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‘Compliance in Kuwait with FATCA 100%’

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KUWAIT CITY, Dec 7: The compliance of financial institutions with the Foreign Account Tax Compliance Act (FATCA) in Kuwait is 100 percent, reports Annahar daily quoting regulatory source.

The sources added, the rate of compliance by law-abiding individuals who hold the US citizenship has reached the same percentage in the recent period, with increasing rate of submitting statements and data required for the accounts in the recent period.

The sources explained the rate of waiver of US citizenship in order to avoid the repercussions of the law has almost disappeared. According to unofficial data, the number of Kuwaiti citizens with US citizenship is estimated to be 7,000, of whom only 13 have given up the US citizenship

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