Foreign Financial Institutions (FFIs)

Foreign Financial Institutions (FFIs) are banks or financial entities located outside a person's home country. They provide various financial services, including banking, investment, and insurance. FFIs play a significant role in the global economy by facilitating international transactions, investment opportunities, and foreign exchange activities. They are also important in complying with tax regulations, as governments often require information about foreign account holders to prevent tax evasion. Overall, FFIs help connect individuals and businesses across borders, enabling a more interconnected financial system.