The USA will not provide its ‘reciprocal’ FATCA partners any information about...

[darkred]

Can you elaborate?
Its easy to open an account but they all have interest like 0.1 or 0.01 or something

Checking account don't have interest. Those are savings accounts

 

[FATCA]

Checking account don't have interest. Those are savings accounts

Ok what about brokerage accounts? Seems like there are no brokerage account without interest

 

[JohnLocke]

Just open a US account that does pay 0% interest on deposits. That way technically you can keep even $100M without earning any interest thus avoiding the reporting.

Do you really believe this could be a possibility, I don't.

 

[OffshorePhantom]

Do you really believe this could be a possibility, I don't.

According to the FACTA agreements in place at the current stage, yes.

Clearly what happens in reality I do not know, but if we read the agreements technically this is possibile.

 

[ivan1911]

So basically America fucked the whole world into reporting back to then but they don't report anything back for non residents basically ? Man it would be nice if there was someone actually working in some European tax agency that can actually confirm any of this .. either way than you for the links !

 

[zzzzzz]

So basically America fucked the whole world into reporting back to then but they don't report anything back for non residents basically ? Man it would be nice if there was someone actually working in some European tax agency that can actually confirm any of this .. either way than you for the links !

I can confirm that USA reports aggregate dividends and interest amounts for personal brokerage accounts of nonresidents since 2014 via FATCA.
But I have no idea about corporate accounts.

 

[OffshorePhantom]

I can confirm that USA reports aggregate dividends and interest amounts for personal brokerage accounts of nonresidents since 2014 via FATCA.
But I have no idea about corporate accounts.

Corporate accounts are not reported as they are out of the scope of FACTA.

 

[CoinMaster]

So basically America fucked the whole world into reporting back to then but they don't report anything back for non residents basically ?

That pretty much sums it all up!

Corporate accounts are not reported as they are out of the scope of FACTA.

So if you have a corporate account with an EMI in USA you will not get reported?

 

[OffshorePhantom]

So if you have a corporate account with an EMI in USA you will not get reported?

That is what there is written in the FACTA agreements, what happens in practice I do not know.
In the definition of reportable accounts, corporate accounts are not taken into account.
Also in CRS if you do not have a passive entity, but an active non-financial entity (active NFE) accounts are not reported.

 

[CoinMaster]

That's an entire new way to understand the rules also it means to avoid EU EMI's at all costs if reporting, CRS and other stuff matters!