|Flickr Photo Credit - Steve Johnson|
FATCA requires American citizens, including Americans living outside of the Unite States, to report their financial accounts held outside of the US. The act also requires foreign banks to report information about their American clients to the Internal Revenue Service (IRS).
Thailand Business Law: Attorneys at Chaninat & Leeds are experts in company registration and business lawFATCA makes life for American citizens living abroad more difficult, so difficult that some Americans have considered giving up their citizenships. It has also recently been reported that American’s are increasingly being denied accounts at international banks as the financial institutions are reluctant to track and report data to the IRS as FATCA requires.
According to Thailawforum, the UK and Russia have recently drawn up their own versions of the tax law based on the American system. All expats should be aware, they too may begin to feel the pinch from their own government tax collection agencies.
Read more here.
The US FATCA: “The Neutron Bomb of the Global Financial System”?
U.S. Expats Frustrated with Taxes, Giving Up Citizenship
FATCA: Where Does Thailand Stand?