FATCA List – November 2, 2015
More than 1,600 new financial institutions have signed up to the US Foreign Account Tax Compliance Act (FATCA) List.
The list now covers 177,147 institutions in 226 financial jurisdictions – up 1,604 from the last list published on October 1.
The US Internal Revenue Service (IRS) keeps the list to show which organisations are complying with FATCA rules.
Each has to make an annual report to the IRS with personal and financial details of accounts and investments controlled by US taxpayers.
The reports are cross referenced to US tax filing to confirm that taxpayers are declaring any earnings or gains from overseas assets.
If the customers are US resident taxpayers, financial firms must report any account balances over $50,000, while the threshold for expats is $200,000.
So far, the IRS states that more than $8 billion in additional tax revenue has resulted from the crack down on offshore holdings.
The Cayman Islands (33,348) and the UK (24,454) account for a third of all registered organisations.
By numbers of financial institutions, the list breaks down like this:
- More than 10,000 – 2
- 1,000 to 10,000 – 30
- 100 to 1000 – 54
- 10 to 1,000 – 94
- 1 to 10 – 46
The next FATCA list is due for publication by the IRS on December 1, 2015.
Download the list of financial institutions on the FATCA List (Excel csv file)
The FATCA List (Countries A –Z)
