03/11/21

US: Top ten FATCA sign-ups revealed - Cayman Islands leads the pack.

As published on internationalinvestment.net, Wednesday 3 November, 2021.

The US Foreign Account Tax Compliance Act FATCA, operating now for over a decade, saw a total of 404,202 new monthly registrations according to the Internal Revenue Service's (IRS) latest list published in November, up 2,658 from October.

By far the highest number of new registrations came from the Cayman Islands where 1,097 financial institutions joined FATCA with 82,309 registrations.

In the latest top 10 list, Brazil is considerably further down second position (36,588), and the UK only a touch behind in third place (36,172).

Under FATCA, banks and other financial services businesses outside America are compelled to report the income of all US citizens, accidental or otherwise.

While all US citizens must supply the US tax authorities with detailed information of their bank accounts and assets held abroad and requires non-US banks to report such information directly to the IRS.

Top 10 FATCA registrations

1.Cayman Islands 82,309
2. Brazil 36,588
3. UK 36,172
4. Japan 25,614
5. Luxembourg 19,017
6. British Virgin Islands 14,880
7. Canada 14,301
8. Guernsey 9,253
9. Jersey 9,070
10. Hong Kong 8,546
Source: IRS November 2021 list