{"id":2347,"date":"2015-09-02T10:38:50","date_gmt":"2015-09-02T10:38:50","guid":{"rendered":"https:\/\/www.mylonas.law\/us-cyprus-fatca-agreement-in-full-force\/"},"modified":"2021-10-26T11:05:46","modified_gmt":"2021-10-26T08:05:46","slug":"us-cyprus-fatca-agreement-in-full-force","status":"publish","type":"post","link":"https:\/\/www.mylonas.law\/el\/us-cyprus-fatca-agreement-in-full-force\/","title":{"rendered":"US-Cyprus FATCA agreement in full force"},"content":{"rendered":"<p><strong><em class=\"bd_Emphasis\"><span class=\"bd_SubTitle\">The United States\u2019 Foreign Account Tax Compliance Act (FATCA) came into full force in Cyprus this week with the island\u2019s Tax Department and banking instructions gearing up to provide the US Internal Revenue Service (IRS) with financial information on US citizens.<\/span><\/em><\/strong><\/p>\n<p>The activation of FATCA in Cyprus was announced on Monday by Finance Minister, Harris Georgiades with the issuance of a relevant decree to that effect.<\/p>\n<p>FATCA, which represents the US Treasury\u2019s latest effort to force American citizens living in the US and abroad to report their financial accounts, was first ratified by Cyprus last December.<\/p>\n<p>The new law effectively forces US citizens \u2013 including those living outside of the country \u2013 to supply yearly financial reports to the Financial Crimes Enforcement Network (FINCEN) while it also requires all non-US Foreign Financial Institutions (FFI\u2019s) to search their records for suspected US persons for reporting their assets and identities to the US Treasury.<\/p>\n<p>Congress had enacted FATCA to make it more difficult for resident and non-resident US persons to have financial assets which are not located in the United States, by adding further asset-reporting law with consequences, and thus to enable further federal tax revenues and penalties from a wider global.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States\u2019 Foreign Account Tax Compliance Act (FATCA) came into full force in Cyprus this week with the island\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-2347","post","type-post","status-publish","format-standard","hentry","category-59"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US-Cyprus FATCA agreement in full force - AMG Mylonas &amp;...<\/title>\n<meta name=\"description\" content=\"US-Cyprus FATCA agreement in full force - AMG Mylonas &amp; 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