FATCA: Foreign Account Tax Compliance Act

What is FATCA for Expats?

FATCA is the 2010 Foreign Account Tax Compliance Act, a law that affects expats in two ways. Firstly, it compels all foreign banks and investment firms to report their American account holders to the IRS or pay a tax when they trade in US markets.

FATCA News

FATCA also requires expats with over $200,000 in foreign financial assets to report them each year by filing form 8938 when they file their federal tax return. You can find information and news relating to FATCA updates in the articles below.

FATCA and CRS Reporting: When Your Bank Talks to the IRS Before You Do

Close-up of a businesswoman using a magnifying glass to review financial documents, focusing on FATCA and CRS reporting requirements.

Once upon a time, moving your money overseas meant it could quietly stay overseas. In 2025? Your bank is practically CC’ing the IRS—and its international cousins—before you’ve even filed your own taxes. Thanks to FATCA (the Foreign Account Tax Compliance Act) and the Common Reporting Standard (CRS), global banking transparency isn’t optional anymore. Banks, investment […]

What Happens if You Miss the Tax Deadline in 2025

When you miss a tax deadline

No matter where in the world they live, Americans who earn above a certain threshold must file — and potentially pay — United States taxes. While the typical US tax return deadline is April 15th, US expats have until June 15th (unless they request an extension). But what happens if you miss the tax deadline? […]

FATCA Enforcement: What US Expats Need to Know 

Foreign financial institutions

For Americans living abroad, US taxes may feel like an “out of sight, out of mind” type of situation. However, the US’s citizen-based taxation system means that all citizens and permanent residents must file a tax return, regardless of where they live. To make matters more complicated, living abroad often triggers additional tax requirements and […]

Do You Qualify for FATCA Exemptions? Here’s How to Find Out

Mature businessman using a tablet outdoors, looking into whether he qualifies for FATCA exemptions while living abroad.

If you’re a U.S. taxpayer with foreign accounts, FATCA — the Foreign Account Tax Compliance Act — is probably lurking somewhere on your radar. It’s the law that makes sure Americans aren’t quietly stashing money overseas without telling the Internal Revenue Service (IRS). The twist? Not everyone has to jump through all the hoops. FATCA […]

The Top 8 Things You Need To Know About FATCA

FATCA

Enacted in 2010 by Congress to ensure U.S. taxpayers don’t hide money in foreign accounts to avoid paying taxes, the Foreign Account Tax Compliance Act (FATCA) is regrettably still a cause of confusion and misunderstanding. In this article, we reveal eight crucial things you need to know about FATCA. Let’s dive in. 1. FATCA is […]

What is FATCA and Why It Matters for U.S. Citizens Abroad

Mature woman using an ATM and putting her credit card away, reflecting everyday financial activity impacted by FATCA.

If you’ve ever opened a bank account overseas and been hit with a million questions about your U.S. citizenship, you’ve met FATCA—whether you knew it or not. Short for the Foreign Account Tax Compliance Act, FATCA was born in 2010 when the U.S. government decided it really, really didn’t want to miss out on taxes […]

Why are banks closing US expats’ brokerage accounts?

Why are some banks closing US expats brokerage accounts

Wells Fargo’s US expat clients have until the end of September 2021 to move their brokerage accounts to another provider or face closure. Wells Fargo isn’t the first bank to turn away expats though. In this article we look at why banks and brokerage firms are denying services to Americans living abroad, and what options […]

Do Americans Have to Report Foreign Real Estate Under FATCA?

Do I Have to Report Foreign Real Estate Under FATCA?

All Americans have to file US taxes, reporting their global income, including Americans living abroad. Many Americans who live abroad (as well as many living in the US) own foreign real estate, and they often wonder whether it needs reporting on their American tax return, and if so how. All Americans who have certain foreign […]