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?
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?
.
