Antigua & Barbuda Now Has FATCA

in #travel8 years ago

The parliament of Antigua & Barbuda passed a law this week that will comply with the demands of FATCA. Banks in the country will now report to the IRS if Americans' bank accounts exceed $50,000.

The Foreign Account Tax Compliance Act (FATCA) was created in order to put pressure on overseas financial institutions to hand over data of American taxpayers. Countries that do not take part in FATCA will essentially be cut out of the US financial markets. Some banks will simply refuse to serve American citizens just to avoid the bureaucratic headache.

Source: http://antiguaobserver.com/parliament-passes-fatca/

Other Countries with FATCA: http://www.iexpats.com/fatca-countries/