Skip to Main Content

David Rosenbloom Comments on Hong Kong Banks Avoiding FATCA

December 19, 2014, Worldwide Tax Daily

Worldwide Tax Daily quoted H. David Rosenbloom regarding banks in Hong Kong closing existing accounts for U.S. taxpayers and refusing to open new ones, rather than comply with FATCA. For the complete article, please visit Worldwide Tax Daily's website (subscription required).

Excerpt taken from the article "Hong Kong Banks Are Attempting to Avoid FATCA" by Margaret Burow for Worldwide Tax Daily.

"Any institution that believes ridding itself of U.S. account[s] as a means of coping with FATCA needs to spend more time with the fine print," H. David Rosenbloom of Caplin & Drysdale said in response to the Chinese news reports. Financial institutions have to adopt FATCA reporting systems, because "not having any U.S. accounts does not get them off the hook, unless they qualify for one of the specific exemptions," he said.


About Caplin & Drysdale
Celebrating our 55th Anniversary in 2019, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
New York, NY Office:
295 Madison Avenue
12th Floor
New York, NY 10017


This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
©2021 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)