{"id":1535,"date":"2014-06-09T14:43:56","date_gmt":"2014-06-09T14:43:56","guid":{"rendered":"http:\/\/www.doingbusinessacrossborders.com\/?p=1535"},"modified":"2014-06-09T14:43:56","modified_gmt":"2014-06-09T14:43:56","slug":"irs-releases-list-of-foreign-financial-institutions-that-have-received-global-intermediary-identification-numbers","status":"publish","type":"post","link":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/irs-releases-list-of-foreign-financial-institutions-that-have-received-global-intermediary-identification-numbers\/","title":{"rendered":"IRS Releases List of Foreign Financial Institutions that have received Global Intermediary Identification Numbers"},"content":{"rendered":"<p>In late May, the IRS published the first list of the Foreign Financial Institutions (\u201cFFI\u201d) that have applied for and received Global Intermediary Identification Numbers (\u201cGIIN\u2019s\u201d). The list is searchable\u00a0<a href=\"http:\/\/apps.irs.gov\/app\/fatcaFfiList\/flu.jsf\">at the IRS website<\/a>.\u00a0According to the IRS, the list will be periodically updated.<\/p>\n<p>Recipients of W-8BEN-E\u2019s are now able to independently verify whether an FFI that reports a GIIN on the form is actually registered with the IRS. In addition, since the list is public and can be downloaded, we can learn some interesting facts from the list. Of the current list of 77,354 entries, only 5,605 have the word the word \u201cbank\u201d in their names while 13,813 have the word \u201cfund\u201d in their names.<\/p>\n<p>Probably the most interesting part of the data is the number of FFI\u2019s reported in each jurisdiction. For example, the Cayman Islands is home to 14,837 of the FFI\u2019s or about 19.2% of all of the FFI\u2019s. To put that in perspective, the United Kingdom is home to 6,264 or 8.1% of the FFI\u2019s and Switzerland is home to 4,041 or 5.2% of the FFI\u2019s. It is interesting to see that a single jurisdiction accounts for almost 20% of all of the FFI\u2019s reported and you have to wonder if that high percentage is because there are so many FFI\u2019s in the Cayman Islands or because they have been more proactive in\u00a0 registering.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In late May, the IRS published the first list of the Foreign Financial Institutions (\u201cFFI\u201d) that have applied for and received Global Intermediary Identification Numbers (\u201cGIIN\u2019s\u201d). The list is searchable\u00a0at the IRS website.\u00a0According to the IRS, the list will be periodically updated. Recipients of W-8BEN-E\u2019s are now able to independently verify whether an FFI that&hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,12,11],"tags":[],"class_list":["post-1535","post","type-post","status-publish","format-standard","hentry","category-international-business-community","category-irs-news","category-us-tax-returns-for-non-residents"],"_links":{"self":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts\/1535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/comments?post=1535"}],"version-history":[{"count":0,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts\/1535\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/media?parent=1535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/categories?post=1535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/tags?post=1535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}