FATCA List – January 2021

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As US President Donald Trump packs his possessions and readies to leave the White House, among many of his broken promises was a pledge to end birthright citizenship

In 2018, Trump announced he would sign an executive order ending the policy of granting birthright citizenship to immigrants which would also impact accidental Americans – those born in the States who now live elsewhere even if they don’t have an American passport.

The order would have taken expats out of the US tax system and narrowed the Foreign Account Tax Compliance Act (FATCA) to cover US citizens with taxable assets abroad.

Expats can only speculate on why the order was not forthcoming.

For now, FATCA continues unless incoming President-elect Joe Biden plans action to cancel the law. That’s unlikely as he was Barack Obama’s vice president when FATCA was enacted in 2010.

Since then, 375,834 foreign financial institutions (FFI) have signed up to FATCA – and increase of 2,322 over last month.

The Caymans has the most registrations – up 667 to 75,387.

Britain has the second most registrations – up 96 to 34,485.

The top 10 FATCA registration countries have 234,570 FFIs – almost a third of global registrations and a rise of 1,687 registrations added over the past month.

The next FATCA list is due in February.

The list is the 77th published list by the US Internal Revenue Service since July 2014, when the number of FFIs signed up for FATCA totalled 87,933 from 218 countries.

Top 10 countries with FATCA registrations

CountryFATCA registrations
CAYMAN ISLANDS75387
UNITED KINGDOM34485
BRAZIL31011
JAPAN24570
LUXEMBOURG16870
VIRGIN ISLANDS (BRITISH)13828
CANADA13308
GUERNSEY8533
JERSEY8527
IRELAND8051
Grand Total234570
Source: IRS

Global FATCA Registrations 

CountryFATCA registrations
AFGHANISTAN15
ALAND ISLANDS1
ALBANIA24
ALGERIA48
ANDORRA203
ANGOLA82
ANGUILLA264
ANTIGUA AND BARBUDA57
ARGENTINA1434
ARMENIA54
ARUBA22
AUSTRALIA7313
AUSTRIA2609
AZERBAIJAN77
BAHAMAS1907
BAHRAIN289
BANGLADESH81
BARBADOS238
BELARUS76
BELGIUM423
BELIZE440
BENIN25
BERMUDA4161
BHUTAN3
BOLIVIA, PLURINATIONAL STATE OF81
BONAIRE, SINT EUSTATIUS AND SABA13
BOSNIA AND HERZEGOVINA90
BOTSWANA35
BOUVET ISLAND3
BRAZIL31011
BRITISH INDIAN OCEAN TERRITORY23
BRUNEI DARUSSALAM26
BULGARIA308
BURKINA FASO20
BURUNDI10
CAMBODIA152
CAMEROON37
CANADA13308
CAPE VERDE15
CAYMAN ISLANDS75387
CENTRAL AFRICAN REPUBLIC6
CHAD11
CHILE1625
CHINA2639
CHRISTMAS ISLAND1
COLOMBIA710
COMOROS16
CONGO18
CONGO, DEMOCRATIC REPUBLIC OF THE20
COOK ISLANDS281
COSTA RICA153
COTE D’IVOIRE82
CROATIA186
CURACAO412
CYPRUS1517
CZECH REPUBLIC521
DENMARK929
DJIBOUTI13
DOMINICA46
DOMINICAN REPUBLIC181
ECUADOR163
EGYPT296
EL SALVADOR151
EQUATORIAL GUINEA7
ERITREA1
ESTONIA109
ETHIOPIA21
FALKLAND ISLANDS (MALVINAS)1
FAROE ISLANDS2
FIJI9
FINLAND1752
FRANCE6815
FRENCH POLYNESIA4
GABON16
GAMBIA13
GEORGIA75
GERMANY5150
GHANA64
GIBRALTAR882
GREECE405
GREENLAND5
GRENADA46
GUAM5
GUATEMALA84
GUERNSEY8533
GUINEA22
GUINEA-BISSAU5
GUYANA21
HAITI79
HOLY SEE (VATICAN CITY STATE)2
HONDURAS53
HONG KONG8042
HUNGARY564
ICELAND54
INDIA3011
INDONESIA1228
IRAQ90
IRELAND8051
ISLE OF MAN1391
ISRAEL2364
ITALY3853
JAMAICA83
JAPAN24570
JERSEY8527
JORDAN97
KAZAKHSTAN143
KENYA113
KIRIBATI1
KOREA, REPUBLIC OF1412
KOSOVO14
KUWAIT260
KYRGYZSTAN27
LAO PEOPLE’S DEMOCRATIC REPUBLIC39
LATVIA69
LEBANON188
LESOTHO8
LIBERIA51
LIBYA27
LIECHTENSTEIN1371
LITHUANIA185
LUXEMBOURG16870
MACAO111
MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF48
MADAGASCAR10
MALAWI12
MALAYSIA1900
MALDIVES8
MALI19
MALTA1634
MARSHALL ISLANDS302
MAURITANIA15
MAURITIUS5168
MAYOTTE1
MEXICO2601
MICRONESIA, FEDERATED STATES OF3
MOLDOVA, REPUBLIC OF22
MONACO201
MONGOLIA20
MONTENEGRO26
MONTSERRAT13
MOROCCO624
MOZAMBIQUE21
MYANMAR50
NAMIBIA92
NEPAL31
NETHERLANDS6068
NEW CALEDONIA6
NEW ZEALAND6060
NICARAGUA27
NIGER17
NIGERIA108
NORTHERN MARIANA ISLANDS1
NORWAY1295
OMAN57
OTHER618
PAKISTAN443
PALAU1
PANAMA1993
PAPUA NEW GUINEA9
PARAGUAY47
PERU1234
PHILIPPINES320
POLAND1628
PORTUGAL457
PUERTO RICO2
QATAR83
REUNION1
ROMANIA254
RUSSIAN FEDERATION1551
RWANDA23
SAINT BARTHELEMY1
SAINT KITTS AND NEVIS567
SAINT LUCIA133
SAINT MARTIN (FRENCH PART)2
SAINT PIERRE AND MIQUELON2
SAINT VINCENT AND THE GRENADINES430
SAMOA101
SAN MARINO30
SAO TOME AND PRINCIPE5
SAUDI ARABIA410
SENEGAL51
SERBIA64
SEYCHELLES349
SIERRA LEONE9
SINGAPORE4887
SINT MAARTEN (DUTCH PART)20
SLOVAKIA196
SLOVENIA179
SOLOMON ISLANDS5
SOMALIA8
SOUTH AFRICA2362
SOUTH SUDAN10
SPAIN4034
SRI LANKA60
SUDAN35
SURINAME11
SVALBARD AND JAN MAYEN2
SWAZILAND15
SWEDEN1855
SWITZERLAND6643
SYRIAN ARAB REPUBLIC9
TAIWAN2071
TAJIKISTAN31
TANZANIA, UNITED REPUBLIC OF45
THAILAND4810
TIMOR-LESTE5
TOGO27
TONGA4
TRINIDAD AND TOBAGO99
TUNISIA346
TURKEY867
TURKMENISTAN13
TURKS AND CAICOS ISLANDS118
UGANDA42
UKRAINE815
UNITED ARAB EMIRATES935
UNITED KINGDOM34485
UNITED STATES1573
UNITED STATES MINOR OUTLYING ISLANDS9
URUGUAY265
UZBEKISTAN35
VANUATU98
VENEZUELA, BOLIVARIAN REPUBLIC OF68
VIET NAM229
VIRGIN ISLANDS (BRITISH)13828
VIRGIN ISLANDS (US)6
WALLIS AND FUTUNA1
WEST BANK AND GAZA25
YEMEN21
ZAMBIA33
ZIMBABWE44
Grand Total375894
Source: IRS

FATCA FAQ

FATCA is designed to stop US taxpayers hiding their money offshore to avoid tax. 

Many US taxpayers, especially expats, are unaware of FATCA and what it means to their personal finances.

Here are some answers to the most asked questions about FATCA

What does FATCA stand for?

FATCA is short for the Foreign Account Tax Compliance Act.

What is the FATCA list?

The FATCA list is a database of financial institutions outside the States that have registered as compliant with FATCA reporting standards

What are the FATCA reporting standards?

Foreign financial institutions must supply the US Internal Revenue Service with a list of accounts controlled by US taxpayers each year. Depending on if the taxpayer lives in the US or overseas, the reporting rules differ

Who does FATCA apply to?

Any US taxpayer with offshore accounts or investments

Do US expats have to be FATCA compliant?

No, FATCA applies to the financial institution not taxpayers. However, the reports made under FATCA are compared with IRS tax filings to make sure taxpayers are paying the right amount of tax and not failing to declare their liability

More about FATCA

FATCA information on the IRS web site

Below is a list of related articles you may find of interest.

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