What is FATCA?: What US Taxpayers Overseas Should Know

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nomadcapitalis...
Are you familiar with FATCA?
It is the abbreviation for the Foreign Account Tax Compliance Act and a US federal law that requires every bank in the world to report on offshore bank accounts of US citizens and Green Card holders.
The result was that many banks around the world stopped accepting US citizens as their customers, leading to unfortunate consequences.
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Опубликовано:

19 сен 2024

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Комментарии : 62

@nomadcapitalist 5 лет назад

What questions do you have about becoming a Nomad Capitalist? Comment below with your suggestions or ideas for new topics you want us to discuss. Also, if you enjoyed this video, give it a thumbs up and click on the subscribe button.

@sail2219 5 лет назад

Hey Andrew, please do a video about the top jurisdictions for creating an offshore company in 2019 and beyond.

@omtek3921 5 лет назад

IF YOU DON'T OPEN A BANK ACCOUNT ABROAD AND ARE MAKING CASH, WILL YOU STILL NEED TO PAY TAXES ?

@RogerTing 2 года назад

As a non-US Taxpayer, if I open an account with a bank outside of the US and the bank wants to comply with FATAC, specifically, what would they typically do to ask me to sign (to certify myself, etc.)?

@marclagmay3615 Год назад

@@RogerTing first if you aren't a US Citizen then you are not covered with FATCAI.

@RogerTing Год назад

@@marclagmay3615 I realize that. However, I was asked to fill out W-8BEN form - to declare I have no association with the US. Anyway, the matter was resolved since my comments above.

@dlukton 5 лет назад

If not for FATCA, I doubt there would be nearly as much interest in cryptocurrencies as there currently is. Also, the US government is able to impose FATCA requirements on foreign banks only because of its control over the SWIFT system. One of these days, an alternative to SWIFT will be developed, at which point there may be many more banks willing to accept US citizens as customers.

@heyoa7714 2 года назад

That’s why Obama was a disaster

@dlukton 2 года назад

@@heyoa7714 One of the many reasons.

@heyoa7714 2 года назад

@@dlukton exactly

@sphinx11982 Год назад

BRICS and the CIPS

@danielynsilva5150 5 лет назад

I always read FATCAT.

@MarkBrown-iw8oj 3 года назад

I tried to open a bank account abroad and i wondered why they we’re asking for my US passport, then i went to meet with the teller and after a couple paper work in the country’s language and all of a sudden i see papers in English piled up waiting for me and when i took a closer look and saw they we’re IRS papers with the local bank’s logo on the top right corner! I watched in awe as he then printed out my ssn and sent it onwards. I thanked the bank for accepting me

@YarikSychov 5 лет назад

Thanks for the video. Yeah, Fatca is definitely something that limits financial freedom of people. I can understand why government is doing what it's doing, in the end it is its direct function, to govern. The issue here is that these regulations mainly affect middle class, top ones easily get away with all sorts of loopholes. Given your pursue of freedom (financial included), why wouldn't you make a video on Bitcoin? It seems to me like a great idea of keeping personal financial liberty disregarding the hawk eyes of financial institutions. Interested to hear your opinion.

@Kauffman578 5 лет назад

Solution, renounce usa citizenship

@sal_strazzullo 6 месяцев назад

Buy & hide gold

@Isweartolucifer 5 лет назад

*TTFI tax bill will be passed, by congress this year. Everything can, get back to normal, no more double tax for American and green card holders*

@YFA912 5 лет назад

Wait and see, I'll believe it when it will be implemented, so far it turned my family life a living hell, I'm only the spouse of an American and the bank refuse to deal with us for a home loan.... What for??? We are only workers....

@erebousde 4 года назад

Well shit, so where is it?

@jeffb.140 3 года назад

has it been passed yet?

@Isweartolucifer 3 года назад

@@jeffb.140 *nope!!! The goal is to REPEAL FATCA full STOP*

@Isweartolucifer 3 года назад

@@erebousde *NOTHING yet the goal is to REPEAL FATCA full STOP!*

@nyakarundi 3 года назад

So true it happens in African banks too

@sphinx11982 Год назад

The BRICS nation will have a solution for FATCA 😂😂

@GeneBasler 3 года назад

Nailed it

@quantumindicesfuturestrade6873 2 года назад

I live in italy and many banks will not accept us accounts because of the paperwork. I'm trying to send money from the states and I have to fill out forms and a maximum of 25,000. Ridiculous.

@ic9628 Год назад

Brilliantly explained

@pmcpmc8005 Год назад

Holding that US passport while living in another country is toxic

@andigarcia8328 3 года назад

I live in spain and I own an LLC in miami, the banks i use in US share data with spanish tax administration right?

@HELLOWORLD-xn9iz 3 года назад

So what is the answer? New subscriber. Liked the video.

@cstarsfly 2 года назад

Government has been increasing in size and power, synonymously destroying individualism and liberty.

@sal_strazzullo 6 месяцев назад

it's not the gov, it's the banks themselves, they control the gov

@kendrickfolarin 4 года назад

if u are a canadian living in the US under a J1 work visa, and are receiving foreign income in a country such as Ireland, would you have to be subject to FATCA?

@yogangr2982 3 года назад

No you have to be in an immigrant visa like green card or a dual intent visa like H1b. J1 is a student/trainee visa so you don’t even contribute to social security tax and Medicare. You are not an American tax payer. You just pay for the fed and state and city that’s it and you move on with life in Canada.

@reyduck7742 4 года назад

I’m very successful in shopify selling overseas and I have a tier c and a US passport I got the US passports through my parents but I was born in the tier c country so I acquired the tier c passport by being born there but usually when I go to different countries usually I open the bank accounts for my business with the tier c passport and never ask me if I’m a us person or anything like that they usually ask about my business but that’s all but I don’t file to the irs cos none of my income comes from the US. My question is how come offshore banks don’t tend to ask me fatca questionss

@katerinajarosova315 3 года назад

It is because they don ´t expect you to have the US passport. It happened to me in my native country. They never asked me, until I asked them, how much I will have to pay, if I sell my us stocks, because I am the US tax payer.

@maradykith 3 года назад

Hi, for an international organization (or UN agent) that is not located in the US, does it require to fill any FATCA form when opening a bank account in the county under IGA?

@omtek3921 5 лет назад

IF YOU DON'T OPEN A BANK ACCOUNT ABROAD AND ARE MAKING CASH, WILL YOU STILL NEED TO PAY TAXES ?

@nohaelbanna2382 4 года назад

محتاجه الموضوع ده بالعربي هل ممكن حد يساعدني

@OmarOsman98 3 года назад

ليسة في مشكلة. اولا، لو انت امريكي و تعيش في دبي مثلا لازم تدفاع الحكومة امركيا

@tnue1511 5 лет назад

As a US citizen. How much money can you deposit in your foreign bank account before that bank reports to the IRS.. What is the daily limit?

@nomadcapitalist 5 лет назад

Simple answer: there is no daily limit; it's based on overall aggregate balance. Simpler answer: hire a professional.

@quantumindicesfuturestrade6873 2 года назад

I'm dealing with it now. 10,000 or maximum 25,000 tranfers but you must fill out forms for each transfer. Imaging trying to transfer 250,000 you will have to fill out 10 forms

@katerinajarosova315 3 года назад

I wonder if I have to report the crypto accounts which I opened before I received a green card. I have been holding crypto for years but haven ´t sold anything yet. The accountant who did my taxes didn ´ t report my crypto and stocks accts.