American offshore accounts in foreign banks with more than $50,000 have to be reported


Merco Press
July 17, 2013

The Foreign Account Tax Compliance Act, or FATCA, requires foreign banks and other institutions to supply information to the U.S. Internal Revenue Service about Americans’ offshore accounts worth more than $50,000.

The law, approved by Congress in 2010, stipulates that foreign financial institutions that fail to comply can effectively be frozen out of U.S. capital markets.

Since the law was passed, foreign banks and other businesses have complained about the costs of FATCA and its scope, saying in some cases that it conflicts with home-country banking laws that shield account holder information.

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