| HOLY SEE (VATICAN CITY STATE) | 1 |
| HONDURAS | 52 |
| HONG KONG | 2866 |
| HUNGARY | 376 |
| ICELAND | 21 |
| INDIA | 724 |
| INDONESIA | 461 |
| IRAQ | 62 |
| IRELAND | 3805 |
| ISLE OF MAN | 997 |
| ISRAEL | 694 |
| ITALY | 1265 |
| JAMAICA | 56 |
| JAPAN | 3656 |
| JERSEY | 4260 |
| JORDAN | 73 |
| KAZAKHSTAN | 97 |
| KENYA | 74 |
| KIRIBATI | 1 |
| KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF | 2 |
| KOREA, REPUBLIC OF | 671 |
| KUWAIT | 212 |
| KYRGYZSTAN | 30 |
| LAO PEOPLE'S DEMOCRATIC REPUBLIC | 22 |
| LATVIA | 56 |
| LEBANON | 155 |
| LESOTHO | 6 |
| LIBERIA | 73 |
| LIBYA | 16 |
| LIECHTENSTEIN | 971 |
| LITHUANIA | 39 |
| LUXEMBOURG | 7436 |
| MACAO | 85 |
| MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF | 27 |
| MADAGASCAR | 9 |
| MALAWI | 13 |
| MALAYSIA | 529 |
| MALDIVES | 7 |
| MALI | 11 |
| MALTA | 821 |
| MARSHALL ISLANDS | 116 |
| MARTINIQUE | 1 |
| MAURITANIA | 15 |
| MAURITIUS | 2096 |
| MEXICO | 641 |
| MICRONESIA, FEDERATED STATES OF | 1 |
| MOLDOVA, REPUBLIC OF | 26 |
| MONACO | 137 |
| MONGOLIA | 23 |
| MONTENEGRO | 13 |
| MONTSERRAT | 12 |
| MOROCCO | 141 |
| MOZAMBIQUE | 19 |
| MYANMAR | 22 |
| NAMIBIA | 45 |
| NEPAL | 36 |
| NETHERLANDS | 3232 |
| NEW CALEDONIA | 5 |
| NEW ZEALAND | 1225 |
| NICARAGUA | 21 |
| NIGER | 7 |
| NIGERIA | 90 |
| NORTHERN MARIANA ISLANDS | 1 |
| NORWAY | 537 |
| OMAN | 35 |
| OTHER | 827 |
| PAKISTAN | 138 |
| PALAU | 1 |
| PANAMA | 813 |
| PAPUA NEW GUINEA | 5 |
| PARAGUAY | 39 |
| PERU | 195 |
| PHILIPPINES | 220 |
| POLAND | 430 |
| PORTUGAL | 349 |
| PUERTO RICO | 4 |
| QATAR | 67 |
| REUNION | 1 |
| ROMANIA | 135 |
| RUSSIAN FEDERATION | 1098 |
| RWANDA | 18 |
| SAINT KITTS AND NEVIS | 163 |
| SAINT LUCIA | 85 |
| SAINT MARTIN (FRENCH PART) | 2 |
| SAINT PIERRE AND MIQUELON | 1 |
| SAINT VINCENT AND THE GRENADINES | 305 |
| SAMOA | 55 |
| SAN MARINO | 18 |
| SAO TOME AND PRINCIPE | 7 |
| SAUDI ARABIA | 198 |
| SENEGAL | 22 |
| SERBIA | 45 |
| SEYCHELLES | 164 |
| SIERRA LEONE | 10 |
| SINGAPORE | 1853 |
| SINT MAARTEN (DUTCH PART) | 18 |
| SLOVAKIA | 85 |
| SLOVENIA | 61 |
| SOLOMON ISLANDS | 4 |
| SOMALIA | 1 |
| SOUTH AFRICA | 736 |
| SOUTH SUDAN | 8 |
| SPAIN | 1400 |
| SRI LANKA | 67 |
| SUDAN | 8 |
| SURINAME | 11 |
| SWAZILAND | 10 |
| SWEDEN | 706 |
| SWITZERLAND | 4797 |
| TAIWAN | 884 |
| TAJIKISTAN | 31 |
| TANZANIA, UNITED REPUBLIC OF | 30 |
| THAILAND | 1463 |
| TIMOR-LESTE | 3 |
| TOGO | 11 |
| TONGA | 2 |
| TRINIDAD AND TOBAGO | 80 |
| TUNISIA | 77 |
| TURKEY | 244 |
| TURKMENISTAN | 12 |
| TURKS AND CAICOS ISLANDS | 70 |
| UGANDA | 29 |
| UKRAINE | 206 |
| UNITED ARAB EMIRATES | 407 |
| UNITED KINGDOM | 22337 |
| UNITED STATES | 835 |
| URUGUAY | 168 |
| UZBEKISTAN | 8 |
| VANUATU | 10 |
| VENEZUELA, BOLIVARIAN REPUBLIC OF | 74 |
| VIET NAM | 148 |
| VIRGIN ISLANDS (BRITISH) | 4997 |
| VIRGIN ISLANDS (U.S.) | 2 |
| WALLIS AND FUTUNA | 1 |
| WEST BANK AND GAZA | 32 |
| YEMEN | 20 |
| ZAMBIA | 24 |
| ZIMBABWE | 9 |
| Grand Total | 156276 |
| Source: IRS | |
