Mixed response in Expatland as U.S. Treasury unveils plans for new FATCA reporting 'guidance' for 'FFIs'

Dear Chairwoman,

With this letter I would like to inform you, also on behalf of the minister, about a new development in the FATCA file, which took place shortly after the fourth FATCA progress letter was sent on August 29, 2022.

On August 29, 2022, our Ambassador to Washington and I received the attached letter from the United States, following a constructive discussion we had previously held with the Department of Treasury. In this letter, the U.S. confirms that it is working on a clarification of the best efforts obligation for banks in the case of missing TINs from accidental Americans.

In addition, the U.S. indicates that this clarification will be aimed at easing the bank account requirements for this group.

The U.S. indicates that it hopes this confirmation will prevent Dutch banks from closing accounts of accidental Americans who have not provided  then with a TIN, pending further U.S. guidelines.

I have submitted this letter to the NVB [Nederlandse Vereniging van Banken, or Dutch Banking Association]. The NVB indicates that this passage provides sufficient clarity for its members not to proceed with closing bank accounts, in anticipation of the new American guidelines.

I am glad that, thanks to this constructive message from the U.S., banks will not close bank accounts of accidental Americans after September 1st.

I will inform your Chamber as soon as there are new developments.

Yours faithfully,

the State Secretary for Finance, Fiscality and Tax Authorities,

Marnix L.A. van Rij