I think I found two non participant FFIs in this list: https://ba.org.tw/upload/LatestNews/e1ed196a-3272-40f4-a5fb-25f0c8bde422/FATCA註冊情形1040408_本銀總行.pdf
Bank of Taipei - non participating FFI
First commercial bank - says sponsoring entity, not sure what it means
Not sure if the list is up to date. If I have time I’ll go try open an account and see if fatca question comes up.
It’s all the way back to 2015. I presume Bank of Taipei especially would be a bit slow
It’s probably this one:
Not sure if they are still around, but let me try find another one
First commercial bank has opened a New York branch, so they should be reporting FFI now
Edit: 瑞興銀行 is a reporting FFI now: FATCA註冊相關資訊 - 瑞興銀行官方網站
Likely these non reporting FFIs may exist in some surburbs like Pingtung. The types of banks that don’t allow a USD account would be quite outdated, but may still exist, and may not have any online presence.
It would be great for someone to go in and give it a try lol.
Anyhow… we have gone way off topic.
CRS is completely different to FATCA.
The answer for US banks and CRS is no, they don’t report to Taiwan.
Maybe a better way is to say:
US banks don’t have to report to CRS if they don’t do business with CRS countries or transact in their currencies
Taiwan banks don’t have to report FATCA if they don’t do business with the US or transact in their currencies
Citibank is also in many CRS regions and they collect CRS: Common Reporting Standards (CRS) Overview
I think Line bank and King’s bank (京城銀行) don’t have FATCA reporting
I looked at FSC website at the list of banks, and searched for the most obscure banks I could find. Most smaller banks got bought by bigger ones.
If I have time I will go test it out.
Why is fatca such a big deal? I get financial privacy and all that but do you really make enough for the irs to care?
I think foreign income exclusion is something like 100,000 us, and I don’t think even English teachers make this much.
If you make enough for the irs to care, maybe try Switzerland.
Also how much extra are you taxed if you’re even a single dollar outside of the foreign income exclusion?
We’re not all English teachers. Also some English teachers do make over 100,000USD…
I know of some…
Good for her, now she has a better full time job
If she’s smart she could invest half of that into an established small business.
Like a 雞排 stand in a night market. Can go braless.