FATCA Countries 2023

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FATCA Agreement Type

Model 1

Model 2

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What Is FATCA?

FATCA stands for Foreign Account Taxation Compliance Act. FATCA is a controversial information-sharing agreement, created via a 2010 US federal law, between the United States and more than 100 countries. The stated goal of FATCA was to identify non-US financial accounts opened by US citizens or businesses for the purpose of avoiding US taxes—for instance, in tax havens, tax-free countries, or countries with lower corporate tax rates—which would enable the IRS to then collect the taxes owed.

However, FATCA can also create financial complications for US citizens living abroad. For instance, some foreign banks simply refuse to issue accounts to US citizens so as to avoid any FATCA entanglements. Additionally, both the implementation and the legality of the agreement have been called into question.

What Is the Difference Between a FATCA Model 1 Country and a Model 2 Country?

In general, the countries that are included in FATCA have entered into either a Model 1 or Model 2 agreement. In a Model 1 country, financial data about United States citizens is collected by the partner country's various financial institutions and sent to that country's governmental tax authority. That authority then passes the information on to the US IRS, which uses it to ensure the person is paying the amount of tax they legally owe. A total of 94 countries fall under the Model 1 agreement.

In a Model 2 country, the partner government's tax authority is removed from the transfer chain and information is passed directly from the country's financial institutions to the US IRS. 14 countries have entered into a Model 2 agreement. Both models also include variants in which the US would reciprocate by providing similar information about any of the partner country's citizens residing in the US.

What Countries Are FATCA Model 1 Countries?

Algeria Gibraltar Norway
Angola Greece Panama
Anguilla Greenland Peru**
Antigua and Barbuda Grenada Philippines**
Australia Guernsey Poland
Azerbaijan Guyana Portugal
Bahamas Haiti** Qatar
Bahrain Honduras Romania
Barbados Hungary Saint Kitts and Nevis
Belarus Iceland Saint Lucia
Belgium India Saint Vincent and the Grenadines
Brazil Indonesia** Saudi Arabia
British Virgin Islands Ireland Serbia
Bulgaria Isle of Man Seychelles**
Cambodia Israel Singapore
Canada Italy Slovakia
Cape Verde** Jamaica Slovenia
Cayman Islands Jersey South Africa
China** Kazakhstan South Korea
Colombia Kosovo Spain
Costa Rica Kuwait Sweden
Croatia Latvia Thailand**
Curacao Liechtenstein Trinidad and Tobago
Cyprus Lithuania Tunisia
Czech Republic Luxembourg Turkey
Denmark Malaysia** Turkmenistan
Dominica Malta Turks and Caicos Islands
Dominican Republic Mauritius Ukraine
Estonia Mexico United Arab Emirates
Finland Montenegro United Kingdom
France Montserrat Uzbekistan
Georgia Netherlands Vatican City / Holy See
Germany New Zealand Vietnam

*Note: Countries marked with ** have a signed agreement or an agreement in substance, but the agreement has not yet entered into force.

What Countries Are Model 2 Countries?*

Armenia Iraq** Paraguay**
Austria Japan San Marino
Bermuda Macao Switzerland
Chile** Moldova Taiwan**
Hong Kong Nicaragua**

*Note: Countries marked with ** have a signed agreement or an agreement in substance, but the agreement has not yet entered into force.

FATCA Countries 2023

Note: Countries with "Agreement in Substance" or "Signed" status will not yet have an in-force date.

FATCA Countries 2023