Shared News Item - US Expats at Risk of Account Freeze under FATCA
As many US citizens are aware, FATCA (the Foreign Account Tax Compliance Act) has been in place for a number of years, and has changed the financial landscape for US citizens residing overseas.
Today, we are sharing an article from a respected international financial news agency, the International Adviser:
All American citizens living abroad will face significant consequences if they don’t comply with the Foreign Account Tax Compliance Act (Fatca) by the end of 2019.
They were granted a three-year grace period during which their foreign financial institution would be able to send their date of birth and tax identification number (Tin) to the Internal Revenue Service (IRS).
But this ends on 31 December 2019, and expats who have not provided this information to the taxman will see their non-US bank accounts frozen.