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 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 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 a FATCA Exemption?

Two people sitting at a wooden desk checking for FATCA exemptions

FATCA, or the Foreign Account Tax Compliance Act, is a set of rules intended to enhance tax compliance by American taxpayers who hold financial assets outside the United States. If you’re like many taxpayers with accounts or other financial activities abroad, you’d want to know whether FATCA applies to you so you can file the […]

The Top 8 Things You Need To Know About 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 […]

FATCA – Everything Expats Need to Know

FATCA Foreign Account Tax Compliance Act Guide for US Expats - Tax Professional

If you’re a US expat living abroad, you’ve likely heard FATCA used as a bad word. And to be frank, it can quite literally ruin someone’s day – it significantly complicates US taxpayers’ day-to-day life abroad.  Some context: The Foreign Account Tax Compliance Act (FATCA), is a law passed by US Congress in 2010 to […]

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 […]

FinCEN Form 114 vs IRS Form 8938 – What Expats Need to Know

FinCEN Form 114 vs IRS Form 8938 for Expats

All Americans have to file US taxes, reporting their global income. Expat Americans also often have to file additional reporting forms. Many expats aren’t aware though what exactly these additional reporting requirements involve, and in particular the difference between FBAR and FATCA reporting, or Form 114 vs 8938. In this article we’ll attempt to alleviate […]