The Foreign Account Tax Compliance Act (FATCA), enacted by Congress in 2010, targets non-compliance by U.S. taxpayers using foreign accounts. It requires foreign financial institutions (FFIs) to report financial accounts held by U.S. taxpayers to the IRS. In addition, various Inter-Governmental Agreements (IGAs) between the U.S. and other governments are in place to implement FATCA.
However, since the application of FATCA is complex, we strongly recommend consulting your tax advisor to understand how FATCA affects your situation.
