19 June 2014


Implementation of Foreign Account Tax Compliance Act (“FATCA”) is set to begin on 1 July 2014. FATCA is the first set of rules worldwide enforcing non-US based financial institutions that may or may not have operations in the US to report overseas assets of US tax residents to the IRS.

Banks in Hong Kong have already begun taking measures by revising banking terms and conditions.

With some banks even considering not accepting new US citizens and/or terminating existing relationship with customers that are US citizens.With the implementation of FATCA, opening bank accounts in Hong Kong and around the world will be more difficult.




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