As the Foreign Account Tax Compliance Act (FATCA) is finally coming into full effect, the implications for Americans, and to a much greater extent, for the rest of the world, are vast. Its reach, which requires foreign banks to identify Americans with accounts holding over $50,000 (or face being frozen out of U.S. markets), far surpasses any other American tax law. Recently, Forbes published an article listing ten interesting facts about FATCA, its conception, and its effect.
See Robert W. Wood, “10 Facts About FATCA, America’s Manifest Destiny Law Changing Banking Worldwide,” Forbes.com (Aug. 19, 2014).
Posted by Morgan Yuan, Esq., Associate Editor, Wealth Strategies Journal.