FATCA & OECD CRS non-reporting countries as of 2024
Countries with an excellent or good banking infrastructure that do not report to FATCA or OECD CRS
- Comoros
- Dominican Republic
- Armenia
- Botswana
- Guatemala
- Cambodia
- North Macedonia
- Philippines
- Bahrein
Other Non-Participants in both FATCA and OECD CRS:
- Afghanistan
- Algeria
- Angola
- Antigua and Barbuda
- Bangladesh
- Barbados
- Belize
- Benin
- Burkina Faso
- Burundi
- Cameroon
- Central African Republic
- Chad
- Congo (Democratic Republic)
- Congo (Republic)
- Côte d'Ivoire
- Djibouti
- Dominica
- Egypt
- El Salvador
- Equatorial Guinea
- Eritrea
- Eswatini
- Ethiopia
- Fiji
- Gabon
- Gambia
- Ghana
- Grenada
- Guinea
- Guinea-Bissau
- Guyana
- Haiti
- Honduras
- Iraq
- Jordan
- Kiribati
- Kosovo
- Kuwait
- Kyrgyzstan
- Laos
- Lebanon
- Lesotho
- Liberia
- Libya
- Madagascar
- Malawi
- Maldives
- Mali
- Mauritania
- Micronesia
- Mongolia (joining CRS in 2026)
- Morocco (joining CRS in 2025)
- Mozambique
- Myanmar
- Namibia
- Nepal
- Nicaragua
- Niger
- North Korea
- Palau
- Papua New Guinea (joining CRS in 2027)
- Paraguay
- Rwanda (joining CRS in 2025)
- Samoa
- São Tomé and Príncipe
- Senegal (joining CRS in 2025)
- Serbia
- Sierra Leone
- Solomon Islands
- Somalia
- South Sudan
- Sri Lanka
- Sudan
- Suriname
- Syria
- Tajikistan
- Tanzania
- Timor Leste
- Togo
- Tonga
- Tunisia (joining CRS in 2025)
- Turkmenistan
- Tuvalu
- Uganda (joining CRS in 2025)
- Uzbekistan
- Vatican City
- Venezuela
- Vietnam
- Yemen
- Zambia
- Zimbabwe
Notable Absences:
- The United States does not participate in the OECD CRS for active companies (excluding investment companies or holdings), but enforces the FATCA regulations.
OECD CRS
Each year, the OECD Common Reporting Standard (CRS) marks July 31st as a pivotal deadline for the international exchange of financial information for our European customers. By this date, financial institutions in the world must report account details to the European tax authorities, covering the previous year’s account activities.
Significance of the OECD CRS
The OECD CRS plays a critical role in the EU's strategy to implement wealth and rich taxes. Financial institutions are required to submit account master data and balances, though they do not report specific transaction details. Currently, 111 countries participate in this exchange, with notable exceptions like the United States.
In 2023, Georgia joined the CRS framework, while eight countries, including Russia and Ukraine, do not participate. Major financial hubs and tax havens are involved, highlighting the legal aspect of holding foreign accounts without mandatory reporting for holding accounts abroad.
Corporate Accounts
The CRS distinguishes between different types of corporate accounts. Active operational companies are exempt from reporting, whereas passive income-generating companies are included. Misclassification by banks can lead to incorrect information being exchanged.
USA and FATCA
The United States has opted out of the OECD CRS and instead enforces FATCA. American banks require a U.S. tax identification number to open accounts, and accounts held by U.S. entities are not covered by the CRS.
Future Implications
There is potential for an EU wealth tax based on CRS data, particularly targeting wealth management structures. A global wealth tax is also under consideration, with significant input from economist Gabriel Zucman, who advises the EU on tax strategies.
Preparations
Planning for future tax measures is crucial. It is advisable to move assets to non-EU countries to evade potential EU wealth taxes and establish a contingency plan to ensure financial security and freedom. Historical precedents underscore the importance of timely action.
Immediate preparations are recommended to safeguard financial freedom and assets from future regulations. Acting now, rather than making hasty decisions later, is vital for long-term security.