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Netherlands: Effects of FATCA on Dutch residents who are U.S. citizens

Effects of FATCA, Dutch residents who are U.S. citizens

The Dutch tax administration released a document that provides updates on the effects of FATCA on the residents of the Netherlands who are also U.S. citizens.

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The document includes information about:

  • The introduction of a new policy by the U.S. Internal Revenue Service wherein U.S. citizens who wish to renounce their U.S. citizenship must file their tax returns for that year and the preceding five years. In such situations, the new policy allows for the filing of tax returns without a U.S. taxpayer identification number / social security number (TIN / SSN), provided the individuals meet certain eligibility criteria.
  • The imposition of U.S. penalties or sanctions on Dutch financial institutions due to missing TIN / SSNs from reporting data that will come into effect no earlier than summer of 2023. Dutch financial institutions have also been reassured that sufficient remediation timelines will be implemented to enable solving missing TIN / SSN issues and that non-compliance determinations will acknowledge efforts made by financial institutions to collect U.S. TIN / SSNs.


Read a September 2019 report [PDF 79 KB] prepared by the KPMG member firm in the Netherlands

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