The US Tax & Banking Committee gathers information on US tax and banking legislation and regulations, and informs the membership of their US tax responsibilities while living overseas. It collects information from the FAWCO membership on specific tax and banking related problems to bring these to the attention of legislators in Washington.
The Tax & Banking Committee develops lists of resources and advisors, and publishes periodic newsletters, presentations and videos, and updates and links to media articles and other resources for Overseas Americans and “US tax persons.” You can find more information on each category by clicking on the title below.
We encourage Overseas Americans to plan their international financial lives and maintain compliant status with US regulations.
Remember, overseas residents have until June 15 each year to file their US taxes. However if you owe taxes, to avoid late payment penalties, pay the taxes by April 15. Please refer to this link for more detailed information.
Even as a FAWCO Member, you must subscribe to receive the US Liaison Bulletins, which include information about US citizenship, voting from overseas and tax and banking information.
Send us your questions, comments, problems or let us know if we can help you with anything. Contact .
In an article on the Medium website dated January 2023, Rebecca Lammers, International Member of the Tax Advocacy Panel, wrote an article about online communities for American Expats to discuss their taxes and tax obligations.
It is an outstandingly detailed attempt to summarize the online communities on Reddit and Facebook available for local accountant recommendations, help with filing, and other...
If you are a US citizen required to file income taxes, here are some of the key dates you need to keep in mind in 2025:
April 15, 2025
Although Social Security doesn’t fall directly under Tax and Banking, as part of the US Issues Team, we do collect articles of interest and pass them on to the FAWCO membership. The following are two such synopses written by members relaying their experiences in filing for individual social security benefits and benefits for a non-US citizen spouse.
Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114.
Who must file?
Any US person (citizens, resident aliens, trusts, estates and domestic entities) with an...
“The Debrief,” a quarterly webinar offered by FAWCO sponsor London & Capital, is your chance to bring your burning questions to Pau Morilla-Giner, Chief Investment Officer. It’s accessible to everyone, regardless of your financial knowledge.
Whether you’re a seasoned investor or just starting out, this webinar is for you! Join Iain Tait, Partner and Head of the Private Investment Office,
London & Capital, the FAWCO sponsored resource, has published an article in November 2023 called “Considerations for US Persons Coming up to the 2023 Tax Year End.” Although this article is geared mainly toward Americans living in the UK, it does summarize six strategic areas that US citizens living abroad need to be aware of: Capital Gains Planning, Foreign Tax...
Divorces are always a challenging time for everyone involved. The emotional strain is felt not just by those individuals separating, but by children and the wider family. The decision to divorce is inevitably followed by a focus on financial issues and how family assets will be divided. This often fraught debate can...
According to IRS.gov, there are indicators that specify how long you should retain certain legal documents pertaining to your taxes. Below is an excerpt from the website.
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction...
What is a US living trust?
A living trust is a common planning vehicle in the US that is typically used for administrative ease. It can work as an alternative to a will, because assets will pass on in line with the trust deed and without being subject to probate after...
A PFIC is a Passive Foreign Investment Company. It’s an investment fund or collective investment and it is taxed at a disadvantageous rate in the US. The PFIC problem is a confusing one and is a common US Expat mistake. Failure to address PFIC problems once they are identified...
Living outside the United States creates particular challenges to personal financial management. Banking services in countries of residence can vary widely, U.S. and foreign government regulations and the banking industry’s reaction to them can make fluid transitions of funds, opening of new accounts, changes in providers, and even access to new banking cards confusing and difficult. Many of us are happy to take advantage of the benefits of internet-based, online banking services; while others are suspicious of the security and identity theft issues that increasingly appear in the press.
We all need access to secure and reliable banking and investing services wherever we live around the world. FAWCO advocates for this in Washington and abroad. We'll be providing links for FAWCO tips, explanations and suggestions, expert presentations, and other helpful information.
Click on a category below under any of the main subjects to learn more.
If you have updates regarding banks that serve U.S. tax persons abroad or difficulties you have faced with banking or other financial services overseas that you would like to share please email us at .
Bank Accounts in Country of Residence
Foreign Retirement Accounts & IGAs
Those of us who live overseas have plenty of challenges to contend with that become increasingly complex as we move from one country to the next leaving a wake of residences, accounts, and often business and personal investments behind us. While living in non-U.S. countries we are often subject to their inheritance laws that evolve from local attitudes and traditions. Sometimes these conflict with U.S. law in uncomfortable ways.
Whether you are considering marrying a foreign national, facing foreign taxation by your country of residence of an U.S.-based inheritance, or planning for the distribution of your assets after you are gone, you will find helpful material here from various country jurisdictions, diverse experts & other FAWCO members.
Click the category title below to learn more about each topic, and find articles related to tax below.
If you have stories or information regarding legal and estate planning issues facing U.S. person living abroad that you would like to share, or you have questions or problems, we will try to help. Please send them to .
Most Americans and green card holders must file tax forms and in some cases pay taxes with the US Government every year. You may have to file even though you have no earned income, already pay taxes in your country of residence, are below the foreign income exclusion and/or give or receive money in the form of a gift or inheritance. It can get complicated but we're here to help!
Click the category title below to learn more about each topic, and find articles related to tax below.
Have a tax story or information about taxes to share? Email us at
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