FATCA in the Middle East

January 22, 2013

Tax lawyer Stuart Schabes is quoted in Tax Notes Today in an article on Israel’s response to FATCA (the Foreign Account Tax Compliance Act). Israel has taken the lead among Middle Eastern countries in FATCA compliance, and Israeli banks have been especially proactive.

"FATCA’s requirements are pushing Israeli banks to identify dual citizens, said Stuart M. Schabes of Ober|Kaler. Banks have sent in account holder requests for Forms W-9 and statements that they have complied with U.S. reporting obligations. Schabes said the banks are familiar with the process because many Israelis participated in the IRS offshore voluntary disclosure initiative."

View the full article.

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