The IGAs list products/accounts that are excluded from FATCA.
The technical term is, “Accounts Excluded from Financial Accounts”. Generally these exclusions are listed in section V, of Annex II of a IGA.
It may be that excluded accounts in the Common Reporting Standard mirror those identified in each jurisdiction’s FATCA Inter Governmental Agreement, only time will tell.
A jurisdiction under a Inter Governmental Agreement might enjoy all the exclusions identified on another IGAs. I say this because typically the IGAs contain the following inclusion to the list of “Accounts Excluded from Financial Accounts”:
“Partner Jurisdiction Accounts. An account maintained in [Jurisdiction Name] and excluded from the definition of Financial Account under an agreement between the United States and another Partner Jurisdiction to facilitate the implementation of FATCA, provided that such account is subject to the same requirements and oversight under the laws of such other Partner Jurisdiction as if such account were established in that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in that Partner Jurisdiction.”
As ever, opinions vary, so please get a legal opinion.
| Australia | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Complying Superannuation/FHSA Life Insurance Policy | |
| Employee Share Scheme | |
| Employee Share Trust | |
| Escrow Accounts | |
| Exempt Life Insurance Policy | |
| FHSA | |
| Funeral Policy | |
| Non-Retirement Savings Accounts | |
| Retirement Savings Account | |
| Scholarship Plan | |
| Austria | |
| Account Held by an Estate | |
| Accounts of Condominium Owners Associations | |
| Certain Term Life Insurance Contracts. | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Occupational Group Insurance Contracts Due to Sections 18F Thru 18J of the Austrian Insurance Supervisory Act | |
| Retirement and Pension Account | |
| Bahamas | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Barbados | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Belgium | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Shareholder’S Register For Nominal Shares as Required by the belgian Company Code Under Article 357 and 463 | |
| Stock-Options As Referred Under the Belgian Plan For Employment Act of March 26, 1999 | |
| Stock-Remuneration Plans Qualifying under the belgian Law of May 22, 2001 | |
| Bermuda | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Brazil | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Bulgaria | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Canada | |
| Agriinvest Accounts | |
| Deferred Profit Sharing Plans (DPSPs) | |
| Eligible Funeral Arrangements | |
| Escrow Accounts | |
| Pooled Registered Pension Plans (PRPPs) | |
| Registered Disability Savings Plans (RDSPs) | |
| Registered Education Savings Plans (RESPs) | |
| Registered Pension Plans (RPPs) | |
| Registered Retirement Income Funds (RRIFs) | |
| Registered Retirement Savings Plans (RRSPs) | |
| Tax-Free Savings Accounts (TFSAs) | |
| Cayman Islands | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Chile | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Costa Rica | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Curacoa | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Cyprus | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Czech Republic | |
| A Supplementary Pension Insurance Account | |
| A Supplementary Pension Savings Account | |
| Account Held by an Estate | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Pension Insurance | |
| Retirement Savings Account | |
| Tax Favored Private Life Insurance | |
| Term Life Insurance | |
| Denmark | |
| Children’S Savings Accounts (Børneopsparingskonti) | |
| Education Savings Accounts (Uddannelseskonti) | |
| Pension Plans Covered by Chapter 1 of the Danish Pension Tax Act (Pensionsbeskatningsloven) | |
| Property Savings Accounts (Boligopsparingskonti) | |
| Property Savings Contacts (Boligsparekontrakter) | |
| Self Pension Savings Account (Selvpensioneringskonti) | |
| Estonia | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Finland | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| France | |
| Accords de Participation | |
| Certain Retirement Accounts or Products | |
| Compte Courant Bloqué | |
| Livret A and Livret Bleu | |
| Livret D’Epargne Populaire | |
| Livret de Développement Durable | |
| Livret Jeune | |
| Plan D’Épargne D’Entreprise / PEE and Plan D’Épargne Interentreprises / PEI | |
| Plan D’Epargne Logement and Compte D’Epargne Logement | |
| Plan D’Épargne Populaire / PEP | |
| Plan D’Épargne Pour La Retraite Collectif / PERCO and Plan D’Épargne Pour La Retraite Collectif Interentreprises / PERCOI | |
| Germany | |
| Arrangements Under Section 1 of the Employers’ Retirement benefit Law (betriebsrentengesetz) | |
| Arrangements Under the Law on Private Pension Plan Contracts Certification (Altersvorsorgeverträge-Zertifizierungsgesetz), Provided That Contributions to such Arrangement do not Exceed Fifty Thousand Euro (€50,000) in any Year. | |
| Contracts With a Housing Savings Institution Under the Home Savings and Loan Associations Act (Gesetz Über Bausparkassen), Provided That the Annual Amount Saved is not in Excess of Fifty Thousand Euro (€50,000). | |
| Escrow Accounts | |
| Gibraltar | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Guernsey | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Honduras | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Hong Kong | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Employee Share Purchase Scheme | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Share Appreciation Rights Scheme | |
| Share Award Scheme | |
| Share Option Scheme | |
| Hungary | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Ireland | |
| A PRSA Contract in Respect of A PRSA Product, Approved by the Revenue Commissioners Under Chapter 2A of Part 30 of the Taxes Consolidation Act 1997 | |
| A Retirement Benefit Scheme, Within the Meaning of Section 771 of the Taxes Consolidation Act 1997, Approved by the Revenue Commissioners for the Purposes of Chapter 1 of Part 30 of that Act. | |
| An annuity Contract or A Trust Scheme or Part of A Trust Scheme Approved by the Revenue Commissioners Under Chapter 2 of Part 30 of the Taxes Consolidation Act 1997 | |
| An Approved Retirement Fund or an Approved Minimum Retirement Fund Provided for under a Retirement benefit Scheme, an annuity Contract or a PRSA as Approved Under Chapters 1, 2 or 2A of Part 30 of the Taxes Consolidation Act 1997 | |
| Employee Share Ownership Trusts – Approved by the Revenue Commissioners Under Chapter 2, Part 17 and Schedule 12 Taxes Consolidation Act 1997 | |
| Profit Sharing Schemes – Approved by the Revenue Commissioners Under Chapter 1, Part 17 and Schedule 11 Taxes Consolidation Act 1997 | |
| Save As You Earn Share Option Schemes – Approved by the Revenue Commissioners Under Chapter 3, Part 17 and Schedule 12A Taxes Consolidation Act 1997 | |
| Those Irish Approved Pension Schemes or Contracts Under Part 30 of the Taxes Consolidation Act 1997 or Approved Retirement Funds or Approved Minimum Retirement Funds That are Excluded From the Definition of Financial Account Pursuant to Article 1(S)(3) | |
| Isle of Man | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Israel | |
| Account Held by an Estate | |
| Certain Employer-Funded Individual Study Provident Fund Accounts | |
| Certain Other Individual Study Provident Fund Accounts | |
| Certain Provident Fund Accounts | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Representative Body of Condominium Owners Account | |
| Retirement and Pension Account | |
| Workers’ Committee Account | |
| Italy | |
| Retirement Account | |
| Jamaica | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Japan | |
| Accounts or Products Under Qualified Employee or Executive Stock Option Plans which Conform to Article 29-2 or 29-3 of the Act on Special Measures Concerning Taxation of Japan | |
| Corporate Pension Insurance, Contributory Group annuity Insurance, Group Endowment Insurance, Group Whole Life Insurance | |
| Employee benefit Savings Insurance, Employee benefit Savings Trusts, Employee Fund Savings Insurance, and Employee Fund Savings Trusts | |
| Employee or Executive Stock Ownership Plans Established in Japan Pursuant to Article 1-3-3 (5) of the order For Enforcement of Financial Instruments and Exchange Law | |
| Employee Retirement Benefit Trusts | |
| Employee Retirement Savings Accounts, Employee Housing Savings Accounts, and Employee Savings Accounts, Established Under the Act For Promotion of Worker’s Property Accumulation | |
| Employee Stock Ownership Plan Trusts | |
| Employees’ Stock Ownership Trusts | |
| Individual Savings Account (“Isa Accounts”) as Defined in Article 37-14(5)1 of the Special Tax Measurement Law | |
| Specified Accounts Based on the Act on Transfer of Bonds, Stocks, etc | |
| Stock Ownership Plans Established For the Benefit of Significant Business Partners Established in Japan Pursuant to Article 1-3-3 (6) of the order For Enforcement of Financial Instruments and Exchange Law | |
| Trusts which are Legally Required to be Established For Segregation of Funds From the Settlors’ Own Property for the Purpose of Keeping the Funds for Repayment in Case of the Settlors’ Bankruptcy | |
| Jersey | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Latvia | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Liechtenstein | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Lithuania | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Luxembourg | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Malta | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Mauritius | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Mexico | |
| Individual Retirement Accounts | |
| Insurance Premiums For Retirement | |
| Mandatory Savings Administered by Retirement Funds Administrators (AFORES) | |
| Voluntary and Complementary Savings Administered by Retirement Funds Administrators (AFORES) | |
| Moldova | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Netherlands | |
| A Course of Life Account (Including a Levenslooprekening, Levensloopverzekering and a Levenslooprecht Van Deelneming) Concluded and Maintained prior to January 1, 2012. | |
| A Kapitaalverzekering Eigen Woning (Endowment Insurance Connected with the Mortgage on the Owner-Occupied Home, as Described in Article 3.116 Income Tax Act 2001), a Spaarrecht Eigen Woning, A beleggingsrecht Eigen Woning (the Bank and Investment Equivalent of the Kapitaalverzekering Eigen Woning, as Described in Article 3.116A Income Tax Act 2001) and a Bouwdepot (Building Account) | |
| A Stamrecht (Tax-Favored annuity For Severance benefits, as Described in Paragraph 1(G) of Article 11 and Article 11A of the Wage Tax Act 1964) | |
| All Products offering Retirement benefits Under the Wage Tax Act 1964 (Wet Op de Loonbelasting 1964) or the Wage Tax Act beS (Wet Loonbelasting beS) | |
| All Products That are Deductible in the Contribution Phase and Taxable in the Distribution Phase That are Covered by Articles 3.124, 3.125 and 3.126A of the Income Tax Act 2001 (Wet Inkomstenbelasting 2001) or Paragraphs 1(A) and 1(E) of Article 16 of the Income Tax Act beS (Wet Inkomstenbelasting beS) | |
| an Alimony annuity, As Provided by Article 6.5 and Article 6.6 of the Income Tax Act 2001 (Wet Inkomstenbelasting 2001) | |
| any Account Owned by an Entity Identified in Paragraph I of this Annex II | |
| any Funeral Insurance Policy with a Premium of € 1,000 Per Year or Less | |
| New Zealand | |
| Account Held by an Estate | |
| an Interest in a Trust Established in Accordance With Section 15S(1)(c) of the Tax Administration Act 1994 by A Tax Pooling Intermediary For the Purposes of Administering a “Tax Pooling Account” As Defined in Section Rp 17B of the Income Tax Act 2007 | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Membership of the Whai Rawa Approved Retirement Savings Scheme Operated by Te Rūnanga O Ngāi Tahu | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Norway | |
| Group annuities Covered by Section 5-41 of the Norwegian Tax Act | |
| Property Savings Accounts For Young People (Boligsparing For Ungdom) | |
| Tax Favorable Pension Schemes (and Paid-Up Policies or Pension Assets Certificates) Covered by Section 6-45 of the Norwegian Tax Act | |
| Poland | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Qatar | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Singapore | |
| Account Held by an Estate | |
| Central Provident Fund Investment Accounts | |
| Certain Term Life Insurance Contracts | |
| Child Development Accounts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Slovenia | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Reserve Fund Accounts. A Reserve Fund Account Under the Law of Property Code and the Housing Act Maintained in Slovenia | |
| Retirement and Pension Account | |
| South Africa | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Compulsory annuities | |
| Escrow Accounts | |
| Living annuities | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Spain | |
| Accounts Held by Mutualidades de Previsión Social | |
| Accounts Held by Pension Plans Described in Section I.C. | |
| annuity Contracts which Substantiate Commitments on Pensions Under First Additional Provision of the Amended Text of the Law on Pension Funds and Pension Schemes (Legislative Royal Decree 1/2002 of 29Th November), Provided That the benefit Amount Is Established Pursuant to A Collective Bargaining Agreement between Employers and the Representatives of A Trade Union or Set Out by Law | |
| Plan Individual de Ahorro Sistemático | |
| Planes de Previsión Asegurados | |
| Planes de Previsión Social Empresarial | |
| Seguros de Dependencia | |
| Sweden | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| Switzerland | |
| Restricted Pension Plan Insurances (Pillar 3A) According to Article 1 Paragraph 1 of the Federal ordinance on the Tax Deductibility of Contributions to Restricted Pension Plans (BVV 3) | |
| Retirement Accounts or Products Held by one or More Exempt Beneficial Owners | |
| Vested benefits Insurances According to Article 10 Paragraph 2 of the Federal Vested benefits ordinance (FZV) | |
| Turks and Caicos Islands | |
| Account Held by an Estate | |
| Certain Term Life Insurance Contracts | |
| Escrow Accounts | |
| Non-Retirement Savings Accounts | |
| Retirement and Pension Account | |
| United Kingdom | |
| Child Trust Funds | |
| Children’s Bonus Bonds | |
| Company Share Option Plans | |
| Fixed Interest Savings Certificates | |
| Index Linked Savings Certificates | |
| Individual Savings Accounts (ISAs) | |
| Junior ISAs | |
| Pension Schemes Registered With HMRC Under Part 4 of the Finance Act 2004 and Pension Arrangements where the Annual Contributions are Limited to £50,000 and Funds Contributed Cannot be Accessed before the Age of 55 Except in Circumstances of Serious Ill Health | |
| Premium Bonds | |
| Save As You Earn Share Option Schemes | |
| Share Incentive Plans | |
| Tax Exempt Savings Plans | |
| Those That are UK – Registered Pension Arrangements |
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[…] Excluded Products/Accounts […]