We previously reported on the US FATCA tax law and the effects it has on American’s lives in an earlier blog post U.S. Expats Frustrated with Taxes, Giving Up Citizenship.
While the unpleasant effects of the US Foreign Account Tax Compliance Act (FATCA) on US expats are well known, now it seems that expats from non-USA countries will be able experience similar treatment from their home countries first hand.
Chaninat & Leeds – Thailand and US attorneys specializing in US immigration and Visa for Thailand
FATCA requires American citizens, including Americans living outside of the US, to report their financial accounts held outside of the United States. The act also requires foreign financial institutions or banks to report to the Internal Revenue Service (IRS) about their American clients.
At the current time, the UK Act and the Russian tax law appear to affect bank accounts belonging to nationals which are in designate offshore jurisdictions. The US FACTA, however, applies to American citizens anywhere in the world.
Read more here.
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