More than 95,000 financial institutions are listed on the latest Foreign Account Tax Compliance Act (FATCA) list published by the Internal Revenue Service (IRS).
With the publication of the third list on August 1, 2014, the number of financial institutions listed has mushroomed from 77,000 to 95,238 in just four weeks.
The list shows financial institutions from 220 countries and territories.
The list merely shows the institution has registered under the FATCA rules and does not necessarily mean the bank or financial firm is complying with the reporting rules.
FATCA applications still pending
The financial institutions are expected to make an annual return of the balances of bank accounts and investments of more than $50,000 controlled by US citizens to the IRS.
Central banks and pension schemes are exempt from enrolling on the FATCA list.
The FATCA list can be downloaded or searched online at the IRS web site. An archive of lists is also available.
Updates are published on the first of each month. The next list is expected on September 1, 2014.
The IRS is still processing FATCA applications and expects the final list to include up to 500,000 financial institutions.
Financial Jurisdictions | Number of registered financial institions |
---|---|
CAYMAN ISLANDS | 18408 |
UNITED KINGDOM | 7526 |
SWITZERLAND | 4454 |
LUXEMBOURG | 4376 |
JAPAN | 3514 |
AUSTRIA | 3035 |
GERMANY | 3014 |
GUERNSEY | 2830 |
CANADA | 2738 |
VIRGIN ISLANDS (BRITISH) | 2641 |
FRANCE | 2587 |
BRAZIL | 2420 |
NETHERLANDS | 2413 |
HONG KONG | 2377 |
AUSTRALIA | 2195 |
IRELAND | 2132 |
JERSEY | 2095 |
BERMUDA | 1730 |
SPAIN | 1276 |
SINGAPORE | 1120 |
MAURITIUS | 931 |
THAILAND | 891 |
RUSSIAN FEDERATION | 859 |
BAHAMAS | 674 |
UNITED STATES | 658 |
ITALY | 654 |
CHINA | 547 |
PANAMA | 540 |
TAIWAN | 525 |
KOREA, REPUBLIC OF | 525 |
GIBRALTAR | 513 |
MEXICO | 491 |
FINLAND | 490 |
SOUTH AFRICA | 487 |
MALAYSIA | 475 |
SWEDEN | 454 |
ARGENTINA | 437 |
NEW ZEALAND | 430 |
ISLE OF MAN | 417 |
INDONESIA | 398 |
CYPRUS | 381 |
INDIA | 377 |
MALTA | 376 |
ISRAEL | 373 |
NORWAY | 365 |
CHILE | 357 |
LIECHTENSTEIN | 328 |
PORTUGAL | 298 |
BELGIUM | 271 |
TURKEY | 221 |
UNITED ARAB EMIRATES | 220 |
DENMARK | 219 |
POLAND | 210 |
UKRAINE | 200 |
CURACAO | 198 |
PHILIPPINES | 193 |
COLOMBIA | 188 |
BAHRAIN | 180 |
PERU | 174 |
BELIZE | 166 |
HUNGARY | 163 |
BARBADOS | 155 |
URUGUAY | 150 |
EGYPT | 148 |
VIET NAM | 137 |
ANGUILLA | 130 |
MOROCCO | 130 |
LEBANON | 129 |
SAINT VINCENT AND THE GRENADINES | 128 |
COSTA RICA | 124 |
GREECE | 118 |
CZECH REPUBLIC | 115 |
ROMANIA | 115 |
SAINT KITTS AND NEVIS | 114 |
MONACO | 113 |
BULGARIA | 103 |
PAKISTAN | 97 |
KAZAKHSTAN | 95 |
KUWAIT | 89 |
COOK ISLANDS | 88 |
CAMBODIA | 86 |
MACAO | 84 |
BANGLADESH | 84 |
MARSHALL ISLANDS | 83 |
NIGERIA | 81 |
GUATEMALA | 81 |
DOMINICAN REPUBLIC | 80 |
CROATIA | 73 |
BELARUS | 72 |
SAINT LUCIA | 68 |
TRINIDAD AND TOBAGO | 67 |
OTHER | 64 |
SLOVAKIA | 63 |
KENYA | 63 |
VENEZUELA, BOLIVARIAN REPUBLIC OF | 63 |
IRAQ | 55 |
SEYCHELLES | 55 |
GHANA | 54 |
QATAR | 54 |
LATVIA | 53 |
SAMOA | 51 |
SRI LANKA | 51 |
JAMAICA | 51 |
HONDURAS | 50 |
JORDAN | 49 |
EL SALVADOR | 44 |
ANDORRA | 42 |
AZERBAIJAN | 42 |
SAUDI ARABIA | 40 |
ANTIGUA AND BARBUDA | 40 |
SERBIA | 40 |
SLOVENIA | 38 |
TURKS AND CAICOS ISLANDS | 36 |
ESTONIA | 36 |
ARMENIA | 34 |
NEPAL | 33 |
GRENADA | 33 |
BOLIVIA, PLURINATIONAL STATE OF | 32 |
LITHUANIA | 31 |
LIBERIA | 31 |
OMAN | 30 |
KYRGYZSTAN | 29 |
NAMIBIA | 29 |
GEORGIA | 29 |
ECUADOR | 28 |
COTE D'IVOIRE | 26 |
BOSNIA AND HERZEGOVINA | 25 |
BOTSWANA | 24 |
WEST BANK AND GAZA | 24 |
UGANDA | 24 |
MONGOLIA | 22 |
BRUNEI DARUSSALAM | 22 |
TANZANIA, UNITED REPUBLIC OF | 22 |
ZAMBIA | 22 |
TAJIKISTAN | 22 |
PARAGUAY | 21 |
MOLDOVA, REPUBLIC OF | 20 |
ALBANIA | 20 |
YEMEN | 19 |
MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF | 19 |
ARUBA | 18 |
DOMINICA | 18 |
MYANMAR | 17 |
SAN MARINO | 17 |
MOZAMBIQUE | 17 |
MALAWI | 17 |
SINT MAARTEN (DUTCH PART) | 17 |
NICARAGUA | 16 |
ANGOLA | 16 |
HAITI | 15 |
LAO PEOPLE'S DEMOCRATIC REPUBLIC | 15 |
SENEGAL | 13 |
MAURITANIA | 13 |
ICELAND | 12 |
TUNISIA | 12 |
MONTSERRAT | 12 |
CAPE VERDE | 12 |
GAMBIA | 12 |
BONAIRE, SINT EUSTATIUS AND SABA | 12 |
AFGHANISTAN | 10 |
RWANDA | 10 |
CONGO, DEMOCRATIC REPUBLIC OF THE | 10 |
MALI | 10 |
TOGO | 10 |
CAMEROON | 10 |
SURINAME | 9 |
MONTENEGRO | 9 |
SWAZILAND | 9 |
GUYANA | 9 |
SIERRA LEONE | 9 |
GUINEA | 8 |
BURKINA FASO | 8 |
ZIMBABWE | 8 |
BENIN | 8 |
ALGERIA | 7 |
MADAGASCAR | 7 |
LIBYA | 7 |
SOUTH SUDAN | 7 |
MALDIVES | 7 |
FIJI | 6 |
VANUATU | 5 |
NEW CALEDONIA | 5 |
NIGER | 5 |
SUDAN | 5 |
CONGO | 5 |
CENTRAL AFRICAN REPUBLIC | 4 |
PAPUA NEW GUINEA | 4 |
CHAD | 4 |
GABON | 4 |
BURUNDI | 4 |
PUERTO RICO | 4 |
GUAM | 4 |
UZBEKISTAN | 3 |
LESOTHO | 3 |
SOLOMON ISLANDS | 3 |
SAINT MARTIN (FRENCH PART) | 3 |
FRENCH POLYNESIA | 3 |
EQUATORIAL GUINEA | 3 |
KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF | 2 |
TIMOR-LESTE | 2 |
SAO TOME AND PRINCIPE | 2 |
ETHIOPIA | 2 |
TONGA | 2 |
GREENLAND | 2 |
VIRGIN ISLANDS (U.S.) | 2 |
DJIBOUTI | 2 |
BHUTAN | 2 |
WALLIS AND FUTUNA | 1 |
TURKMENISTAN | 1 |
KIRIBATI | 1 |
FRENCH SOUTHERN TERRITORIES | 1 |
GUADELOUPE | 1 |
MARTINIQUE | 1 |
FALKLAND ISLANDS (MALVINAS) | 1 |
SAINT PIERRE AND MIQUELON | 1 |
GUINEA-BISSAU | 1 |
REUNION | 1 |
BRITISH INDIAN OCEAN TERRITORY | 1 |
COMOROS | 1 |
CHRISTMAS ISLAND | 1 |
Grand Total | 95238 |
Source: US Internal Revenue Service |
What they conveniently leave out is that every single one of the 95,000 was strong-armed and bullied into compliance under threat of sanctions of 30% penalty on all US transactions. What a farce. Would like to know how many institutions would have signed up without threat? ZERO. Don’t think what the IRS and treasury want you to think. These institutions all signed under the duress of the treasury penalties.
Sadly, for most American Expat retiree’s living abroad we are now treated like plague infected customers. Since most of us are middle class clients were not a big source of revenue for the banks and they would rather just not deal with us. In the end the Expat will lose more of their money when they are forced to use high fee services to transfer money from the U.S to their overseas location.
One thing for sure – DO NOT enter into any OVDP program. Even under the advice of a so called
“Tax professional”. These compliance parasites are all opportunistic self serving thugs whose real interest lies in themselves, not with you.
Best thing you can do is take an FBAR form, 1040 or the form of your choice, wipe your
Cornhole with it , and send to Jack Lew, Koskinen, Lois Lerner or the
Treasury , IRS representative of your choice. These people are subhuman robots programmed
to do the will of an out of control
Democratic initiative.
Also if you are able – starve the beast. Adjust your accounts under 10 grand. Then you don’t have to report even. Keep your cash in your matress for awhile instead of paying towards a unethical immoral legislation of taxing by citizenship. Americans should have had RBT a looking time ago.
The fact that the FBAR limit has not been touched in over 40 years means only one thing. Not to keep track and enforce but to keep artificially low to increase the chances of punitive monetary action against the very citizens of the USA. Keep your hard-earned money out of the pipeline for awhile. In time you will be able to put it back in and enjoy watching the beast starve during. FATCA
is and will prove to be the joke it really is. It is a disgraceful affront to all foreign based Americans.
Now you all know without question how much the Democratic Party respects your ambassadorship overseas. You all are expendable pariahs to be wrung, used and abused.
Jim Atkins, don’t forget to give us an article on how your pussy UK brethren buckled to US pressure and were FIRST in line to get a_ss reamed with FATCA compliance. Your politicians are such a disgrace to be first to sign on to such a deal. You should be ashamed to have a prime minister in Cameron who bares his a_ss so willingly, spreads his buns and asks for more anal abuse from American democrats. Your prime minister is nothing but a cowardly pussy of the lowest degree.
And you can all bet your cornholes the demise of the US $ has already begun. The next crisis.
I know if I were China, Russia , France, Switzerland, I would plan and do all possible to divest away from the dollar all I could. The US is abusing the trust of being the holder of the worlds reserve currency and using it as a financial weapon against even allied countries. When the dollar is worth less than toilet paper I guess we can wipe our cornholes with that too .