The latest Internal Revenue Service (IRS) Foreign Account Tax Compliance Act (FATCA) list shows almost another 7,000 financial institutions have registered under the tax reporting law.
The FATCA List is the US government’s database of foreign financial institutions that have agreed to report tax information about US citizens to the IRS.
The list published on December 1, 2014, includes 122,881 institutions across 218 international financial jurisdictions.
The previous list, published on November 1, 2014, detailed 116,104 financial institutions.
The financial jurisdictions with the most FATCA registrations are the Cayman Islands (22,914) and Britain (15,877). Third place is taken by Luxembourg with 5,607 registrations.
How the FATCA list works
The list 23 financial jurisdictions have more than 1,000 financial institutions registered.
Of the rest, 45 have 10 or less registrations, while 10 have a single registration.
FATCA places no burden on taxpayers, but demands foreign financial institutions report to the IRS any accounts and investments controlled by clients who are US taxpayers.
The reporting triggers are balances of $50,000 for US residents and $200,000 for expats.
The next FATCA list is due on January 1, 2015.
The list can be downloaded or searched by country or financial institution on the IRS web site.
| IRS FATCA List - December 1, 2014 | |
|---|---|
| Country | Financial Instutions |
| Cayman Islands | 22914 |
| United Kingdom | 15877 |
| Luxembourg | 5607 |
| Switzerland | 4613 |
| British Virgin Islands | 3867 |
| Guernsey | 3677 |
| Japan | 3594 |
| Canada | 3278 |
| Germany | 3257 |
| Brazil | 3179 |
| Austria | 3046 |
| France | 2955 |
| Jersey | 2871 |
| Ireland | 2775 |
| Netherlands | 2693 |
| Australia | 2583 |
| Hong Kong | 2562 |
| Bermuda | 1879 |
| Gibraltar | 1878 |
| Spain | 1320 |
| Singapore | 1307 |
| Thailand | 1226 |
| Mauritius | 1177 |
| Russian Federation | 993 |
| Italy | 874 |
| Taiwan | 852 |
| Other | 778 |
| Bahamas | 769 |
| Isle Of Man | 746 |
| New Zealand | 736 |
| United States | 735 |
| Panama | 714 |
| China | 658 |
| Malta | 620 |
| South Africa | 607 |
| South Korea | 546 |
| Finland | 533 |
| Mexico | 532 |
| Sweden | 528 |
| Malaysia | 498 |
| Argentina | 487 |
| Liechtenstein | 484 |
| Cyprus | 481 |
| Israel | 477 |
| Norway | 426 |
| Indonesia | 425 |
| India | 401 |
| Chile | 366 |
| Hungary | 354 |
| Portugal | 303 |
| Belgium | 292 |
| United Arab Emirates | 278 |
| Denmark | 251 |
| Turkey | 246 |
| Belize | 246 |
| Poland | 243 |
| Curacao | 232 |
| Colombia | 208 |
| Ukraine | 203 |
| Philippines | 201 |
| Bahrain | 184 |
| Peru | 178 |
| Egypt | 175 |
| Barbados | 162 |
| Uruguay | 157 |
| Saint Vincent And The Grenadines | 152 |
| Czech Republic | 149 |
| Viet Nam | 144 |
| Lebanon | 140 |
| Greece | 139 |
| Anguilla | 138 |
| Bulgaria | 131 |
| Morocco | 131 |
| Costa Rica | 129 |
| Monaco | 127 |
| Saint Kitts And Nevis | 125 |
| Romania | 120 |
| Seychelles | 103 |
| Kuwait | 99 |
| Pakistan | 99 |
| Cook Islands | 98 |
| Dominican Republic | 97 |
| Kazakhstan | 96 |
| Marshall Islands | 92 |
| Cambodia | 89 |
| Macao | 85 |
| Nigeria | 84 |
| Croatia | 82 |
| Bangladesh | 82 |
| Guatemala | 82 |
| Trinidad And Tobago | 78 |
| Saint Lucia | 74 |
| Belarus | 72 |
| Kenya | 69 |
| Venezuela | 65 |
| Slovakia | 64 |
| Qatar | 60 |
| Azerbaijan | 60 |
| Slovenia | 59 |
| Iraq | 58 |
| El Salvador | 57 |
| Sri Lanka | 55 |
| Ghana | 55 |
| Jordan | 55 |
| Jamaica | 54 |
| Latvia | 54 |
| Honduras | 52 |
| Samoa | 51 |
| Saudi Arabia | 44 |
| Andorra | 42 |
| Turks And Caicos Islands | 42 |
| Namibia | 42 |
| Serbia | 42 |
| Antigua And Barbuda | 40 |
| Liberia | 37 |
| Bolivia | 36 |
| Nepal | 35 |
| Estonia | 35 |
| Armenia | 35 |
| Paraguay | 34 |
| Bosnia And Herzegovina | 34 |
| Grenada | 33 |
| Ecuador | 33 |
| Lithuania | 32 |
| Cote D'Ivoire | 31 |
| Georgia | 30 |
| Kyrgyzstan | 30 |
| Oman | 29 |
| Uganda | 29 |
| West Bank And Gaza | 27 |
| Botswana | 27 |
| Tajikistan | 26 |
| Zambia | 24 |
| Tanzania | 24 |
| Moldova | 23 |
| Mongolia | 22 |
| Macedonia | 22 |
| Angola | 22 |
| Brunei Darussalam | 22 |
| Yemen | 20 |
| Albania | 20 |
| Nicaragua | 19 |
| Dominica | 19 |
| Mozambique | 19 |
| Myanmar | 19 |
| Aruba | 18 |
| Dutch Saint Maarten | 18 |
| Laos | 18 |
| Malawi | 18 |
| Rwanda | 17 |
| San Marino | 17 |
| Senegal | 16 |
| Iceland | 16 |
| Haiti | 15 |
| Democratic Republic Of Congo | 14 |
| Mauritania | 14 |
| Gambia | 13 |
| Cameroon | 13 |
| Bonaire, Sint Eustatius And Saba | 12 |
| Montserrat | 12 |
| Cape Verde | 12 |
| Tunisia | 12 |
| Mali | 11 |
| Guinea | 11 |
| Guyana | 11 |
| Benin | 11 |
| Ethiopia | 11 |
| Afghanistan | 11 |
| Turkmenistan | 11 |
| Togo | 10 |
| Montenegro | 10 |
| Sierra Leone | 10 |
| Suriname | 10 |
| Swaziland | 10 |
| Zimbabwe | 9 |
| Vanuatu | 9 |
| South Sudan | 8 |
| Burkina Faso | 8 |
| Libya | 8 |
| Madagascar | 8 |
| Maldives | 7 |
| Sudan | 7 |
| Burundi | 7 |
| Lesotho | 6 |
| Algeria | 6 |
| Fiji | 6 |
| Niger | 5 |
| Uzbekistan | 5 |
| Gabon | 5 |
| New Caledonia | 5 |
| Congo | 5 |
| Puerto Rico | 4 |
| Papua New Guinea | 4 |
| Central African Republic | 4 |
| Equatorial Guinea | 4 |
| Sao Tome And Principe | 4 |
| Djibouti | 4 |
| Solomon Islands | 4 |
| Chad | 4 |
| Comoros | 3 |
| French Polynesia | 3 |
| Guam | 3 |
| Greenland | 3 |
| Timor-Leste | 2 |
| French Saint Martin | 2 |
| Us Virgin Islands | 2 |
| Tonga | 2 |
| North Korea | 2 |
| Bhutan | 2 |
| French Southern Territories | 1 |
| British Indian Ocean Territory | 1 |
| Falkland Islands (Malvinas) | 1 |
| Saint Pierre And Miquelon | 1 |
| Wallis And Futuna | 1 |
| Guinea-Bissau | 1 |
| Kiribati | 1 |
| Guadeloupe | 1 |
| Reunion | 1 |
| Martinique | 1 |
| Grand Total | 122881 |
| FATCA Tracker – December 01, 2014 | Source: Internal Revenue Service |
| Notes: 'Other' refers mainly to non-financial insitutions | FATCA Tracker – December 01, 2014 |
