The Foreign Account Tax Compliance Act, better known as FATCA, was passed in 2010 as part of the HIRE act. Starting in 2014 foreign financial institutions (FFI) will be required by the US government, under FATCA, to report information regarding accounts of US citizens, US persons, Green Card holders and individuals holding certain US investments to the IRS. This law...
US Tax & Banking
US Tax & Banking Articles
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When you are looking to open a bank account in your country of residence (outside of the U.S.) what are the questions you should ask any potential bank? See FAWCO's Questions to ask banks when looking for new banking relationships to get started.
FAWCO has compiled a list of 'Go To' and 'No Go' banks which are willing or not...
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When you move abroad or if you've been living abroad for a long time you still may have bank accounts in the U.S. But what happens when you start having problems stateside?
Read more about U.S. banking problems due to a foreign address and what to do about it.
Read the Tax & Banking Disclaimer.
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On December 30, 2013, the IRS released temporary regulations related to annual filing requirements for Passive Foreign Investment Company (PFIC) shareholders and provided guidance on determining the ownership of a PFIC. The regulations also provided an exclusion for shareholders that constructively own interests in certain foreign corporations. Read more in a February 2022 article from PWC.
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The issues arising from legal and estate planning have very different implications in different countries.
Do you have information or experience from your country of origin or current country of residence concerning estate, legal or inheritance planning? Share it with us by emailing .
Germany
For specifics of estate and inheritance laws in Germany start with this overview...
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Do you have a will? In which country? Do you need one in both or several?
For some examples of why you might need to consider these options start with Angloinfo's International Wills and the U.S. Expat Abroad - Don't Be Duped!
Read the Tax & Banking Disclaimer.
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U.S. Estate and Gift taxes are considered "transfer" taxes and not "income" taxes and the tax is asserted against the person making the transfer. The U.S. Estate and Gift taxes apply differently to U.S. persons and non-U.S. persons, and some of the rules depend on if the non-U.S. person is considered a resident (which are not the same as traditional...
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