FATCA List – September 1, 2015
Almost 173,500 financial institutions from around the world have signed up to report customer information to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA).
Around 2,230 registered with the FATCA portal in the past month, according to the IRS.
At least one financial institution has joined the list from every country in the world.
The Cayman Islands tops the list with 32,496 financial firms registered, with Britain next on 24,000. In third place is Luxembourg with 8,525.
The top three account for more than a third of all registrations.
Under FATCA, firms have to report financial data held on file about any accounts controlled by US customers.
If the customers are US resident, any account balances over $50,000 are required – for expats the threshold is $200,000.
The next FATCA list is due for publication by the IRS on September 15, 2015.
