Question FATCA agreement between USA and UAE

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zzzzzz

Entrepreneur
I was looking at FATCA agreement between USA and UAE (natural persons section) and strangely, they only mention what UAE has to report to USA and nothing about the other way around (as it's usual with agreements with other countries). Am I missing something or is there any additional agreement somewhere? Or UAE just doesn't care about it's residents income in USA (it makes sense since it's 0%)? @Fred

Pdf link:
 

hireblade89

Mentor Group Light (Private use!)
I was looking at FATCA agreement between USA and UAE (natural persons section) and strangely, they only mention what UAE has to report to USA and nothing about the other way around (as it's usual with agreements with other countries). Am I missing something or is there any additional agreement somewhere? Or UAE just doesn't care about it's residents income in USA (it makes sense since it's 0%)? @Fred

Pdf link:
Yes it is not a reciprocal agreement like it has signed with other countries.

Since in UAE there is no income tax they probably do not care and do not want the accounts of UAE residents to be reported because they will not do anything with them since there is no tax to be applied.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
US FACTA agreements are always one way - US wants to know everything and doesn't give you anything back in return.

That's why the US LLC is the small mens tax evasion vehicle with a Mercury account he doesn't get reported.

That was by the way the whole Business Model of former Puerto Rico based Euro Pacific Bank.
 

zzzzzz

Entrepreneur
US FACTA agreements are always one way - US wants to know everything and doesn't give you anything back in return.

That's why the US LLC is the small mens tax evasion vehicle with a Mercury account he doesn't get reported.

That was by the way the whole Business Model of former Puerto Rico based Euro Pacific Bank.
Yes, that is for corporate. I'm talking about natural person section in FATCA agreements which are usually two way street, the one to the USA much more detailed and comprehensive than the other way.
 

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