- Jurisdiction
- Florida
I'm a foreigner and non-US resident. I have a checking account in a bank in the US on which I receive transfers from my customers for my freelance work. I want to know if my account will be reported back to my country under the FATCA agreement.
I was reading the FATCA Model 1A IGA(the one for my country), and found this:
"The term "[FATCA Partner] Reportable Account" means a FinancialAccount maintained by a Reporting U.S. Financial Institution if: (i) in the case of a Depository Account, the account is held by an individual resident in [FATCA Partner] and more than $10 of interest is paid to such account in any given calendar year; or (ii) in the case of a Financial Account other than a Depository Account, the Account Holder is a resident of [FATCA Partner], including an Entity that certifies that it is resident in [FATCA Partner] for tax purposes, with respect to which U.S. source income that is subject to reporting under chapter 3 of subtitle A or chapter 61 of subtitle F of the U.S. Internal"
Does it mean that if the bank doesn't pay me any interest over my checking account money my account won't be reported?
I was reading the FATCA Model 1A IGA(the one for my country), and found this:
"The term "[FATCA Partner] Reportable Account" means a FinancialAccount maintained by a Reporting U.S. Financial Institution if: (i) in the case of a Depository Account, the account is held by an individual resident in [FATCA Partner] and more than $10 of interest is paid to such account in any given calendar year; or (ii) in the case of a Financial Account other than a Depository Account, the Account Holder is a resident of [FATCA Partner], including an Entity that certifies that it is resident in [FATCA Partner] for tax purposes, with respect to which U.S. source income that is subject to reporting under chapter 3 of subtitle A or chapter 61 of subtitle F of the U.S. Internal"
Does it mean that if the bank doesn't pay me any interest over my checking account money my account won't be reported?
