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Old 08.03.2014, 18:49
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Looming FATCA deadline

April 24, 2014 is the deadline for FFIs to register and July 1, 2014 is essentially when FATCA go live.

These 24 countries are already on board
: Canada, the Cayman Islands, Costa Rica, Denmark, Finland, France, Germany, Guernsey, Hungary, Ireland, Isle of Man, Italy, Jersey, Malta, Mauritius, Mexico, Netherlands, Norway, Spain, the United Kingdom, Bermuda, Chile, Japan and Switzerland.

At this point, complaining about the fairness of FATCA and FBARs is useless. If you are a US citizen with assets held in any one of the 24 above countries,
you have a little more than a month to figure out what you're going to do.
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Old 08.03.2014, 19:01
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Re: Looming FATCA deadline

Um, wouldn't we just do what we do every year and file the forms?
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Old 09.03.2014, 19:33
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Re: Looming FATCA deadline

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Um, wouldn't we just do what we do every year and file the forms?
Or not, if you are under the limits.

Tom
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Old 09.03.2014, 19:34
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Re: Looming FATCA deadline

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Or not, if you are under the limits.

Tom
Oh man, does that mean I'm in the 1%?
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Old 09.03.2014, 19:47
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Re: Looming FATCA deadline

am i correct that if it's under 50.000 you don't have to deal with it?
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Old 09.03.2014, 20:07
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Re: Looming FATCA deadline

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am i correct that if it's under 50.000 you don't have to deal with it?
Nope, it's $10,000 aggregate for FBAR filing. Aggregate means the total of your accounts, and the numbers you report are:

1. The highest single day balance (even if the high balances are on different days)
2. All balances are converted into US dollars using the end of year conversion rate.

For form 8938 (which is Statement of Specified Foreign Assets), the filing thresholds are higher. If you're single and live in the US, the foreign assets must total $50,000 on the last day of the year or $75,000 at any point during the year. If you live abroad, the numbers are higher.

See:
http://www.irs.gov/pub/irs-pdf/i8938.pdf
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Old 09.03.2014, 20:15
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Re: Looming FATCA deadline

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Nope, it's $10,000 aggregate for FBAR filing.
Yes, but the thread is about FATCAt, not FuBAR.

Tom
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Old 09.03.2014, 21:19
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Re: Looming FATCA deadline

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Yes, but the thread is about FATCAt, not FuBAR.

Tom
Oh crap, there goes my standing in the 1%.
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