FATCA is the method of identifying suspected U.S. persons, who might be residing outside of USA–working and saving in non-American financial institutions.
As in the analysis of the other countries, one first must ask if we could dispel any myth that there are Americans in America who are sending their money to Australia — in order to avoid taxation.
Australia: The costs in Australia are estimated to be 255 million AUS for implementation, and 22.7 million AUS for each year of maintenance. Over 10 years, this totals 482.68 million AUS. With 77,000 resident US citizens (54% of whom are of dual citizenship) and known population of 24,003,100, the implementation cost is 6,270 AUS per residing U.S. citizen, 11,590 AUS per U.S.-person account, or 20.2 AUS per capita. The most representative developed country has 661 bank accounts per 1000 adults, and Australia has 82.1% population above 15 years old (adults). This yields estimated 41, 700 US-citizen bank customers in Australia, or a FATCA implementation cost of 37.3 AUS per customer.
AS 3668 FFI’s are currently registered, the estimated FATCA cost per FFI is 132,000 AUS per FFI.
The same analysis showed that costs without the IGA 477 million AUS for implementation, and 58.8 million AUS for each year of maintenance. ($1.066 billion AUS total) would have been 44,4 AUS per capita, 81.1 AUS per customer, or 13,800 AUS per resident U.S. citizen, or 25, 600 AUS per U.S.-person account . This is the only published non-IGA country cost estimation identified.
Without an IGA, the estimated FATCA cost per FFI is 291,000 AUS.
If it could have been assumed that one person had only one account, Australia still could only have said to have succeeded to locate only 30,000 of those US citizens (72% effectiveness) in its first FATCA submission to USA. (updated per commenter) It was determined that each located U.S. citizen bank account averaged 160,000 AUS—hardly those rich 1%’ers.
Australia is paying dearly to identify its minorities for the benefit of an intrusive foreign government.
p.s. Recently, it was pointed out as to where to find foreign-born population in the USA. 84,368 +/-4,780
residents of USA are counted to have been born in Australia as non-US citizen Australians. This quantity is not significant (less than 1%) in the above calculations. Data can be found at
Note that, indeed, FATCA’s objective is also to locate foreign-born persons residing in USA. Like US persons living in Australia, Australians living in USA are required to file their FBARs & 8938′s and all of their other tax papers. Many of these persons have inheritances and savings and checking accounts from their former lives and for their current life. Perhaps they have summer houses or inherited family homes or checking accounts for supporting children who are studying in Australia. These persons indeed are due to report their situations to the IRS, yet they are far from “those offshore tax evaders” for which FATCA propoganda is claiming.
482,680,000 / (77,000 + 84,638 ) yields 2986 AUS per the FATCA-indicia objects (US citizens in Australia + Australian-born persons in USA) .