Do American brokers and banks report client information (account size, balance, yearly profit) to client's country?
Do American brokers and banks report client information (account size, balance, yearly profit) to client's country?
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user113261 · External communityPost link
External question — Personal Finance Stack Exchange
Author: user113261
Original post: https://money.stackexchange.com/questions/146625
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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Do American brokers and banks report client information (account size, balance, yearly profit) to client's country?
Question is ONLY for NON-US citizens.
Client's country refers to
Where client lives. Tax residency
Where client is a citizen. Not necessarily where they live.
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base64 · External communityPost link
External answer — Personal Finance Stack Exchange
Author: base64
Original post: https://money.stackexchange.com/a/146629
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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Do they
always
? No.
The US is not a participant of Common Reporting Standard (CRS) for Automatic Exchange of Information (AEOI) with other jurisdictions.
However, if a non-USA jurisdiction has signed a
Model 1A
agreement ("reciprocal basis") based on Foreign Account Tax Compliance Act (FATCA) of the US, there is always AEOI involved.
The exact list of jurisdictions is a mess. Try searching on Google "[jurisdiction] FATCA reciprocal".
Note that the lack of AEOI does not mean that the US will not share information on an ad-hoc / manual basis upon request from other jurisdictions.
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Quoted from Forex.com.bd-Editorial External question — Personal Finance Stack Exchange Author: user113261 Source score (net votes, not local likes): 2 Original post: https://money.stackexchange.com/questions/146625 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. Do American brokers and banks report client information (account size, balance, yearly profit) to client's country? Question is ONLY for NON-US citizens. Client's country refers to Where client lives. Tax residency Where client is a citizen. Not necessarily where they live.
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