U.N. Member Countries and their FATCA IGA status

Important note: On 2 October 2015 I.R.S. announced that it has illegally provided the confidential bank information of customers of U.S. banks, totally without any authorization from Congress. Time to impeach Treasury Secretary Jacob Lew

The U.S. Treasury lists the countries and territories that have signed FATCA IGA’s or where they are pending, but it is no surprise that they do not go out of their way to tell you about the countries without such agreements. In non-IGA countries, some banks have registered and received a GIIN, and you can find these on the IRS website, but they also don’t go out of their way to list banks that have not registered and will choose not to comply with FATCA. Here is a place to start. Be sure to check this against the respective federal websites, because some of the countries are not in their proper alphabetical spot on the lists. The table below lists United Nations members, except of course for the United States of America itself.

Central banks of issue are generally exempt from FATCA, as governmental institutions. This allows for a private or commercial non-FATCA bank (non-participating FFI) to clear checks through the central bank.

Note: A pending agreement is not a done deal, and may be penned by government officials with no more authority to allow disclosure than the U.S. Treasury has. Congress will not likely authorize reciprocal exchange and some of the countries with pending IGA’s probably won’t either.

This website is run by Tom Alciere
Note that the U.S. dollar is the official currecny of some countries, such as Ecuador, El Salvador and Zimbabwe, without a FATCA I.G.A. This means that U.S.-dollar transactions can be conducted by a FATCA-compliant bank in Zimbabwe, which has a correspondent bank in New York, and which will gladly accept cheques drawn on a non-FATCA bank, which will clear through the central bank, which is exempt from FATCA as a governmental institution. Likewise, wire transfers through a New York bank to a FATCA-compliant bank in Zimbabwe will go through without a problem, and then you can write a cheque and deposit it into an account at a non-FATCA bank.
Afghanistan NONE
Albania NONE
Algeria Model 1 Agreed
Andorra NONE
Angola Model 1 Agreed
Antigua and Barbuda Model 1 Pending
Argentina NONE
Armenia Model 2 Pending
Australia Model 1 Agreed
Austria Model 2 Agreed
Azerbaijan Model 1 Agreed
Bahamas Model 1 Agreed
Bahrain Model 1 Pending
Bangladesh NONE
Barbados Model 1 Agreed
Belarus Model 1 Agreed
Belgium Model 1 Agreed
Belize NONE
Benin NONE
Bhutan NONE
Bolivia (Plurinational State of) NONE
Bosnia and Herzegovina NONE
Botswana NONE
Brazil Model 1 Agreed
Brunei Darussalam NONE
Bulgaria Model 1 Agreed
Burkina Faso NONE
Burundi NONE
Cabo Verde Model 1 Pending
Cambodia Model 1 Agreed
Cameroon NONE
Canada Model 1 Agreed
Central African Republic NONE
Chile Model 2 Agreed
China Model 1 Pending
Colombia Model 1 Agreed
Comoros NONE
Congo NONE
Congo, Democratic Republic of the
(Not a U.N. Member)
Costa Rica Model 1 Agreed
Côte D'Ivoire NONE
Croatia Model 1 Agreed
NO Financial institutions in Cuba are listed as FATCA-registered.
Cyprus Model 1 Agreed
Czech Republic Model 1 Agreed
Democratic People's Republic of Korea
NO Financial institutions in the
Democratic People's Republic of Korea
are listed as FATCA-registered.
Democratic Republic of the Congo NONE
Denmark Model 1 Agreed
Djibouti NONE
Dominica Model 1 Pending
Dominican Republic Model 1 Pending
Ecuador NONE
Egypt NONE
El Salvador NONE
Equatorial Guinea NONE
NO Financial institutions in Eritrea are listed as FATCA-registered.
Estonia Model 1 Agreed
Ethiopia NONE
Finland Model 1 Agreed
France Model 1 Agreed
Gabon NONE
Gambia NONE
Georgia Model 1 Agreed
Germany Model 1 Agreed
Ghana NONE
Greece Model 1 Pending
Grenada Model 1 Pending
Guatemala NONE
Guinea NONE
Guinea Bissau NONE
Guyana Model 1 Pending
Haiti Model 1 Pending
Honduras Model 1 Agreed
Hungary Model 1 Agreed
Iceland Model 1 Agreed
India Model 1 Agreed
Indonesia Model 1 Pending
Iran (Islamic Republic of)
NO Financial institutions in Iran are listed as FATCA-registered.
Iraq Model 1 Pending
Ireland Model 1 Agreed
Israel Model 1 Agreed
Italy Model 1 Agreed
Jamaica Model 1 Agreed
Japan Model 2 Agreed
Jordan NONE
Language differences prevented the compilation
of non-FATCA banks in Kazakhstan.
Model 1 Pending
Kenya NONE
Kiribati NONE
Kosovo Model 1 Agreed
Kuwait Model 1 Agreed
Kyrgyzstan NONE
Lao People’s Democratic Republic NONE
Latvia Model 1 Agreed
Lebanon NONE
Lesotho NONE
Liberia NONE
Libya NONE
Liechtenstein Model 1 Agreed
Lithuania Model 1 Agreed
Luxembourg Model 1 Agreed
Madagascar NONE
Malawi NONE
Malaysia Model 1 Pending
Maldives NONE
Malta Model 1 Agreed
Marshall Islands NONE
Mauritania NONE
Mauritius Model 1 Agreed
Mexico Model 1 Agreed
Micronesia (Federated States of) NONE
Monaco NONE
Mongolia NONE
Montenegro Model 1 Pending
Montserrat Model 1 Agreed
Morocco NONE
Mozambique NONE
Myanmar NONE
Namibia NONE
NO Financial institutions in Nauru are listed as FATCA-registered.
Nepal NONE
Netherlands Model 1 Agreed
New Zealand Model 1 Agreed
Nicaragua Model 1 Pending
Niger NONE
Nigeria NONE
Norway Model 1 Agreed
Pakistan NONE
Palau NONE
Panama Model 1 Pending
Papua New Guinea NONE
Paraguay Model 2 Pending
Peru Model 1 Pending
Philippines Model 1 Agreed
Poland Model 1 Agreed
Portugal Model 1 Agreed
Qatar Model 1 Agreed
Republic of Korea
(South Korea)
Model 1 Agreed
Republic of Moldova Model 1 Pending
Romania Model 1 Agreed
Russian Federation NONE
Rwanda NONE
Saint Kitts and Nevis Model 1 Agreed
Saint Lucia Model 1 Pending
Saint Vincent and the Grenadines Model 1 Agreed
Samoa NONE
San Marino Model 2 Agreed
São Tomé e Principe NONE
Saudi Arabia Model 1 Pending
Senegal NONE
Serbia Model 1 Pending
Seychelles Model 1 Pending
Sierra Leone NONE
Singapore Model 1 Agreed
Slovakia Model 1 Agreed
Slovenia Model 1 Agreed
Solomon Islands NONE
NO Financial institutions in Somalia are listed as FATCA-registered.
South Africa Model 1 Agreed
South Sudan NONE
Spain Model 1 Agreed
Sri Lanka NONE
Sudan NONE
Suriname NONE
Swaziland NONE
Sweden Model 1 Agreed
Switzerland Model 2 Agreed
Syrian Arab Republic
NO Financial institutions in the Syrian Arab Republic are listed as FATCA-registered.
Tajikistan NONE
Tanzania, United Republic of NONE
Thailand Model 1 Pending
The former Yugoslav Republic of Macedonia NONE
Timor-Leste NONE
Tonga NONE
Trinidad and Tobago Model 1 Pending
Tunisia Model 1 Pending
Turkey Model 1 Agreed
Turkmenistan Model 1 Pending
NO Financial institutions in the Tuvalu are listed as FATCA-registered.
Uganda NONE
Ukraine Model 1 Pending
United Arab Emirates Model 1 Agreed
United Kingdom of Great Britain and Northern Ireland Model 1 Agreed
Uruguay NONE
Uzbekistan Model 1 Agreed
Vanuatu NONE
Venezuela (Bolivarian Republic of) NONE
Viet Nam NONE
Yemen NONE
Zambia NONE
Zimbabwe NONE

Bankers in non-IGA countries consider this: You register with IRS and obtain a GIIN, which makes you deemed compliant. Now you have time to dump all your U.S.-based investments, free of the 30% withholding tax. When the day comes to provide the data, it is against the laws of your country to do so. It is as if I make a deal with you whereby you pay me a thousand dollars today and I agree to deliver a bag of cocaine to you on a future date, but they still have not legalized cocaine yet, so the deal is illegal. This is not a breach of contract, it is illegality of performance.

Now, the governments in IGA countries need to understand that the IGA is an “agreement” and cannot have any force contrary to your laws, and your statutes cannot have any force contrary to your constitution, so again it is not breach of contract, it is illegality of performance.

If IRS imposes the 30% tax, you are okay with that because you have no U.S.-sourced payments. It may be possible to open a subsidiary in El Salvador, Ecuador or elsewhere, where the U.S. dollar is the official currency of the FATCA-exempt central bank, and you can clear U.S.-dollar transactions that way, but why not simply use your country’s currency and the currency of the trading partners? Let your commercial banks offer accounts in the currencies of your trading partners, and let investors auction the foreign currency for local currency and vice-versa, on the books of the bank, through a secure on-line platform which of course would not reveal the identity of the customer, because the other party would not care when the bank is effecting the sale. The bank has the same amount of local currency deposit and foreign currency deposit after the transaction as it had before the transaction.

Scotiabank FATCA Letter

This was at Lancaster Elementary School in Salem, New Hampshire on Friday evening, 5 February 2016.
Tom Alciere: Senator, you know what it's like to find out that you're classified as a citizen of another country, under their laws. What do you think about about imposing U.S. income taxes and bank account reporting requirements on people in other countries who happen to be classified as U.S. citizens under United States laws, who aren't even in the United States?
Ted Cruz: Well, look, I don't think that makes sense. I think we ought to focus on the United States of America.