Singapore is listed as FATCA-jurisdiction.

06.05.2014 Singapore expressed its desire to conclude an intergovernmental agreement on FATCA on 14th of May, 2013, but only on 5th of May, 2014 this request was considered by the Government of the United States of America. Singapore was officially listed as FATCA-jurisdiction. Intergovernmental Agreement between two countries that was concluded in the form of framework agreement № 1 will be signed lately in 2014. The Agreement requires financial institutions to disclose and to submit information directly to IRS of USA through special domestic agency in Singapore.

Expert’s opinion

Now it is Asia’s turn! It is all still the same: to disclose and to submit information about all American accounts. And there is job for everyone! You can create a new agency for the collection and storage of the information. United States continue to rule the world. No one will discharge dollars.

Irina Lomakina ( Director of Moscow Office, Honest&Bright. )