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 – Everything Expats Need to Know

expats fatca

FATCA is an acronym for the Foreign Account Tax Compliance Act, a law passed by Congress in 2010 to help address offshore tax evasion. The law came into effect on July 1st, 2014. FATCA has two aspects that affect expats. First, it requires individuals with financial assets abroad to report them when they file their […]

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 […]

2021 FATCA News for US Expats

2021 FATCA News for US Expats

The Foreign Account Tax Compliance Act, often referred to as FATCA, is a US law that was introduced in 2010 to allow better enforcement of Americans’ overseas financial accounts and assets. The rationale for the law was to prevent offshore tax evasion, however it also unintentionally affected many of the nine million ordinary American expats […]

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 […]

2020 FATCA News for US Expats

2020 FATCA News for US Expats

FATCA is the Foreign Account Tax Compliance Act, a 2010 US law that aimed to help prevent offshore tax evasion. The law has had many unintended consequences though, particularly for American expats all around the world. US tax rules for expats The American tax system is unusual in that it requires American expats to file […]

FATCA for US Expats – The Ultimate Guide

FATCA for US Expats - The Ultimate Guide

FATCA is an acronym for the Foreign Account Tax Compliance Act, a 2010 law that had (and continues to have) a profound effect on US expats around the world. FATCA had an even wider impact beyond just on US expats though, as it inspired a global endeavor known as the Common Reporting Standard whereby around […]

US Taxes for Expats – FATCA Filing Requirements in 2019

fatca filing requirements expats

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

fatca dummy

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 […]