If you’re a U.S. citizen or green card holder living outside the United States, FATCA (the Foreign Account Tax Compliance Act) is not optional. FATCA requires U.S. taxpayers to report certain foreign financial assets to the IRS — even if those accounts are already taxed in another country.
For expats, FATCA is one of the most common (and most misunderstood) international reporting requirements. Missing it can result in significant penalties, even when no additional tax is owed.
Some accounts must be reported on both, while others only on one. Understanding the overlap is critical — and it directly affects preparation time and cost.
This is why working with an international tax specialist matters.
Penalties for failing to file FATCA can start at $10,000 per year, with additional penalties for continued noncompliance.
Best practices for expats:
File on time — even if no tax is owed
Maintain accurate account valuations
Coordinate FATCA with FBAR and other international filings
Seek professional guidance if you’re behind
At eTax Global, FATCA reporting isn’t treated as a checkbox — it’s part of a complete international tax strategy.
We help expats:
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