Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by Congress and the law was signed by Obama. FATCA was passed to identify assets of persons with US connections and prevent tax evasion. The law identifies U.S. citizens, U.S. corporations and U.S. tax residents.
FATCA requires foreign financial institutions (FFIs) and banks to report to the IRS information about financial accounts held by U.S. taxpayers, or foreign entities held by U.S. taxpayers hold a substantial ownership interest.
There are currently 114 countries that have existing FATCA model-1 and model-2 agreements, some are pending according to the US Treasury department. FATCA has been criticized by accidental americans who are not aware of their US citizenship. The number of americans renouncing US citizenship has soared since implementation of FATCA in 2010.
So how many countries have non-FATCA agreement with US?
There are some 94 countries that currently have no FATCA agreements with the US.
| Afghanistan Albania Andorra Bangladesh Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brunei Darussalam Burkina Faso Burundi Cameroon Central African Republic Chad Comoros Congo Congo, Democratic Republic Côte D’Ivoire Cuba Djibouti Ecuador Egypt El Salvador Equatorial Guinea Eritrea Ethiopia Fiji Gabon Gambia Ghana Guatemala Guinea Guinea Bissau Iran Jordan Kenya Kirbati Laos Lebanon Lesotho Liberia Libya Madagascar Malawi Maldives Mali |
Marshall Islands Mauritania Micronesia Monaco Mongolia Morocco Mozambique Myanmar Namibia Nauru Nepal Niger Nigeria North Korea North Macedonia Oman Pakistan Palau Papua New Guinea Russia Rwanda Samoa São Tomé and Principe Senegal Sierra Leone Solomon Islands Somalia South Sudan Sri Lanka Sudan Suriname Swaziland Syria Tajikistan Tanzania Timor-Leste Togo Tonga Tuvalu Uganda Uruguay Vanuatu Venezuela Yemen Zambia Zimbabwe |
It is important to note that absence of FATCA in these countries does not mean that financial institutions in these jurisdictions, do not report to IRS. Some foreign financial institutions operating in these countries do report. The IRS maintains a list of FFI who report under FATCA even in non-FATCA countries and is updated regularly
Note: This list is not updated regularly. Please check with the IRS department for institutions complying with FATCA.
