Additional Problems for Americans in Hong Kong Due to FATCA

Taxpayers from the United States who are living or working in other countries have continued to face negative consequences of the Foreign Accounts Tax Compliance Act (FATCA). The law was passed in 2010 and went into effect in July of 2014. It basically requires foreign financial institutions around the world to comply with strict information reporting requirements regarding all account holders who are U.S. taxpayers. Banks, investment groups, and even insurance companies are now required to report on qualifying US accounts and face strict penalties for failing to comply. So far, nearly five hundred jurisdictions throughout the world have signed agreements with the IRS, but some areas and institutions continue to hold out.