FACTA reporting non-resident

[latinwish]

Hello,

I'm the holder of a brokerage account in the USA, which was opened 14 days ago with my Belgian address.

Now, I know that via FACTA the broker *might* report non-residents accounts to Belgium (because they have a reciprocal treaty).

In one month approx. I'm going to change my residency to another country (outside EU) because I'm relocating there. Therefore, the address, W8-BEN form, etc. will be modified with my new residency.

Will the broker report me for 2020 to Belgium, or to the other country? Or will it report me to both countries?

Thanks!

 

[ivan1911]

As I understand , for now facta works only for automatic reporting of US residents that have bank accounts outside USA .

As for USA reporting to your home country , they do it but only upon request. It's not automatic exchange.
This will surely change but for now they aren't.

This is from what I gather on forum and different websites , but you should definetely speak to a lawyer that can give you 100% answer . Even 'old' members of the forum claim different things all the time so..

 

[Martin Everson]

@latinwish So you are worried about FATCA? But at the same time knowing you are going to move soon you decided to open a brokerage account with your current EU address?

The question is in the worse case do you have anything in that account to report anyway?

Please see threads on FATCA I believe we covered it in detail.

As for USA reporting to your home country , they do it but only upon request. It's not automatic exchange.

FATCA is automatic exchange we covered this in detail. Even gave examples of where countries have received information etc etc. Just read FATCA agreement if your in doubt.

 

[latinwish]

There is nothing in the account to report. The reason I opened it with my EU address is that the broker doesn't open accounts for the destination country I'm talking about. But if I opened it in the EU with my EU address and later change it to the destination country it was fine they said.

I can't find anything about changing your residence on an account in the same year.

 

[joseph15]

@latinwish

FATCA is automatic exchange we covered this in detail. Even gave examples of where countries have received information etc etc. Just read FATCA agreement if your in doubt.

You forget to specify that it is automatic only under certain conditions... It's not automatic all the time. Yes I have read the agreement. Brokerage accounts are different from depository accounts so they probably do get reported.

 

[Martin Everson]

Now I can advise that I have an off shore account that will not report you whatever your nationaility.

What country is this bank in?

When I say Americans are ok I mean Americans overseas eg not living in the USA. Everything is licensed and registered here and this works at this time with no reporting. Feel free to contact me for more details thanks.

Your saying bank does not support FATCA? So what country is the bank in?

If I hear no response to the above questions then I guess your post is purely a SPAM advert for your services as it brings no value and no new information to the forum.

@Admin FYI