Macao/Macau and U.S. Government Sign FATCA Agreement – International Tax Lawyers
A little more than one-week after Taiwan officially signed the FATCA (Foreign Account Tax Compliance Act) agreement and moved from an Agreement in Substance to an executed Intergovernmental Agreement (IGA), another Asian country also signed a FATCA Agreement.
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Macao/Macau Joins FATCA
Macao/Macau is a territory in Asia. Otherwise known as the “Las Vegas of Asia,” it is an “autonomous territory bordered by China and nearby to Hong Kong.
Macao/Macau has joined the ranks of many other Asian countries such as Taiwan, China, Korea, Singapore and Japan in signing a FATCA Agreement. By signing the FATCA Agreement, Macao/Macau will now report U.S. account holder information to the United States.
Therefore, if you are a U.S. Person such as a U.S. Citizen, Legal Permanent Resident, or Foreign National subject to US tax and you have foreign accounts, or offshore income in Macao/Macau — it is important that you get into compliance before the IRS locates and your foreign accounts — which could lead to extensive fines and penalties.
More than 87 banks so far have agreed to report U.S. Account Holder information to the United States, and this includes (but is not limited to) the following:
- OCOC Wing Hang Bak
- Banco Delta Asia Limited
- China Construction Bank
- Industrial and Commercial Bank of China (Macau)
- Luso International Banking
- Banco Comercial de Macau
- The Macau Chinese Bank
- Banco Nacional Ultramarino
- Novo Banko Asia
- Bank of China Limited – Bank of China Limited
- Standard Chartered Bank
- Guangdong Development Bank Co., Ltd. –
- Banco de Desenvolvimento de Cantão, S.A.
- Bank SinoPac Company Limited – Banco SinoPac company Limited
- Chong Hing Bank Limited – Chong Hing Bank Limited
- The Bank of East Asia Limited
- Hang Seng Bank Limited
Getting into IRS Voluntary Disclosure Compliance
If you have unreported foreign accounts or offshore income, it is important to get into compliance. One of the fastest and most effective methods for compliance is through one of the offshore disclosure programs.
Golding & Golding, A PLC
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We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.