Question FATCA agreement between USA and UAE

[zzzzzz]

I was looking at FATCA agreement between USA and UAE (natural persons section) and strangely, they only mention what UAE has to report to USA and nothing about the other way around (as it's usual with agreements with other countries). Am I missing something or is there any additional agreement somewhere? Or UAE just doesn't care about it's residents income in USA (it makes sense since it's 0%)? @Fred

Pdf link:
https://home.treasury.gov/system/files/131/FATCA-Agreement-UAE-6-17-2015.pdf

 

[OffshorePhantom]

zzzzzz said:
I was looking at FATCA agreement between USA and UAE (natural persons section) and strangely, they only mention what UAE has to report to USA and nothing about the other way around (as it's usual with agreements with other countries). Am I missing something or is there any additional agreement somewhere? Or UAE just doesn't care about it's residents income in USA (it makes sense since it's 0%)? @Fred

Pdf link:
https://home.treasury.gov/system/files/131/FATCA-Agreement-UAE-6-17-2015.pdf
Click to expand...

Yes it is not a reciprocal agreement like it has signed with other countries.

Since in UAE there is no income tax they probably do not care and do not want the accounts of UAE residents to be reported because they will not do anything with them since there is no tax to be applied.

 

[Fred]

US FACTA agreements are always one way - US wants to know everything and doesn't give you anything back in return.

That's why the US LLC is the small mens tax evasion vehicle with a Mercury account he doesn't get reported.

That was by the way the whole Business Model of former Puerto Rico based Euro Pacific Bank.

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[wellington]

Fred said:
That was by the way the whole Business Model of former Puerto Rico based Euro Pacific Bank.
Click to expand...

Is that why Peter is always bleeping on about his bank being forcefully liquidated?

 

[zzzzzz]

Fred said:
US FACTA agreements are always one way - US wants to know everything and doesn't give you anything back in return.

That's why the US LLC is the small mens tax evasion vehicle with a Mercury account he doesn't get reported.

That was by the way the whole Business Model of former Puerto Rico based Euro Pacific Bank.
Click to expand...

Yes, that is for corporate. I'm talking about natural person section in FATCA agreements which are usually two way street, the one to the USA much more detailed and comprehensive than the other way.

 

[Radko]

Fred said:
That was by the way the whole Business Model of former Puerto Rico based Euro Pacific Bank.
Click to expand...

EuroPacific Bank did not have any "business model" of any kind, they opened accounts for individuals and companies, most of the accounts were held by individuals.

EuroPacific did not do anything differently than any of the other 50+ financial institutions based in Puerto Rico, they are all regulated by OCIF.

Puerto Rico doesn't belong to the CRS, just like the US mainland. Who knows how many millions of accounts are being held by foreigners in all none CRS countries, from the US, to Puerto Rico, to Bulgary and all the rest.