Questions about FATCA between US and my country

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Nishizawa

New member
FATCA IGA between US and South Korea enters into force–MNE Tax

This is FATCA agreement of my residence country.

It said "
The term “Korean Reportable Account” means a Financial Account
maintained by a Reporting U.S. Financial Institution if: (i) in the case of a
Depository Account, the account is held by an individual resident in Korea and
more than $10 of interest is paid to such account in any given calendar year;
or
(ii) in the case of a Financial Account other than a Depository Account, the
Account Holder is a resident of Korea, including an Entity that certifies that it
is resident in Korea for tax purposes, with respect to which U.S. source..."


I wonder what exactly does this mean. So, if I earn interests for less than 10$, Does US bank not exchange my information with Korea?

Such as TD bank simple checking or Wells Fargo Everyday Checking, I can't earn interests even if I deposit 100,000$. Rather, I have to pay a monthly maintenance fee. Is this type of checking account excluded from FATCA's exchange list?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
In regards to the $10 threshold you will need to ask the banks "compliance" department directly and not a normal bank staff.

btw it would be wrong to assume the U.S sticks to the text of any agreement ns2.
 

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