Nearly 105,000 financial institutions are listed on the US Internal Revenue Service (IRS) database of Foreign Account Tax Compliance Act (FATCA) organisations complying with the tax reporting rules for US citizens.
The latest list was published on October 1, 2014 by the IRS and shows 104,344 financial organisations have signed up to the tax information swapping network across 219 financial jurisdictions.
That’s an increase of 4,567 financial institutions and six new financial jurisdictions since the last list was published on September 1, 2014.
The new jurisdictions are Bulgaria, Wallis and Futuna, British Indian Ocean Territory, Comoros, Guadeloupe and Reunion.
While the Cayman Islands have 20,070 registrations – thousands ahead of the next largest listed nation, Britain, with almost 8,500 and then Luxembourg with 4,811 – 56 financial centres have 10 or less registered financial institutions.
Only 23 centres have more than 1,000 financial institutions listed.
Financial institutions on the database will file annual reports of accounts and investments held by US taxpayers to the IRS.
The thresholds are balances of $50,000 for US residents and $200,000 for expats.
The number of countries with intergovernmental agreements (IGAs) stays the same, with 88 Model 1 agreements and 13 Model 2 agreements across 101 countries.
The next FATCA list is due on November 1, 2014.