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FATCA Bilateral Data Exchange Country List

FATCA Bilateral Data Exchange Country List

Introduction

The USA have concluded bilateral FATCA agreements (Foreign Account Tax Compliance Act) with a large number of countries worldwide. These agreements oblige foreign financial institutions to provide information on Accounts of US citizens to the US Internal Revenue Service (IRS). In return, the IRS shares information about foreign citizens' accounts in the USA with their home countries. However, this regulation only applies to private accounts.

EU countries with FATCA agreement

Here is a list of the EU countries that have concluded a FATCA agreement with the USA:

  • Belgium
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Austria
  • Ireland
  • Greece
  • Portugal
  • Finland
  • Sweden
  • Denmark
  • Poland
  • Czech republic
  • Hungary
  • Luxembourg
  • Malta
  • Cyprus
  • Slovakia
  • Estonia
  • Latvia
  • Lithuania
  • Slovenia
  • Croatia
  • Bulgaria
  • Romania

EU countries without a FATCA agreement

To date, there is no evidence that any EU member state has not concluded a FATCA agreement with the USA. All EU countries have complied with the requirements of FATCA in order to improve tax transparency and combat tax evasion.

Effects on US LLCs and business accounts

US LLCs and Business accounts foreign Citizens are not affected by the FATCA agreements, as these agreements relate exclusively to private accounts. US LLCs are regarded as separate legal entities and not as foreign account holders.


FAQs

Which countries have concluded FATCA agreements with the USA?
The USA has concluded FATCA agreements with many countries worldwide, including almost all EU member states.

Which accounts are affected by FATCA?
FATCA mainly affects private accounts of US citizens abroad.

Are US LLCs affected by FATCA?
No, US LLCs and business accounts of foreign citizens are not affected by FATCA.

Why is the USA not part of the CRS?
The USA has decided to use its own regulation, FATCA, instead of joining the OECD's global Common Reporting Standard (CRS).

How is information exchanged under FATCA?
Foreign financial institutions report information about U.S. citizen accounts to the IRS, and the IRS shares information about foreign citizen accounts in the U.S. with their home countries.

Which EU countries do not have a FATCA agreement?
To date, there are no EU countries without a FATCA agreement with the USA.

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Disclaimer: Please note that the above dates, tax rates and regulations may change over time. Do not make any independent decisions without first consulting an expert for your individual situation. It is in your interest to always receive individual information from an experienced expert who knows your situation. This information is for informational purposes only and does not promote illegal activities, including tax evasion.

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