Question for People with Foreign Financial Accounts

[Tsar]

How do you stay compliant? How do you deal with FATCA, FBAR, and double taxation?

Honestly, I am probably going to avoid getting any foreign account until I renounce US Citizenship. It's going to be difficult for me but it's better than dealing with the tax compliant issues and double taxation.

I already know foreign accounts I want to open but I won't open them until I can avoid FATCA. Unless I absolutely need a foreign account, I won't open one. I don't want the complications that it would cause.

[rudder]

It's not very complicated. You just fill out the form on the fincen website. Whether you open a foreign bank account or not, you'll still be on the hook for double taxation if you've stayed 183+ days (120+ days in some countries) in whatever countries you've been in during the year. You'll become part of their tax net. But if you haven't made much money, most other countries that aren't the USA won't care.

If you make money while abroad, and deposit it to a US bank account, probably a lot of countries' tax authorities won't even be able to find out. There is the CRS (Common Reporting Standard), but I think the US is somewhat of a non-complier with that. This article is a little out of date, but gives you the jist: https://nomadcapitalist.com/finance/non ... s-banking/

You would do well to check with a tax attorney that specializes in expat taxes. Whatever you're thinking about doing, don't remit your money from your US account to your local account.

This is not tax advice, and I'm not an attorney.