All Expats Could Soon Feel the FATCA Pinch

Flickr Photo Credit - Steve Johnson

If you're an American citizen then you may be very aware of FATCA (Foreign Account Tax Compliance Act) if you are not an American, now may be the time for you to get educated because the UK and Russia are rolling-out their own versions of FATCA.

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).

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FATCA 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.

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