Questions about FATCA between US and my country

Nishizawa

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 Consultant
Business Angel
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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