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Latino Daily News

Wednesday November 16, 2011

Dominican Banks Now Required to Report on American’s Bank Accounts

Dominican Banks Now Required to Report on American’s Bank Accounts

Photo: Central Bank of Dominican Republic

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Starting on July 1, 2013, banking entities in the Dominican Republic will be asked to report on accounts held by United States citizens in the Dominican Republic. This is part of the Foreign Account Tax Compliance Act (FATCA) that went into effect in March 2010.

This reporting requirement covers every type of financial or money related business, whether it is banking, finance or stocks and even insurance companies.

The FATCA is requiring foreign financial institutions to report directly to the IRS certain information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest.