The majority of RBC clients are not U.S. persons and, in most cases, FATCA should have little impact. If you have an existing account and there is an indication that you may be a U.S. person, or if you are opening a new account, RBC may ask you to provide additional information or documentation to demonstrate that you are not a U.S. person. (link mine)
From the RBC’s FATCA page.
Hat tip: Suki
Tsai Hong-tu of Taiwan’s Cathay Financial Holdings has brought up the issue of FATCA in the APEC (Asia-Pacific Economic Cooperation) Business Advisory Council, and suggested the establishment of a working group to formulate a response to the issue. It’s rather ambiguous exactly what Tsai’s goal is for his proposed multilateral FATCA discussions, but at least it’s more encouraging than the craven surrender by Taiwan’s Bankers Association.
Possibly of interest to the Canadians in the audience: ABAC is not just an Asia-focused organisation — its membership list includes representatives from a number of countries on the western eastern side of the Pacific Rim, including Chile, Mexico, Peru. and Canada (as well as the U.S. itself). And even though it ABAC is not a finance-specific organisation either, two out of Canada’s three representatives to ABAC are in the finance industry:
Maybe this will be a roadblock, or at minimum a speedbump, in the way of the U.S’ “divide-and-conquer” FATCA strategy. I translated a radio report about Tsai’s proposal after the jump. Continue reading
