William Byrnes' Tax, Wealth, and Risk Intelligence

International Financial Law Prof Blog.

Haydon Perryman and I have had long running discussions about different aspects of FATCA.  I think that I bring an academic, albeit American, perspective.  He certainly brings the practical, Tier 1, institution perspective.

The two most interesting debates that we hold are regarding documentation (the W8s and acceptable equivalents by IGA) and the pool of FFIs (including EAG members) that should register to acquire a GIIN.  Last month, the GIIN list included 99,861 FFIs (mind you that a substantial number of these registrations are not unique, but instead represent affiliates within EAGs) – see our previous analysis links below.  It is October and only 104,344 are now registered, less than 5,000 these past thirty days.

Non-IGA Countries = 149

Only 5,257 (5%) of these 104,344 registrations are from the 149 countries that have not had an IGA announced with the US.  That means that these 149 countries are already having a 30% FATCA chapter 4 withholding imposed by US withholding agents on most of their US financial investments. Chapter 4 withholding is on more types of income/payments than Chapter 3 withholding (albeit the harshest gross proceeds withholding is not yet imposed).

But at least Bonaire, Sint Eustatius and Saba registration is up almost 100%! (well, 12 to 22 is a less exciting number to report).

download for free –> LexisNexis® Guide to FATCA Compliance

IGA Countries = 101

Which country had the most movement?  … read on at International Financial Law Prof Blog.