Here is a post which was made in Facebook which I am sharing in my blog.
"Since 2012, the US Treasury has released the following document, have we read it or do we understand it?
Here is an extract from the article "The model agreement announced today was developed in consultation with France, Germany, Italy, Spain, and the United Kingdom and marks an important step in establishing a common approach to combating tax evasion based on the automatic exchange of information"
My question at this time is, should there be a FATCA for other jurisdictions where there are different currencies and where there is a strong local currency? If I am saving in EC (Eastern Caribbean) dollars and the country has not yet signed the CARICOM Avoidance of Double Taxation Treaty, should there be a FATCA agreement with that jurisdiction or with the Eastern Caribbean states as being representative of the currency? Note that I cannot state "... I am an American" as someone might read the question and take the statement literally..." Here is a link to the article:
Update to the post:
Please note that there are a Model 1 agreement, a Model 2 agreement, a Model 1A agreement, so there is a good bit of reading to be done if you plan to work in the bank.... I would:
- Rely on Withholding Tax knowledge to understand options
- Ask my Manager to obtain an opinion, a policy and have it available for us. This will allow us to understand our risks with respect to withholding tax on transactions, movement of funds especially as there may be related parties which are located in other countries and there may be a movement of staff within countries and in this day and age savings may become a priority.