Tax-Expatriation

FATCA IGA with Hong Kong Signed: U.S. Citizens and Lawful Permanent Residents Residing in or Around Hong Kong Need to Know

Posted on November 17, 2014

Those USCs and LPRs who are living in Hong Kong or the Pacific Rim with accounts in the Hong Kong financial sector, need to be aware of the FATCA implications and the Intergovernmental Agreement (IGA) that was just signed.

The Hong Kong government’s press release with pictures can be viewed here.  Of course, even those not resident in Asia with accounts, investments, financial instruments and other activities such as private equity funds, will be effected by this IGA.

The U.S. Treasury had announced in May 2014 that Hong Kong had previously ” . . . reached agreements in substance and have consented to being included on this list . . . “

The Government of the Hong Kong Special Administrative Region (HKSAR) publishes facts about the financial sector that can be reviewed here:

Undoubtedly, numerous companies, entities and trusts with Hong Kong based investments, accounts, funds and financial activities will have U.S. citizen and LPR investors and be subject to reporting under the U.S.-Hong Kong IGA.