Ex-Pats Face Problems With Foreign Banks Due to FATCA
Offshore Account UpdatePosted in on October 30, 2014
In 2010, the US Congress passed a law attempting to address the problem of US residents being encouraged to move money offshore to avoid tax obligations. Foreign investment companies and foreign banks were profiting from this activity. The solution is called the Foreign Account Tax Compliance Act (FATCA), and it went into effect in July of 2014.