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
| Country | FATCA registrations |
|---|---|
| CAYMAN ISLANDS | 75387 |
| UNITED KINGDOM | 34485 |
| BRAZIL | 31011 |
| JAPAN | 24570 |
| LUXEMBOURG | 16870 |
| VIRGIN ISLANDS (BRITISH) | 13828 |
| CANADA | 13308 |
| GUERNSEY | 8533 |
| JERSEY | 8527 |
| IRELAND | 8051 |
| Grand Total | 234570 |
Global FATCA Registrations
| Country | FATCA registrations |
|---|---|
| AFGHANISTAN | 15 |
| ALAND ISLANDS | 1 |
| ALBANIA | 24 |
| ALGERIA | 48 |
| ANDORRA | 203 |
| ANGOLA | 82 |
| ANGUILLA | 264 |
| ANTIGUA AND BARBUDA | 57 |
| ARGENTINA | 1434 |
| ARMENIA | 54 |
| ARUBA | 22 |
| AUSTRALIA | 7313 |
| AUSTRIA | 2609 |
| AZERBAIJAN | 77 |
| BAHAMAS | 1907 |
| BAHRAIN | 289 |
| BANGLADESH | 81 |
| BARBADOS | 238 |
| BELARUS | 76 |
| BELGIUM | 423 |
| BELIZE | 440 |
| BENIN | 25 |
| BERMUDA | 4161 |
| BHUTAN | 3 |
| BOLIVIA, PLURINATIONAL STATE OF | 81 |
| BONAIRE, SINT EUSTATIUS AND SABA | 13 |
| BOSNIA AND HERZEGOVINA | 90 |
| BOTSWANA | 35 |
| BOUVET ISLAND | 3 |
| BRAZIL | 31011 |
| BRITISH INDIAN OCEAN TERRITORY | 23 |
| BRUNEI DARUSSALAM | 26 |
| BULGARIA | 308 |
| BURKINA FASO | 20 |
| BURUNDI | 10 |
| CAMBODIA | 152 |
| CAMEROON | 37 |
| CANADA | 13308 |
| CAPE VERDE | 15 |
| CAYMAN ISLANDS | 75387 |
| CENTRAL AFRICAN REPUBLIC | 6 |
| CHAD | 11 |
| CHILE | 1625 |
| CHINA | 2639 |
| CHRISTMAS ISLAND | 1 |
| COLOMBIA | 710 |
| COMOROS | 16 |
| CONGO | 18 |
| CONGO, DEMOCRATIC REPUBLIC OF THE | 20 |
| COOK ISLANDS | 281 |
| COSTA RICA | 153 |
| COTE D’IVOIRE | 82 |
| CROATIA | 186 |
| CURACAO | 412 |
| CYPRUS | 1517 |
| CZECH REPUBLIC | 521 |
| DENMARK | 929 |
| DJIBOUTI | 13 |
| DOMINICA | 46 |
| DOMINICAN REPUBLIC | 181 |
| ECUADOR | 163 |
| EGYPT | 296 |
| EL SALVADOR | 151 |
| EQUATORIAL GUINEA | 7 |
| ERITREA | 1 |
| ESTONIA | 109 |
| ETHIOPIA | 21 |
| FALKLAND ISLANDS (MALVINAS) | 1 |
| FAROE ISLANDS | 2 |
| FIJI | 9 |
| FINLAND | 1752 |
| FRANCE | 6815 |
| FRENCH POLYNESIA | 4 |
| GABON | 16 |
| GAMBIA | 13 |
| GEORGIA | 75 |
| GERMANY | 5150 |
| GHANA | 64 |
| GIBRALTAR | 882 |
| GREECE | 405 |
| GREENLAND | 5 |
| GRENADA | 46 |
| GUAM | 5 |
| GUATEMALA | 84 |
| GUERNSEY | 8533 |
| GUINEA | 22 |
| GUINEA-BISSAU | 5 |
| GUYANA | 21 |
| HAITI | 79 |
| HOLY SEE (VATICAN CITY STATE) | 2 |
| HONDURAS | 53 |
| HONG KONG | 8042 |
| HUNGARY | 564 |
| ICELAND | 54 |
| INDIA | 3011 |
| INDONESIA | 1228 |
| IRAQ | 90 |
| IRELAND | 8051 |
| ISLE OF MAN | 1391 |
| ISRAEL | 2364 |
| ITALY | 3853 |
| JAMAICA | 83 |
| JAPAN | 24570 |
| JERSEY | 8527 |
| JORDAN | 97 |
| KAZAKHSTAN | 143 |
| KENYA | 113 |
| KIRIBATI | 1 |
| KOREA, REPUBLIC OF | 1412 |
| KOSOVO | 14 |
| KUWAIT | 260 |
| KYRGYZSTAN | 27 |
| LAO PEOPLE’S DEMOCRATIC REPUBLIC | 39 |
| LATVIA | 69 |
| LEBANON | 188 |
| LESOTHO | 8 |
| LIBERIA | 51 |
| LIBYA | 27 |
| LIECHTENSTEIN | 1371 |
| LITHUANIA | 185 |
| LUXEMBOURG | 16870 |
| MACAO | 111 |
| MACEDONIA, THE FORMER YUGOSLAV REPUBLIC OF | 48 |
| MADAGASCAR | 10 |
| MALAWI | 12 |
| MALAYSIA | 1900 |
| MALDIVES | 8 |
| MALI | 19 |
| MALTA | 1634 |
| MARSHALL ISLANDS | 302 |
| MAURITANIA | 15 |
| MAURITIUS | 5168 |
| MAYOTTE | 1 |
| MEXICO | 2601 |
| MICRONESIA, FEDERATED STATES OF | 3 |
| MOLDOVA, REPUBLIC OF | 22 |
| MONACO | 201 |
| MONGOLIA | 20 |
| MONTENEGRO | 26 |
| MONTSERRAT | 13 |
| MOROCCO | 624 |
| MOZAMBIQUE | 21 |
| MYANMAR | 50 |
| NAMIBIA | 92 |
| NEPAL | 31 |
| NETHERLANDS | 6068 |
| NEW CALEDONIA | 6 |
| NEW ZEALAND | 6060 |
| NICARAGUA | 27 |
| NIGER | 17 |
| NIGERIA | 108 |
| NORTHERN MARIANA ISLANDS | 1 |
| NORWAY | 1295 |
| OMAN | 57 |
| OTHER | 618 |
| PAKISTAN | 443 |
| PALAU | 1 |
| PANAMA | 1993 |
| PAPUA NEW GUINEA | 9 |
| PARAGUAY | 47 |
| PERU | 1234 |
| PHILIPPINES | 320 |
| POLAND | 1628 |
| PORTUGAL | 457 |
| PUERTO RICO | 2 |
| QATAR | 83 |
| REUNION | 1 |
| ROMANIA | 254 |
| RUSSIAN FEDERATION | 1551 |
| RWANDA | 23 |
| SAINT BARTHELEMY | 1 |
| SAINT KITTS AND NEVIS | 567 |
| SAINT LUCIA | 133 |
| SAINT MARTIN (FRENCH PART) | 2 |
| SAINT PIERRE AND MIQUELON | 2 |
| SAINT VINCENT AND THE GRENADINES | 430 |
| SAMOA | 101 |
| SAN MARINO | 30 |
| SAO TOME AND PRINCIPE | 5 |
| SAUDI ARABIA | 410 |
| SENEGAL | 51 |
| SERBIA | 64 |
| SEYCHELLES | 349 |
| SIERRA LEONE | 9 |
| SINGAPORE | 4887 |
| SINT MAARTEN (DUTCH PART) | 20 |
| SLOVAKIA | 196 |
| SLOVENIA | 179 |
| SOLOMON ISLANDS | 5 |
| SOMALIA | 8 |
| SOUTH AFRICA | 2362 |
| SOUTH SUDAN | 10 |
| SPAIN | 4034 |
| SRI LANKA | 60 |
| SUDAN | 35 |
| SURINAME | 11 |
| SVALBARD AND JAN MAYEN | 2 |
| SWAZILAND | 15 |
| SWEDEN | 1855 |
| SWITZERLAND | 6643 |
| SYRIAN ARAB REPUBLIC | 9 |
| TAIWAN | 2071 |
| TAJIKISTAN | 31 |
| TANZANIA, UNITED REPUBLIC OF | 45 |
| THAILAND | 4810 |
| TIMOR-LESTE | 5 |
| TOGO | 27 |
| TONGA | 4 |
| TRINIDAD AND TOBAGO | 99 |
| TUNISIA | 346 |
| TURKEY | 867 |
| TURKMENISTAN | 13 |
| TURKS AND CAICOS ISLANDS | 118 |
| UGANDA | 42 |
| UKRAINE | 815 |
| UNITED ARAB EMIRATES | 935 |
| UNITED KINGDOM | 34485 |
| UNITED STATES | 1573 |
| UNITED STATES MINOR OUTLYING ISLANDS | 9 |
| URUGUAY | 265 |
| UZBEKISTAN | 35 |
| VANUATU | 98 |
| VENEZUELA, BOLIVARIAN REPUBLIC OF | 68 |
| VIET NAM | 229 |
| VIRGIN ISLANDS (BRITISH) | 13828 |
| VIRGIN ISLANDS (US) | 6 |
| WALLIS AND FUTUNA | 1 |
| WEST BANK AND GAZA | 25 |
| YEMEN | 21 |
| ZAMBIA | 33 |
| ZIMBABWE | 44 |
| Grand Total | 375894 |
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
FATCA is short for the Foreign Account Tax Compliance Act.
The FATCA list is a database of financial institutions outside the States that have registered as compliant with 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
Any US taxpayer with offshore accounts or investments
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
Related Information
Below is a list of related articles you may find of interest.
