FATCA List – December 1, 2015
The US Internal Revenue Service (IRS) reports no new registrations under Foreign Account Tax Compliance Act (FATCA) rules in November.
The list stays at 177,147 institutions in 226 financial jurisdictions.
The list details which overseas financial institutions have agreed to pass personal and financial information about accounts and investments controlled by US taxpayers to the IRS.
Each organisation reports once a year to the IRS.
The information is checked against tax filings to make sure taxpayers tell the IRS about any earnings or gains from dealings overseas.
For US resident taxpayers, financial institutions will report accounts with balances of more than $50,000. The threshold for expats is $200,000.
The IRS has announced that more than $8 billion in previously undeclared taxes has come from FATCA.
The countries with the most registered financial institutions are The Cayman Islands (33,348) and the UK (24,454).
The next FATCA list is due for publication by the IRS on January 1, 2016.
