With huge deficits, governments the world over are looking at ways to generate more revenue. No doubt that they are leaving no stone unturned. For Americans living or retired abroad (which is a growing trend), this means preparing for FATCA.
What is FATCA you may ask? According to Americansabroad.org, "The Foreign Account Tax Compliance Act, better known as FATCA, was passed in 2010 as part of the HIRE act. Starting in 2014 foreign financial institutions (FFI) will be required by the U.S. government, under FATCA, to report information regarding accounts of U.S. citizens, U.S. persons, Green Card holders and individuals holding certain U.S. investments to the IRS. ...If these non-U.S. accounts had a cumulative balance on any given one day of the year of more than $10,000, filing is mandatory." ...read more: http://www.marketwatch.com/story/retired-abroad-get-ready-for-fatca-2013-10-18
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