Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) was enacted by Congress in 2010 as a way to target non-
compliance by U.S. taxpayers using foreign accounts. Here are some statistics and numbers related to FATCA’s implementation.
30% the taxes to be imposed on many overseas payments to financial institutions that don’t share information with the IRS. Source
80,000+ the number of financial institutions that have registered with the U.S. government. Source
80+ the number of countries the United States has reached final or provisional agreement with for streamlined information exchange, including the Cayman Islands and beginning discussions with China. Source
45,000 the number of U.S. taxpayers who revealed offshore bank accounts through the IRS offshore voluntary disclosure programs (OVDP) since 2009. Source
$6.5 billion the amount of taxes, penalties and interest collected as a result of OVDP. Source
30 the number of banking professionals charged by the Department of Justice in offshore tax evasion matters from 2008 to April 2013. Source
60 the number of US taxpayers charged by the Department of Justice in offshore tax evasion matters from 2008 to April 2013. Source
2,999 the number of U.S. citizens who renounced their citizenship in 2013, the highest number on record. Source