Any country left in this world that does not comply to FATCA?

[tacokai]

Is there a country left that does not comply to the FATCA reporting?

I tried to search a little but can't find anything evidence that this or that country does not report!

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[aquarius]

You may have a fair chance in Iran. Venezuela could be an option as well.

 

[Freccione]

aquarius said:
You may have a fair chance in Iran. Venezuela could be an option as well.
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Don't forget North Korea. I have been looking into banking there. Very little KYC, so I heard.
Good luck!

 

[thirtyniner]

aquarius said:
You may have a fair chance in Iran. Venezuela could be an option as well.
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Freccione said:
Don't forget North Korea. I have been looking into banking there. Very little KYC, so I heard.
Good luck!
Click to expand...

Let's give a banana to this 2 gentleman! ban-:;

This kind of topic might seem to be stupid, but the person who opened it is interested enough to open it and ask for help. We all have been there, so let's try to be more constructive. This forum lives of the experts feedback, and this is the kind of person that might be interested in a Gold Account, if you dare.

As far as I'm aware (I'm no expert), you have Puerto Rico and all the off-shore US related (Delaware, Wyoming, etc).

Last edited: Sep 19, 2020

 

[CounselRep]

Check out the US Dept of the Treasury FACTA website here. It lists all the countries where there is a FACTA agreement so that may help you to work out which countries are left.

 

[Perry8]

There is actually many countries that have not signed FATCA on a state level. But, what you will find is that many banks in these countries have signed up individually.

 

[Marie Manila]

thirtyniner said:
Let's give a banana to this 2 gentleman! ban-:;
Click to expand...

Honestly, what is wrong with banking in Iran or North Korea?
Of course, the locations are not that reputable and save and you must be aware of the sanctions. You may also have problems with bank transfers to third countries.
But you can usually make cash deposits for funding of your account.

So, I would say they are high risk locations, but they are save in regard of privacy and also access by your home country.

 

[khinkali]

There are plenty of non-FATCA countries but as @Perry8 already said, most banks sign up for FACTA even if their country didn't.

• Afghanistan
• Albania
• Andorra
• Argentina
• Bangladesh
• Belize
• Benin
• Bhutan
• Bolivia
• Bosnia and Herzegovina
• Botswana
• Brunei
• Burkina Faso
• Burma (Myanmar)
• Burundi
• Cameroon
• Central African Republic
• Chad
• Comoros
• Congo, Democratic Republic of the
• Congo, Republic of the
• Cook Islands
• Côte d'Ivoire (Ivory Coast)
• Cuba
• Djibouti
• East Timor (Timor-Leste)
• Ecuador
• Egypt
• El Salvador
• Equatorial Guinea
• Eritrea
• Eswatini
• Ethiopia
• Fiji
• Gabon
• Gambia, The
• Ghana
• Guatemala
• Guinea
• Guinea-Bissau
• Iran
• Jordan
• Kenya
• Kiribati
• Kyrgyzstan (Kyrgyz Republic)
• Laos
• Lebanon
• Lesotho
• Liberia
• Libya
• Macedonia (North Macedonia)
• Madagascar
• Malawi
• Maldives
• Mali
• Marshall Islands
• Mauritania
• Micronesia
• Monaco
• Mongolia
• Morocco
• Mozambique
• Namibia
• Nauru
• Nepal
• Niger
• Nigeria
• Niue
• North Korea
• North Macedonia
• Northern Cyprus
• Oman
• Pakistan
• Palau
• Palestine
• Papua New Guinea
• Russia
• Rwanda
• Samoa
• São Tomé and Príncipe
• Senegal
• Sierra Leone
• Solomon Islands
• Somalia
• South Sudan
• Sri Lanka
• Sudan
• Suriname
• Swaziland (Eswatini)
• Syria
• Tajikistan
• Tanzania
• Togo (Togolese Republic)
• Tonga
• Tuvalu
• Uganda
• Uruguay
• Vanuatu
• Venezuela
• Yemen
• Zambia
• Zimbabwe

To be more exotic, there are also Abkhazia, Nagorno-Karabakh (Artsakh), Pridnestrovie (Transnistria), Sahrawi Arab Democratic Republic, Somaliland, Tskhinvali (South Ossetia), Donetsk and Luhansk but I wouldn't call them "countries" and banking might be a little tricky.

 

[JohnLocke]

khinkali said:
Tanzania
Click to expand...

FBME bank was located there in the past with roots to Cyprus and Russia if I'm not mistaken. Isn't there born an alternative to them or is FBME operating under a different name today?

I ask this because if they do and Tanzania has no FATCA regulations in place it might be of interest for some reading this thread.

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[khinkali]

@Admin I think FBME were in FACTA before they were shut down over alleged dealings with Hezbollah.

 

[tacokai]

What a nice list at least I have something now! Thanks it help me in my further research.

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[Martin Everson]

I would not even contemplate if your a person of sensible mind trying to evade FATCA. If your subject to FATCA fulfill all your obligations period. In fact its probably some criminal offense to even discuss evading US FATCA regulations in public...lol rea#44!. The US Federal Government will probably come after you and this forum for promoting such discussion 😱.

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[Sols]

Failure to comply with FATCA can cause the bank to lose access to USD, and/or be hit with a 30% penalty on all USD transactions. For a bank with international trade, lack of access to USD is devastating. So even if some countries may not be FATCA compliant yet, banks can still sign up for FATCA themselves. You have to look at it from both angles.

And even if you do find a non-FATCA bank in a non-FATCA jurisdiction, you are dealing with a bank that either doesn't have USD or is putting its USD at huge risk on a daily basis.

Admin said:
FBME bank was located there in the past with roots to Cyprus and Russia if I'm not mistaken. Isn't there born an alternative to them or is FBME operating under a different name today?

I ask this because if they do and Tanzania has no FATCA regulations in place it might be of interest for some reading this thread.
Click to expand...

While many of FBME's clients were Russian, the owners of FBME were a Lebense family (Saab) which also owns FBL, a bank in Lebanon. FBL is nothing like FBME, though.

FBME was only in Tanzania on paper. They bought a failing bank there (Delphi Bank, IIRC) after they were about to lose their license in the Cayman Islands where they first got a banking license. Despite having practically zero activities in Tanzania, FBME was the one of the largest banks in the country - if not the largest. They set up as a branch of a foreign bank in Cyprus to access the European market and did nearly all of their business via this branch. They were in talks with Central Bank of Cyprus to get a local license, but that didn't exactly come into fruition...

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This is the probably the answer to your question.

 

[hernanday]

I would say no. Are there countries that did not sign facta, YES. But Facta is an American law enforced internationally. America is "the global police man". If a weak small country like Benin or Libya get threats from American banks to cut off their correspondence licenses or even veiled threats they quiver. Even large countries who'd you think could stand up a little like South Africa quiver quickly. If you want to not comply with facta give up A,merican citizenship, acquire citizenship in a country that allows you to visit America alot and maintain non-immigration visitor visa.

 

[Davis123]

khinkali said:
There are plenty of non-FATCA countries but as @Perry8 already said, most banks sign up for FACTA even if their country didn't.

• Afghanistan
• Albania
• Andorra
• Argentina
• Bangladesh
• Belize
• Benin
• Bhutan
• Bolivia
• Bosnia and Herzegovina
• Botswana
• Brunei
• Burkina Faso
• Burma (Myanmar)
• Burundi
• Cameroon
• Central African Republic
• Chad
• Comoros
• Congo, Democratic Republic of the
• Congo, Republic of the
• Cook Islands
• Côte d'Ivoire (Ivory Coast)
• Cuba
• Djibouti
• East Timor (Timor-Leste)
• Ecuador
• Egypt
• El Salvador
• Equatorial Guinea
• Eritrea
• Eswatini
• Ethiopia
• Fiji
• Gabon
• Gambia, The
• Ghana
• Guatemala
• Guinea
• Guinea-Bissau
• Iran
• Jordan
• Kenya
• Kiribati
• Kyrgyzstan (Kyrgyz Republic)
• Laos
• Lebanon
• Lesotho
• Liberia
• Libya
• Macedonia (North Macedonia)
• Madagascar
• Malawi
• Maldives
• Mali
• Marshall Islands
• Mauritania
• Micronesia
• Monaco
• Mongolia
• Morocco
• Mozambique
• Namibia
• Nauru
• Nepal
• Niger
• Nigeria
• Niue
• North Korea
• North Macedonia
• Northern Cyprus
• Oman
• Pakistan
• Palau
• Palestine
• Papua New Guinea
• Russia
• Rwanda
• Samoa
• São Tomé and Príncipe
• Senegal
• Sierra Leone
• Solomon Islands
• Somalia
• South Sudan
• Sri Lanka
• Sudan
• Suriname
• Swaziland (Eswatini)
• Syria
• Tajikistan
• Tanzania
• Togo (Togolese Republic)
• Tonga
• Tuvalu
• Uganda
• Uruguay
• Vanuatu
• Venezuela
• Yemen
• Zambia
• Zimbabwe

To be more exotic, there are also Abkhazia, Nagorno-Karabakh (Artsakh), Pridnestrovie (Transnistria), Sahrawi Arab Democratic Republic, Somaliland, Tskhinvali (South Ossetia), Donetsk and Luhansk but I wouldn't call them "countries" and banking might be a little tricky.
Click to expand...

I see many countries not signing up to treaty but most of their banks have done individually as they can't do usd transactions if they don't. Some avoid it as they do their business in usd through another bank. I think Cook Islands have done it already if I am not mistaken.

 

[Davis123]

Sols said:
Failure to comply with FATCA can cause the bank to lose access to USD, and/or be hit with a 30% penalty on all USD transactions. For a bank with international trade, lack of access to USD is devastating. So even if some countries may not be FATCA compliant yet, banks can still sign up for FATCA themselves. You have to look at it from both angles.

And even if you do find a non-FATCA bank in a non-FATCA jurisdiction, you are dealing with a bank that either doesn't have USD or is putting its USD at huge risk on a daily basis.


While many of FBME's clients were Russian, the owners of FBME were a Lebense family (Saab) which also owns FBL, a bank in Lebanon. FBL is nothing like FBME, though.

FBME was only in Tanzania on paper. They bought a failing bank there (Delphi Bank, IIRC) after they were about to lose their license in the Cayman Islands where they first got a banking license. Despite having practically zero activities in Tanzania, FBME was the one of the largest banks in the country - if not the largest. They set up as a branch of a foreign bank in Cyprus to access the European market and did nearly all of their business via this branch. They were in talks with Central Bank of Cyprus to get a local license, but that didn't exactly come into fruition...
Click to expand...

FBME was inviting attention to itself by having accounts of Russian and Chinese rich families (Although US govt was stating Russian Mafia was having accounts there mostly ). They brought false terrorism charges against this bank that it was a funneling channel for Hamas group but the owners of the bank were Christian arabs. . It's ironic that FBME bank was the only bank that helped Cyprus govt in their economic crisis in 2013.

 

[Davis123]

Martin Everson said:
I would not even contemplate if your a person of sensible mind trying to evade FATCA. If your subject to FATCA fulfill all your obligations period. In fact its probably some criminal offense to even discuss evading US FATCA regulations in public...lol rea#44!. The US Federal Government will probably come after you and this forum for promoting such discussion 😱.
Click to expand...

Exactly. Don't even think about it. Be sensible and wise. They would come after anyone and even this forum for any discussion. I think years ago they got together with Canada (the website was being run from Canada )and closed one forum for such discussions although most of the questions were how to beat CRS. Over the years they have closed down so many websites for different subjects not just tax related.

 

[boomy]

hernanday said:
I would say no. Are there countries that did not sign facta, YES. But Facta is an American law enforced internationally. America is "the global police man". If a weak small country like Benin or Libya get threats from American banks to cut off their correspondence licenses or even veiled threats they quiver. Even large countries who'd you think could stand up a little like South Africa quiver quickly. If you want to not comply with facta give up A,merican citizenship, acquire citizenship in a country that allows you to visit America alot and maintain non-immigration visitor visa.
Click to expand...

Sad but very true, you can't escape. Best is to find someone in the USA that is able to help you to tax optimize if that is what you are looking for.

It makes no sense to try to escape, no one escape Uncle Sam

 

[nomad999]

pretty sure if a bank don't comply with FATCA they will quickly be banned from the SWIFT system and bringing along with them the banks they transact with. a bank that is isolated is absolutely useless.

there is only one way out, bitcoin smi(&%

 

[Davis123]

nomad999 said:
pretty sure if a bank don't comply with FATCA they will quickly be banned from the SWIFT system and bringing along with them the banks they transact with. a bank that is isolated is absolutely useless.

there is only one way out, bitcoin smi(&%
[/QUOTE

nomad999 said:
pretty sure if a bank don't comply with FATCA they will quickly be banned from the SWIFT system and bringing along with them the banks they transact with. a bank that is isolated is absolutely useless.

there is only one way out, bitcoin smi(&%
Click to expand...

Not sure about bitcoins either. Coinbase the granddaddy of them all is in USA too. They supply all your info to Uncle Sam
Click to expand...