What filing requirements do US-connected need to comply with?
FATCA is a tax law that compels US citizens at home and abroad to file annual reports on any foreign account holdings such as foreign pensions, mutual funds, life insurance and stockholdings. Please see common reporting requirements below for US expats:
- Form 8938 – According to the IRS, if you are single and live outside of the US, you must submit a Form 8938 (https://www.irs.gov/pub/irs-pdf/f8938.pdf) if you have more than $200,000 of specific financial assets at the end of the year or $300,000 at any time during the year. If you are married and file jointly, these thresholds are doubled and apply even if only one spouse lives abroad. The deadline for filing Form 8939 is June 15th for US expats.