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 int he articles below.

US Taxes for Expats – FATCA Filing Requirements in 2019

US Taxes for Expats – FATCA Filing Requirements in 2019

Americans who live abroad are required to continue filing a federal tax return each year, reporting their worldwide income, even if they’re also filing a tax return in the country where they’re living. When expats file their federal return they can claim one or more exemptions that the IRS has made available by filing the […]

Taxes for U.S. Expats – FATCA for Dummies

Taxes for U.S. Expats – FATCA for Dummies

American expats have been required to file a federal tax return from abroad since the Civil War, when the concept was introduced to raise revenue for the war effort from landowners who were fleeing to Canada. While the concept was never revoked, it was largely ignored in the twentieth century, as expats started to spread […]

2018 FATCA News Update for US Expats

2018 FATCA News Update for US Expats

All Americans have to file an annual federal tax return, even if they live abroad. This is because the US taxes based on citizenship, rather than on residence, so if you’re a US citizen (or green card holder), you have to file US taxes reporting your worldwide income regardless of where in the world you […]

US Taxes for Expats – FATCA News 2018

US Taxes for Expats – FATCA News 2018

America has an unusual tax system, as it’s based on citizenship rather than residence. This means that all US citizens (and green card holders) are required to file US taxes, whether they live in the US or abroad. Nine million Americans are currently living abroad, however many of them aren’t aware of the requirement for […]

FATCA Filing Requirements for American Expats Abroad

FATCA Filing Requirements for American Expats Abroad

The Foreign Account Tax Compliance Act (FATCA) was signed into law in 2010 with the aim of cracking down on tax evasion to increase tax revenue following the financial crisis. FATCA contained two important measures that affect expats, a reporting requirement for expats who have financial assets abroad, and a reporting requirement for foreign banks […]

How Can US Expats Achieve FATCA Compliance?

How Can US Expats Achieve FATCA Compliance?

When expats from most countries leave their homeland to live abroad, unless they still have income from back home, they no longer have to file a tax return in their home country (though they may well have to file one in their host country, if they meet tax residency criteria there). Not so for Americans, […]

IRS Form 8938 – FATCA Reporting Requirements For US Expats

IRS Form 8938 – FATCA Reporting Requirements For US Expats

All Americans, including expats, have to file a US tax return and report their worldwide income. All Americans are also liable to pay US taxes, even on foreign-earned income, however there are some exclusions and exemptions available that remove most US expats from ending up having to pay anything. Expats still have to file though […]