Countries Which Will Not Automatically Exchange Account Information

, updated 6 November 2017

On 29 October 2014, 51 jurisdictions (countries and territories) signed a multilateral agreement to automatically exchange information on financial accounts for tax purposes. During the following two years 36 jurisdictions have joined the convention. This is the first ever agreement to exchange this type of information automatically. By the end of 2018, when more jurisdictions join the convention, 102 jurisdictions will exchange the information on financial accounts.

Hence, there still will be more than 100 jurisdictions which will not exchange the information automatically. However, the absence of the automatic information exchange between these jurisdictions does not mean, that there can be no information exchange at all: these jurisdictions can still conduct the exchange in other ways: either on request or spontaneously.

Although almost all European countries and offshore financial centers will participate in the information exchange, there are still several European countries and offshore financial centers which will not exchange the information automatically. Moreover, while singing the Convention itself means only commitment of a signing jurisdiction to provide administrative assistance to other signed jurisdictions in tax matters, the automatic exchange is going to be based on bilateral agreements and the EU framework. As of November 2017, out of 102 jurisdictions, 32 jurisdictions don't have bilateral agreements with other jurisdictions to either send or to receive the information, and 12 jurisdictions more don't have such agreements to send the information.

Automatic Information Exchange in Brief

The main principles of the information exchange can be summarized as follows:

The information exchange is covered in more details in Automatic Exchange of Information on Financial Accounts

Other Ways to Exchange Information

Apart from the automatic exchange, the information may be exchanged in other ways:

No Automatic Information Exchange With Jurisdictions Which Didn't Sign The Convention

The financial accounts information will be exchanged only between the countries and the territories for which the convention is in force and in effect. Hence, if a jurisdiction don't sign the convention, this jurisdiction will neither automatically report the account information, nor automatically receive the account information from the jurisdictions which signed the convention.

Consider the following cases:

  1. Both Jurisdiction A and Jurisdiction B signed the convention.
    These jurisdictions will exchange the information. The Jurisdiction A will report to the Jurisdiction B, the Jurisdiction B will report to the Jurisdiction A.
  2. Jurisdiction C signed the convention, Jurisdiction D didn't sign the convention.
    There will be no information exchange between the Jurisdiction C and Jurisdiction D. The Jurisdiction C will not report to the Jurisdiction D, and the Jurisdiction C will not report to the Jurisdiction D.

In the case 2 from the list above, there will be no information exchange between the jurisdictions. To illustrate this case, consider an example:

Serbia won't exchange the information, while the United Kingdom will. This means that:

It should be noted that absence of the automatic information exchange between a pair of jurisdictions does not mean that there will be no information exchange at all. The information may be exchanged either on request or spontaneously.

European Countries Which Will Not Automatically Exchange Information

Although a lot of European countries made a commitment to start the automatic exchange of information, there are several countries will not exchange the information automatically:

Offshore Financial Centers Which Will Not Automatically Exchange Information

Although the term offshore financial centre is not precisely defined, it usually means a small, low-tax jurisdiction specializing in providing financial services to non-resident legal entities and individuals. Because there is no generally accepted definition of the term, lists of jurisdictions considered as offshore financial centers vary from source to source.

The table below summarizes participation of offshore financial centers as defined by International Monetary Fund (IMF) in the automatic information exchange:

Country Participates In Exchange Exchange Start Date Bilateral Agreements
 Andorra Yes September 2018 29 send / 29 receive
 Anguilla Yes September 2017 0 send / 38 receive
 Aruba Yes September 2018 0 send / 0 receive
 Bahamas Yes September 2018 0 send / 0 receive
 Belize Yes September 2018 0 send / 45 receive
 Bermuda Yes September 2017 0 send / 49 receive
 British Virgin Islands Yes September 2017 0 send / 48 receive
 Cayman Islands Yes September 2017 0 send / 49 receive
 Cook Islands Yes September 2018 0 send / 0 receive
 Curacao Yes September 2018 0 send / 0 receive
 Cyprus Yes September 2017 57 send / 57 receive
 Gibraltar Yes September 2017 55 send / 55 receive
 Guernsey Yes September 2017 51 send / 51 receive
 Isle of Man Yes September 2017 50 send / 50 receive
 Jersey Yes September 2017 51 send / 51 receive
 Liechtenstein Yes September 2017 51 send / 51 receive
 Macau Yes September 2018 0 send / 0 receive
 Malaysia Yes September 2018 47 send / 47 receive
 Monaco Yes September 2018 46 send / 46 receive
 Montserrat Yes September 2017 0 send / 44 receive
 Palau No 0 send / 0 receive
 Panama Yes September 2018 0 send / 0 receive
 Samoa Yes September 2018 0 send / 44 receive
 Seychelles Yes September 2017 40 send / 40 receive
 Turks and Caicos Islands Yes September 2017 0 send / 46 receive
 Vanuatu Yes September 2018 0 send / 0 receive

No Bilateral Argeements to Either Send or Receive Information

The following countries and territories have no bilateral agreements with others to either send or receive the information automatically:

 Antigua and Barbuda
 Aruba
 Azerbaijan
 Bahamas
 Bahrain
 Barbados
 Brunei Darussalam
 Chile
 Cook Islands
 Dominica
 Ghana
 Grenada
 Hong Kong
 Israel
 Kuwait
 Lebanon
 Macau
 Marshall Islands
 Nauru
 Niue
 Pakistan
 Panama
 Qatar
 Russian Federation
 Saint Kitts and Nevis
 Saudi Arabia
 Sint Maarten (Dutch part)
 Trinidad and Tobago
 United Arab Emirates
 Vanuatu

No Bilateral Agreements to Send Information

The following countries and territories have no bilateral agreements with others send the information automatically:

 Belize
 Costa Rica
 Indonesia
 Montserrat
 Saint Lucia
 Saint Vincent and The Grenadines
 Samoa

Full List of Jurisdictions Which Will Not Automatically Exchange Information

The list below shows the jurisdictions which will not automatically exchange information. The United States undertakes automatic information exchanges according to from 2015 and has entered into intergovernmental agreements (IGAs) with other jurisdictions to do so. The Model 1A IGAs entered into by the United States acknowledge the need for the United States to achieve equivalent levels of reciprocal automatic information exchange with partner jurisdictions.

 Afghanistan
 Aland Islands
 Albania
 Algeria
 American Samoa
 Angola
 Armenia
 Bangladesh
 Belarus
 Benin
 Bhutan
 Bolivia
 Bonaire, Saint Eustatius and Saba
 Bosnia and Herzegovina
 Botswana
 Bouvet Island
 British Indian Ocean Territory
 Burkina Faso
 Burundi
 Cambodia
 Cameroon
 Cape Verde
 Central African Republic
 Chad
 Christmas Island
 Cocos (Keeling) Islands
 Comoros
 Congo
 Congo, The Democratic Republic of the
 Cote D'Ivoire
 Cuba
 Djibouti
 Dominican Republic
 Ecuador
 Egypt
 El Salvador
 Equatorial Guinea
 Eritrea
 Ethiopia
 Falkland Islands (Malvinas)
 Fiji
 French Guiana
 French Polynesia
 French Southern Territories
 Gabon
 Gambia
 Georgia
 Guadeloupe
 Guam
 Guatemala
 Guinea
 Guinea-Bissau
 Guyana
 Haiti
 Heard Island and McDonald Islands
 Holy See (Vatican City State)
 Honduras
 Iran, Islamic Republic of
 Iraq
 Jamaica
 Jordan
 Kazakhstan
 Kenya
 Kiribati
 Korea, Democratic People's Republic of
 Kyrgyzstan
 Lao People's Democratic Republic
 Lesotho
 Liberia
 Libya
 Madagascar
 Malawi
 Maldives
 Mali
 Martinique
 Mauritania
 Mayotte
 Micronesia, Federated States of
 Moldova, Republic of
 Mongolia
 Morocco
 Mozambique
 Myanmar
 Namibia
 Nepal
 New Caledonia
 Nicaragua
 Niger
 Nigeria
 Norfolk Island
 Northern Mariana Islands
 Oman
 Palau
 Palestinian Territory
 Papua New Guinea
 Paraguay
 Peru
 Philippines
 Pitcairn Islands
 Puerto Rico
 Reunion
 Rwanda
 Saint Barthelemy
 Saint Helena
 Saint Martin
 Saint Pierre and Miquelon
 Sao Tome and Principe
 Senegal
 Sierra Leone
 Solomon Islands
 Somalia
 South Georgia and The South Sandwich Islands
 Sri Lanka
 Sudan
 Suriname
 Svalbard and Jan Mayen
 Swaziland
 Syrian Arab Republic
 Taiwan
 Tajikistan
 Tanzania, United Republic of
 Thailand
 Timor-Leste
 Togo
 Tokelau
 Tonga
 Tunisia
 Turkmenistan
 Tuvalu
 Uganda
 Ukraine
 United States
 United States Minor Outlying Islands
 Uzbekistan
 Venezuela
 Vietnam
 Virgin Islands, U.S.
 Wallis and Futuna
 Western Sahara
 Yemen
 Zambia
 Zimbabwe

See Also

Automatic Exchange of Information on Financial Accounts

FATCA and European countries

External Links

  1. Major new steps to boost international cooperation against tax evasion, OECD
  2. Standard for Automatic Exchange of Financial Account Information, OECD
  3. Offshore Financial Centers (OFCs): IMF Staff Assessments