Which countries have signed on to FACTA?
Specifically looking for which European Countries.
Many thanks if you know where to find this information, as my google searches are coming up blank.
Posted Apr 16, 2012, 8:39 PM UTC
313
Specifically looking for which European Countries.
Many thanks if you know where to find this information, as my google searches are coming up blank.
Posted Apr 16, 2012, 8:39 PM UTC
FATCA, to my knowledge, applies to individuals and entities, regardless of country. Some countries have exchange of information treaties, if that's what you mean.
This is what I mean - which countries will freely comply with the regulation and hand over details to the IRS freely without being requested.
FATCA doesn't require the government to hand over the information, it requires (in very broad strokes) foreign financial institutions to hand over information, otherwise all of their transactions will be subject to withholding on many types of payments, including US source FDAP, even where such withholding would otherwise not be required.
So in the end it comes down to if the firm I bank with does business in the USA
I mean, what is your actual question?
Here's a good overview of FATCA from Deloitte. There are a ton of these client memos from pretty much every law firm and accounting firm if you google FATCA overview.
This is what I mean - which countries will freely comply with the regulation and hand over details to the IRS freely without being requested.
Doesn't look like Austria is on that list you sent me, which is my primary concern.
Good. US government has no business in my finances when I live and work abroad full time.