If a bank doesnt report to fatca, what does this mean if a u.s. citizen has a lot of money there then? Is this bank bypassing fatca?
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Non fatca
- Thread starter Alfrankenstein
- Start date
Well are banks legally allowed to operate if they dont report to fatca?again?
It doesn't mean anything for you personally. You just need to make sure you do all your necessary personal filings (FBAR and such).
If the bank operates in a country that doesn't have a FATCA agreement, then yes, the bank can operate and doesn't have to report to FATCA.
Examples of this are the Taesong Bank or the Bank Sepah (if you're not using a foreign branch).
But I highly doubt you want to do business with these banks.
Why do you say that? What if the banks are located in south or central america and they dont report to fatca then?
Because it's true
If the bank is in a non-FATCA country like (mentioned) North Korea or Iran, it need not to report according to FATCA and everything is OK. (BTW, even a bank from the non-FATCA country can voluntarily enter reporting; mostly it happens with a motivation to have a smooth access to USD operations, but it is another case.)
This is an urelated question. Nevertheless, if bank is in a FATCA country, it must report, otherwise it breaks the law and it is finished – consequences are clear. If the bank is in a non-FATCA country, see above. What countries in South or Central America are FATCA or non-FATCA, I do not remember. But it is definitely easy to search for it...
But lets say the banks are in brazil or suriname and they know theyre receiving money from u.s. citizens yet they turn a blind eye... look the other way.Because it's true
If the bank is in a non-FATCA country like (mentioned) North Korea or Iran, it need not to report according to FATCA and everything is OK. (BTW, even a bank from the non-FATCA country can voluntarily enter reporting; mostly it happens with a motivation to have a smooth access to USD operations, but it is another case.)
This is an urelated question. Nevertheless, if bank is in a FATCA country, it must report, otherwise it breaks the law and it is finished – consequences are clear. If the bank is in a non-FATCA country, see above. What countries in South or Central America are FATCA or non-FATCA, I do not remember. But it is definitely easy to search for it...
If Brasil and/or Suriname signed for FATCA (I am not sure) then these banks are breaking the law and very probably will face problems sooner or later (so the money there are definitely not safe). That's all.
But what if the banks in brazil simply dont report to fatca period?
Yeah, what if?
FATCA Foreign Financial Institution List Search and Download Tool | Internal Revenue Service
Information on the FATCA Foreign Financial Institution (FFI) List. Link to the FFI List Search and Download tool.
A non-compliant financial institutions risks a 30% tax on every USD transaction they send or receive. They also risk being completely cut off from USD, since all USD everywhere in the world is under US jurisdiction.
This is list of nota fatca countries. you can read on this website : Non FATCA countries - Best Citizenships
Even if its in CHF, and moved to say GBP, the USD would be in the middle... the US is the reserve currency 'representative', the EURODOLLAR is the reserve currency (in a manner of speaking arguably) so there's no getting around it. EXCEPT where using dashboard $ but utilising non $ and spending non $..
But still the OECD / CRS etc would likely play into that.
But still the OECD / CRS etc would likely play into that.
That list is a big fat lie, I can name at least 20 countries on that list where every single bank you’ll contact will ask you to fill up a W9 and confirm they report
Well; while I cannot confirm non FATCA nations asides the usual isolated countries such as Iran and Norrh Korea, I can tell you that every single bank in Morocco will report you; I have accounts with the top 3 banks there and all report. BMCE which is owned by BNP Paribas straight up refuses anyone with ties to the US. Andorra reports, Maldives do (I was there on vacation last month and every bank I spoke to will report), Tonga reports, We do business in Senegal and they report; Oman and Jordan are close US Allies and they both report, while Monaco as a government hasn’t signed, every bank there is listed on the IRS manifest and most are French banks with strong ties to the US such as BNP and société général. I spoke with 4 banks last summer while in Monaco and they all report or straight up won’t accept US clients unless you’re ready to deposit $2M+. I’m sure many other countries on that list report especially the African ones since the top banks in africa are either French banks or Moroccan banks (in French speaking countries such as banque populaire and Attijari
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