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

[darkred]

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

 

[FATCA]

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

 

[JohnLocke]

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

 

[OffshorePhantom]

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]

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]

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

 

[CoinMaster]

That pretty‍ much sums it all up! 🙁

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

 

[OffshorePhantom]

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!