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William Byrnes (Texas A&M) tax & compliance articles

July 1st FATCA FFI List Analysis by Country and by IGA

Posted by William Byrnes on July 1, 2014


free chapter download here —> http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2457671   Number of Pages in PDF File: 58

Haydon Perryman, FATCA Compliance expert of Strevus, and I are undertaking an analysis of this July 1st FATCA FFI list release by country and by IGA.  Haydon has put together the below hard work of the list based upon the excel formulae he created.  (Updated with comments as of 19:00 Washington, D.C. time).  Check out Haydon Perryman’s blog at http://haydonperryman.wordpress.com/

What I find surprising thus far is that I thought (as did many large firm attorneys) many, many more registrations would have pushed themselves through the keyhole.  I was thinking in the range of 100,000 to 110,000 would be registered for the July 1 FFI list.  Only 10,000 additional registrations was not even in my lowest estimates.  I wouldn’t call 88,000 FFI registrations a great success at this stage, considering that nearly 150 countries do not have an IGA and thus FATCA 30% withholding starts today.  While the IRS suggested a 500,000 potential FFI registration figure, many industry stakeholders suggest that 800,000 – 900,000 firms fall under the expansive definition of financial institution.

The 82,994 FFIs (approx. 95%) from the 98 IGA countries registration is due by December 31.  Only 4,318 FFI (5%) registered from the remaining 152 countries.  We do not know what FFIs may have registered between June 3rd and now because that will fall into the August list).  Still, based on the current July 1st figures, FATCA registration (indicative of compliance) in a best case scenario is running at less than 20%.   It may be as low as 10% FFI registration thus far based on the what industry stakeholders think is more likely the range.

Why is the Range for Potential FFI Registration so Expansive?

Given the broad definition of financial institution (explained below) that requires a FATCA GIIN for the W-8BEN-E or other appropriate W-8, such as W-8IMY,  the UK HMRC estimated that, even with its IGA and accompanying local regulations, 75,000 UK entities are impacted by FATCA.  Probably, though not clearly stated by the HMRC, these entities and firms need to register for a GIIN.  But only 6,994 have registered from the UK, and only 730 additional since the June 2nd list (of 6,264).  Granted the UK FFI has until October 25th pursuant to HMRC announcement (albeit January 1st under the FATCA regulations).  If the UK has 75,000 or even just half that entities requiring FFI registration, then extrapolated among other large and sophisticated financial service economies like Japan, China, Germany etc – clearly, more than 500,000 entities will need to inevitably register.   The question is: how many more?

What is the Definition of Financial Institution?

The definition of ‘financial institution’ is very broad.  Thus, entities and firms that may not traditionally (such as a banking enterprise or investment fund) be considered a financial institution are subject to FATCA registration and reporting – such as trust companies, certain insurance companies, holding companies, treasury centers.  Moreover, the industry, especially the trust industry, is experiencing some confusion over which entities must register as an FFI, and which do not need to register, or are instead an NFFE.

FFIs are primarily banking and financial institutions, as well as certain investment entities, which are defined by FATCA and separated into three broad categories:  (i) primarily traditional banks that accept deposits and perform related banking services in their ordinary course of business, (ii) entities  a substantial part of the business of which  involves  holding financial assets for others, and (iii) entities engaged in the business of investing, reinvesting, and trading in securities, partnership interests, commodities, derivatives, and other passive financial assets.

The first category of FFI describes traditional banks. This FFI is defined as a financial institution that accepts deposits in the ordinary course of a banking or similar business. An entity is engaged in a “banking or similar business” if the entity:

  1. accepts deposits or similar investments of funds;
  2. makes personal, mortgage, industrial, or other loans;
  3. provides credit extension;
  4. purchases, sells, discounts, or negotiates account receivables, installment obligations, notes, drafts, checks, bills of exchange, acceptances, or other evidences of indebtedness;
  5. issues letters of credit and negotiates drafts drawn on accounts;
  6. provides trust or fiduciary services;
  7. finances foreign exchange transactions; or
  8. enters into, purchases, or disposes of finance leases or leased assets.

The second category of FFI captures “asset holding” companies. This type of FFI holds financial assets for the account of others as a “substantial” portion of its business.  An entity is an asset holding company if more than 20 percent of its gross income is from holding financial assets and related financial services during a three-year period ending on December 31 of the year preceding that in which the determination is made (or the period of the entity’s existence, if shorter).

The final category of FFI captures “investment funds”, and is broadly defined.  Thus, this category includes certain securitization vehicles, certain pension funds, and can potentially include certain other private structures that hold investments such as trusts and underlying holding companies.  This category of FFI is primarily engaged in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest (including futures or forward contracts or options).  An investment entity is primarily engaged in one or more of the following activities:

  1. trading in money market instruments, foreign currency, foreign exchange, interest rates, index instruments, transferable securities, or commodity futures;
  2. managing individual or collective portfolios;
  3. investing, administering or managing funds, money, or financial assets on behalf of others; or
  4. functioning as a collective investment vehicle, mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund, or any similar investment vehicle.

An entity is primarily engaged in these activities if more than 50% of its gross income is from such activities during a three-year period.

Example of an Investment Advisor.  A Fund Manager is an investment entity that organizes and manages various types of funds including Fund A. Fund A invests primarily in equities. An Investment Advisor (a foreign entity) is hired by the Fund Manager to advise and provide discretionary management of a portion of the financial assets held by Fund A. More than 50% of the Investment Advisor’s gross income was earned for the last three years from providing similar services. The Investment Advisor is an investment entity as described in this section and an FFI as well since it primarily conducts a business of managing financial assets on behalf of clients.

Example of a Trust managed by a Trust Company. On January 1, 2013, a Trust (a nongrantor foreign trust) was formed by X (an individual) for the benefit of his or her children. The Trustee (a Trust Company) was appointed by X to act as the Trustee.  A Trust Company is an FFI.  Under the terms of the Trust Instrument, the Trust Company manages the assets of the Trust as Trustee for the benefit of X’s children.  Because the Trust is managed by a FFI (the Trust Company), the Trust is an investment entity, and an FFI.

Trust compliance and FATCA expert Peter Cotorceanu (and Lexis author) has raised four interesting issues with the last example, being:

  • Is the “Managed By” test met if some but not all a trust managers are depository institutions, custodial institutions, specified insurance companies, or Type A IEs, e.g., a trust with a commercial trust company serving a co-trustee with an individual?
  • Is the “Managed By” test met if some but not all of a trust’s investments are managed by depository institutions, custodial institutions, specified insurance companies, or IEs, e.g.,  a trust with one account managed by a bank and other accounts managed by an individual?
  • How is a trust classified if it meets the “Managed By” test for only part of a year, e.g., because a commercial trust company is replaced by an individual as trustee, or a bank is replaced by an individual as asset manager?
  • Does a trust holding, its only asset the share of an underlying company (“UC”), meet the “Managed By” test if the UC’s assets are professionally managed but the trust is not (i.e., the trustee is an individual)?

FATCA IGA FACTS as of July 1st at World Cup Game time USA Match (4 pm Washington, D.C.)

IGAs: 98

Model 1: 85

Model 2: 13

Non-IGAs: 250 – 98 = 152 countries for withholding from July 1, 2014

Registered:  87,993 (July 1st) (an increase of approximately 10,000 from 77,353 of June 2nd) FFI/branches from 250 countries/jurisdictions

Jurisdiction July FFI # IGA Scenario Signed/Substance Date
Afghanistan 8 No IGA    
Albania 16 No IGA    
Algeria 9 Model 1A IGA Substance June 30, 2014
Andorra 35 No IGA    
Angola 10 No IGA    
Anguilla 120 No IGA    
Antigua and Barbuda 39 Model 1A IGA Substance June 03, 2014
Argentina 401 No IGA    
Armenia 34 Model 2 IGA Substance May 08, 2014
Aruba 16 No IGA    
Australia 2,073 Model 1A IGA Signed April 28, 2014
Austria 3,010 Model 2 IGA Signed April 29, 2014
Azerbaijan 34 Model 1A IGA Substance May 16, 2014
Bahamas 646 Model 1A IGA Substance April 17, 2014
Bahrain 165 Model 1A IGA Substance June 30, 2014
Bangladesh 81 No IGA    
Barbados 146 Model 1A IGA Substance May 27, 2014
Belarus 68 Model 1A IGA Substance June 06, 2014
Belgium 256 Model 1A IGA Signed April 23, 2014
Belize 135 No IGA    
Benin 8 No IGA    
Bermuda 1,579 Model 2 IGA Signed December 19, 2013
Bhutan 1 No IGA    
Bosnia and Herzegovina 23 No IGA    
Botswana 20 No IGA    
Brazil 2,362 Model 1A IGA Substance April 02, 2014
British Indian Ocean Territory 1 No IGA    
Brunei Darussalam 21 No IGA    
Bulgaria 96 Model 1A IGA Substance April 23, 2013
Burkina Faso 6 No IGA    
Burundi 3 No IGA    
Cambodia 82 No IGA    
Cameroon 10 No IGA    
Canada 2,566 Model 1A IGA Signed February 05, 2014
Cape Verde 6 Model 1A IGA Substance June 30, 2014
Cayman Islands 17,207 Model 1B IGA Signed November 29, 2013
Central African Republic 2 No IGA    
Chad 4 No IGA    
Chile 342 Model 2 IGA Signed March 05, 2014
China 213 Model 1A IGA Substance June 26, 2014
Christmas Island 1 No IGA    
Colombia 184 Model 1A IGA Substance April 23, 2014
Comoros 1 No IGA    
Congo 5 No IGA    
Cook Islands 87 No IGA    
Costa Rica 116 Model 1A IGA Signed November 26, 2013
Cote d’Ivoire 18 No IGA    
Croatia 67 Model 1A IGA Substance April 02, 2014
Curacao 189 Model 1A IGA Substance April 30, 2014
Cyprus 330 Model 1A IGA Substance April 22, 2014
Czech Republic 115 Model 1A IGA Substance April 02, 2014
Denmark 204 Model 1A IGA Signed November 19, 2012
Djibouti 2 No IGA    
Dominica 18 Model 1A IGA Substance June 19, 2014
Dominican Republic 75 Model 1A IGA Substance June 30, 2014
Ecuador 27 No IGA    
Egypt 109 No IGA    
El Salvador 41 No IGA    
Equatorial Guinea 1 No IGA    
Estonia 33 Model 1A IGA Signed April 11, 2014
Falkland Islands (Malvinas) 1 No IGA    
Fiji 5 No IGA    
Finland 482 Model 1A IGA Signed March 05, 2014
France 2,422 Model 1A IGA Signed November 14, 2013
French Polynesia 3 No IGA    
French Southern Territories 1 No IGA    
Gabon 4 No IGA    
Gambia 11 No IGA    
Georgia 26 Model 1A IGA Substance June 12, 2014
Germany 2,894 Model 1A IGA Signed May 31, 2013
Ghana 51 No IGA    
Gibraltar 116 Model 1A IGA Signed May 08, 2014
Greece 103 No IGA    
Greenland 1 Model 1A IGA Substance June 30, 2014
Grenada 33 Model 1A IGA Substance June 16, 2014
Guadeloupe 1 No IGA    
Guam 4 US Territory    
Guatemala 81 No IGA    
Guernsey 2,585 Model 1A IGA Signed December 13, 2013
Guinea 7 No IGA    
Guyana 7 Model 1A IGA Substance June 24, 2014
Haiti 13 Model 1A IGA Substance June 30, 2014
Honduras 50 Model 1A IGA Signed March 31, 2014
Hong Kong 2,008 Model 2 IGA Substance May 09, 2014
Hungary 115 Model 1A IGA Signed February 04, 2014
Iceland 12 No IGA    
India 321 Model 1A IGA Substance April 11, 2014
Indonesia 351 Model 1A IGA Substance May 04, 2014
Iraq 49 Model 2 IGA Substance June 30, 2014
Ireland 2,007 Model 1A IGA Signed January 23, 2013
Isle of Man 355 Model 1A IGA Signed December 13, 2013
Israel 352 Model 1A IGA Substance June 30, 2014
Italy 587 Model 1A IGA Signed January 10, 2014
Jamaica 42 Model 1A IGA Signed May 01, 2014
Japan 3,390 Model 2 IGA Signed June 11, 2013
Jersey 1,974 Model 1A IGA Signed December 13, 2013
Jordan 48 No IGA    
Kazakhstan 96 No IGA    
Kenya 54 No IGA    
Kuwait 84 Model 1A IGA Substance May 01, 2014
Kyrgyzstan 29 No IGA    
Lao People’s Democratic Republic 13 No IGA    
Latvia 50 Model 1A IGA Signed June 27, 2014
Lebanon 122 No IGA    
Lesotho 2 No IGA    
Liberia 29 No IGA    
Liechtenstein 291 Model 1A IGA Signed May 19, 2014
Lithuania 29 Model 1A IGA Substance April 02, 2014
Luxembourg 4,061 Model 1A IGA Signed March 28, 2014
Macao 64 No IGA    
Madagascar 7 No IGA    
Malawi 10 No IGA    
Malaysia 437 Model 1A IGA Substance June 30, 2014
Maldives 6 No IGA    
Mali 5 No IGA    
Malta 348 Model 1A IGA Signed December 16, 2013
Marshall Islands 80 No IGA    
Martinique 1 No IGA    
Mauritania 6 No IGA    
Mauritius 872 Model 1A IGA Signed December 27, 2013
Mexico 410 Model 1A IGA Signed April 09, 2014
Monaco 105 No IGA    
Mongolia 15 No IGA    
Montenegro 7 Model 1A IGA Substance June 30, 2014
Montserrat 12 No IGA    
Morocco 133 No IGA    
Mozambique 15 No IGA    
Myanmar 6 No IGA    
Namibia 26 No IGA    
Nepal 33 No IGA    
Netherlands 2,280 Model 1A IGA Signed December 18, 2013
New Caledonia 5 No IGA    
New Zealand 396 Model 1A IGA Signed June 12, 2014
Nicaragua 15 Model 2 IGA Substance June 30, 2014
Niger 4 No IGA    
Nigeria 76 No IGA    
Norway 349 Model 1A IGA Signed April 15, 2013
Oman 25 No IGA    
Pakistan 89 No IGA    
Panama 484 Model 1A IGA Substance May 01, 2014
Papua New Guinea 4 No IGA    
Paraguay 17 Model 2 IGA Substance June 06, 2014
Peru 172 Model 1A IGA Substance May 01, 2014
Philippines 178 No IGA    
Poland 180 Model 1A IGA Substance April 02, 2013
Portugal 287 Model 1A IGA Substance April 02, 2014
Puerto Rico 4 US Territory    
Qatar 52 Model 1A IGA Substance April 02, 2014
Reunion 1 No IGA    
Romania 114 Model 1A IGA Substance April 02, 2014
Russian Federation 729 No IGA    
Rwanda 9 No IGA    
Saint Kitts and Nevis 106 Model 1A IGA Substance June 04, 2014
Saint Lucia 66 Model 1A IGA Substance June 12, 2014
Saint Martin (French part) 3 No IGA    
Saint Pierre and Miquelon 1 No IGA    
Saint Vincent and The Grenadines 124 Model 1A IGA Substance June 02, 2014
Samoa 51 US Territory    
San Marino 15 Model 2 IGA Substance June 30, 2014
Saudi Arabia 21 Model 1A IGA Substance June 24, 2014
Senegal 10 No IGA    
Serbia 32 Model 1A IGA Substance June 30, 2014
Seychelles 43 Model 1A IGA Substance May 28, 2014
Sierra Leone 9 No IGA    
Singapore 1,072 Model 1A IGA Substance May 05, 2014
Sint Maarten (Dutch part) 17 No IGA    
Slovakia 63 Model 1A IGA Substance April 11, 2014
Slovenia 32 Model 1A IGA Signed June 02, 2014
Solomon Islands 3 No IGA    
South Africa 395 Model 1A IGA Signed June 09, 2014
South Sudan 5 No IGA    
Spain 1,227 Model 1A IGA Signed May 14, 2013
Sri Lanka 42 No IGA    
Suriname 9 No IGA    
Swaziland 5 No IGA    
Sweden 414 Model 1A IGA Substance April 24, 2014
Switzerland 4,279 Model 2 IGA Signed February 14, 2013
Taiwan 481 Model 2 IGA Substance June 23, 2014
Tajikistan 19 No IGA    
Thailand 823 Model 1A IGA Substance June 24, 2014
Timor-Leste 2 No IGA    
Togo 6 No IGA    
Tonga 2 No IGA    
Trinidad and Tobago 59 No IGA    
Tunisia 10 No IGA    
Turkey 210 Model 1A IGA Substance June 03, 2014
Turkmenistan 1 Model 1A IGA Substance June 03, 2014
Turks and Caicos Islands 35 Model 1A IGA Substance May 12, 2014
Uganda 19 No IGA    
Ukraine 187 Model 1A IGA Substance June 28, 2014
United Arab Emirates 204 Model 1A IGA Substance May 21, 2014
United Kingdom 6,994 Model 1A IGA Signed September 12, 2012
United States 620 US    
Uruguay 142 No IGA    
Uzbekistan 2 No IGA    
Vanuatu 5 No IGA    
Viet Nam 129 No IGA    
Virgin Islands (British) 2,373 Model 1B IGA Signed June 30, 2014
Wallis and Futuna 1 No IGA    
Yemen 18 No IGA    
Zambia 13 No IGA    
Zimbabwe 6 No IGA    
Other 32 No IGA   January 01, 1904
Korea, Republic of 448 Model 1A IGA Substance April 02, 2014
Bolivia, Plurinational State Of 31 No IGA    
Congo, Democratic Republic Of The 9 No IGA    
Macedonia, The Former Yugoslav Republic Of 18 No IGA    
Moldova, Republic Of 20 Model 2 IGA Substance June 30, 2014
Venezuela, Bolivarian Republic Of 49 No IGA    
Tanzania, United Republic Of 16 No IGA    
Libya 7 No IGA    
Bonaire, Sint Eustatius And Saba 12 No IGA    
Korea, Democratic People’s Republic Of 1 No IGA    
Virgin Islands (U.S.) 2 US Territory    
Guinea-Bissau 1 No IGA    
Kiribati 1 No IGA    
Sao Tome and Principe 1 No IGA    
WEST BANK AND GAZA 23 No IGA    
Grand Total         87,993
IRS Registered FFI List (Sum of Registrations) July ’14# County #
Model 1A IGA         48,175 85
Model 1B IGA         19,580 2
Model 2 IGA         15,239 13
US              620 1
US Territory                61 5 Note 1
No IGA           4,318 144 Note 2
Total         87,993 250 Notes 1, 2 & 3
Non IGA           4,318                 144
Non IGA% 5% 58%
IGA         82,994                   98
IGA% 94% 39%
US and US Territories              681                     6
1% 2%
There is only 1 jurisdiction with an IGA that has zero registrations: Kosovo, implying that registration is a lead indicator of an IGA being signed
 
Note 1
This does not include:
Baker Island, Howland Island, Jarvis Island, Johnston Atoll, Kingman Reef, Midway Islands, Navassa Island, Palmyra Atoll, Wake Island
Note 2
This does not include:
Akrotiri, Ashmore and Cartier Islands, Clipperton Island, Coral Sea Islands, Dhekelia, Jan Mayen, Paracel Islands, Spratly Islands, Svalbard
Note 3
WEST BANK AND GAZA is not on the ISO list provided by the IRS. However, the IRS have allowed use of ISO 3166-1 Code “275” for this territory on their list of approved FFIs.
FYI: The US Department of State does not recognize Palestine, much less Gaza and the West Bank.  But since the IRS does for purposes of FATCA, these are included for completeness.

book coverComplying with FATCA?

The LexisNexis® Guide to FATCA Compliance (2nd Edition) comprises 34 Chapters by 50 industry experts grouped in three parts: compliance program (Chapters 1–4), analysis of FATCA regulations (Chapters 5–16) and analysis of Intergovernmental Agreements (IGAs) and local law compliance challenges (Chapters 17–34), including intergovernmental agreements as well as the OECD’s TRACE initiative for global automatic information exchange protocols and systems.   A free download of the first of the 34 chapters is available at http://www.lexisnexis.com/store/images/samples/9780769853734.pdf

 

Model 1 IGA – 34 (followed by number of registered FFIs as of July 1st at 1 pm Washington, D.C.)

  1. Australia (4-28-2014)
  2. Belgium (4-23-2014)
  3. British Virgin Islands (6-30-2014) <– moved from below list
  4. Canada (2-5-2014)
  5. Cayman Islands (11-29-2013)
  6. Costa Rica (11-26-2013)
  7. Denmark (11-19-2012)
  8. Estonia (4-11-2014)
  9. Finland (3-5-2014)
  10. France (11-14-2013)
  11. Germany (5-31-2013)
  12. Gibraltar (5-8-2014)
  13. Guernsey (12-13-2013)
  14. Hungary (2-4-2014)
  15. Honduras (3-31-2014)
  16. Ireland (1-23-2013)
  17. Isle of Man (12-13-2013)
  18. Israel (6-30-2014) <– moved from below list
  19. Italy (1-10-2014)
  20. Jamaica (5-1-2014)
  21. Jersey (12-13-2013)
  22. Latvia (6-27-2014):
  23. Liechtenstein (5-19-2014)
  24. Luxembourg (3-28-2014)
  25. Malta (12-16-2013)
  26. Mauritius (12-27-2013)
  27. Mexico (4-9-2014)
  28. Netherlands (12-18-2013)
  29. New Zealand (6-12-2014)
  30. Norway (4-15-2013)
  31. Slovenia (6-2-2014)
  32. South Africa (6-9-2014)
  33. Spain (5-14-2013)
  34. United Kingdom (9-12-2012)

Jurisdictions that have reached agreements in substance:

Model 1 IGA – 52 (followed by number of registered FFIs)

  1. Algeria (6-30-2014)  < – new entry
  2. Antigua and Barbuda (6-3-2014)
  3. Azerbaijan (5-16-2014)
  4. Bahamas (4-17-2014)
  5. Bahrain (6-30-2014) < – new entry
  6. Barbados (5-27-2014)
  7. Belarus (6-6-2014)
  8. Brazil (4-2-2014):
  9.  Bulgaria (4-23-2014)
  10. Cabo Verde (6-30-2014) <– new entry
  11. China (6-26-2014)  <– new entry
  12. Colombia (4-23-2014)
  13. Croatia (4-2-2014)
  14. Curaçao (4-30-2014)
  15. Czech Republic (4-2-2014)
  16. Cyprus (4-22-2014)
  17. Dominica (6-19-2014):
  18. Dominican Republic (6-30-2014) <– new entry
  19. Georgia (6-12-201)
  20. Greenland (6-29-2014) <– new entry
  21. Grenada (6-16-2014)
  22. Guyana (6-24-2014) <– new entry
  23. Haiti (6-30-2014) <– new entry
  24. India (4-11-2014)
  25. Indonesia (5-4-2014):
  26. Kosovo (4-2-2014)
  27. Kuwait (5-1-2014)
  28. Lithuania (4-2-2014)
  29. Malaysia (6-30-2014) <– new entry
  30. Montenegro (6-30-2014) <– new entry
  31. Panama (5-1-2014)
  32. Peru (5-1-2014):
  33. Poland (4-2-2014):
  34. Portugal (4-2-2014):
  35. Qatar (4-2-2014):
  36. Romania (4-2-2014):
  37. St. Kitts and Nevis (6-4-2014)
  38. St. Lucia (6-12-2014):
  39. St. Vincent and the Grenadines (6-2-2014)
  40. Saudi Arabia (6-24-2014):
  41. Serbia (6-30-2014)
  42. Seychelles (5-28-2014)
  43. Singapore (5-5-2014):
  44. Slovak Republic (4-11-2014)
  45. South Korea (4-2-2014)
  46. Sweden (4-24-2014)
  47. Thailand (6-24-2014):
  48. Turkey (6-3-2014)
  49. Turkmenistan (6-3-2014)
  50. Turks and Caicos Islands (5-12-2014):
  51. Ukraine (6-26-2014) < – new entry
  52. United Arab Emirates (5-23-2014)

Model 2 IGA – 5

  1. Austria (4-29-2014)
  2. Bermuda (12-19-2013)
  3. Chile (3-5-2014)
  4. Japan (6-11-2013)
  5. Switzerland (2-14-2013)

Jurisdictions that have reached agreements in substance:

Model 2 IGA – 8

  1. Armenia (5-8-2014)
  2. Hong Kong (5-9-2014)
  3. Iraq (6-30-2014) < – new entry
  4. Moldova (6-30-2014) < – new entry
  5. Nicaragua (6-30-2014
  6. Paraguay (6-6-2014):
  7. San Marino (6-30-2014) < – new entry
  8. Taiwan (6-23-2014)

 

One Response to “July 1st FATCA FFI List Analysis by Country and by IGA”

  1. […] Prof. William Byrnes points out over at his […]

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