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FATCA reporting
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FATCA reporting

  #1 (permalink)
Elite Member
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FATCA reporting

Anybody not US citizen trading in US futures exchanges from foreign institution did you know that it seems you have to register your business with IRS and do annual reports (even they are NIL) for them ?

I do not mean official financial institutions they of course have to do this but I mean other proprietary trading from any kind of business/investing entity (small or big).

I started to learn this recently when I was filling up the latest W-8BEN-E form and there was that Chapter 4 Status (FATCA status) question.

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  #2 (permalink)
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  #3 (permalink)
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I'm not a tax adviser so my views may not be correct - however to the best of my understanding, this is required whether you are a US or non-US person who is trading through an offshore entity. It is a straightforward process. You create an account on IRS's page for FFIs, you answer a 1.5 page questionaire and you should generally get same-day approval and a FATCA ID. The periodic certification takes a lot more work.

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  #4 (permalink)
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artemiso View Post
I'm not a tax adviser so my views may not be correct - however to the best of my understanding, this is required whether you are a US or non-US person who is trading through an offshore entity. It is a straightforward process. You create an account on IRS's page for FFIs, you answer a 1.5 page questionaire and you should generally get same-day approval and a FATCA ID. The periodic certification takes a lot more work.

This is exactly what I did. Obtaining GIIN code was easy job and what I have learnt the annual report is not very complicated if you do not have major US owners in the company or distribution for any US citizens (=NIL report, just your identification information).

More information can be found here

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  #5 (permalink)
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Scalpguy View Post
This is exactly what I did. Obtaining GIIN code was easy job and what I have learnt the annual report is not very complicated if you do not have major US owners in the company or distribution for any US citizens (=NIL report, just your identification information).

Sounds good.

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I agree with what is posted here. As a US citizen living abroad, I've had to deal with this for a couple years now. The paperwork is rather simple. The bigger problem is finding banks willing to do business with a US citizen now in the post-FATCA world. I'm sure it varies depending on what type of activity you are bringing.

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  #7 (permalink)
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Big Mike View Post
I agree with what is posted here. As a US citizen living abroad..
Mike

Is it so that being US Citizen you have to pay taxes to US even you are resident abroad ?

So no edge to live for example in Dubai with Tax 0% ?!

btw. What is the deadline for the annual report or will the IRS send me a bulletin message to my IRS homepage when it has to be done ?

In my case I think the report is this.


Last edited by Scalpguy; December 2nd, 2015 at 12:52 PM.
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  #8 (permalink)
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Scalpguy View Post
Is it so that being US Citizen you have to pay taxes to US even you are resident abroad ?

So no edge to live for example in Dubai with Tax 0% ?!

Correct, although there is an annual exemption which you need to exceed before you need to pay taxes. Your tax return must however still be submitted annually.

Edit: Double-tax treaties may also come into play, but I never looked at those. In a tax haven (like Dubai) there would not be any and the normal exemption should apply.

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  #9 (permalink)
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Scalpguy View Post
Is it so that being US Citizen you have to pay taxes to US even you are resident abroad ?

So no edge to live for example in Dubai with Tax 0% ?!

btw. What is the deadline for the annual report or will the IRS send me a bulletin message to my IRS homepage when it has to be done ?

In my case I think the report is this.

Read my offshore thread:
https://futures.io/traders-hideout/34327-offshore-banking-asset-protection-offshore-trading.html

I believe I went into some detail. I'm not an accountant nor an attorney.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
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to support our community, become an Elite Member.

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  #10 (permalink)
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Big Mike View Post
Read my offshore thread:
https://futures.io/traders-hideout/34327-offshore-banking-asset-protection-offshore-trading.html

I believe I went into some detail. I'm not an accountant nor an attorney.

Mike

Thx for the link.

Back to the topic I say that annual FATCA report (in my case a NIL form 8966) must be given in electronic format (XML file). Fortunately here in Finland our local tax authority will give the example of this file (helps a lot to create it) for free and you can send this file manually through them thanks to IGA agreement between the countries. IRS registration for GIIN ID still needed.


Last edited by Scalpguy; December 2nd, 2015 at 07:30 PM.
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