§00Compliance · Glossary
FATCA
Also called Foreign Account Tax Compliance Act
Federal regime requiring foreign financial institutions to report U.S. account holders.
In full
FATCA requires foreign financial institutions (FFIs) to identify U.S. account holders and report to the IRS, and requires U.S. persons to disclose foreign financial assets above threshold amounts on Form 8938. The threshold for unmarried U.S. persons residing in the U.S. is $50,000 (year-end) or $75,000 (any time during year).
Governed by: FATCA reporting rules · Form 8938.
This definition is general information about how the term is used in U.S. cross-border tax. It is not advice, and how it applies depends on your own facts and on the treaty, if any, in force with your country.