The Foreign Account Tax Compliance Act (FATCA) is a complicated initiative by the US government to recoup tax from money held in offshore accounts. For US nationals, or those who have emigrated to the US, working out whether you may be subject to FATCA can be complicated and failing to submit the relevant documents on time can be extremely costly. US nationals abroad could be subject to FATCA, as could UK or other nationals currently resident within the US.
The below questionnaire is designed to help you to discover whether you may have a FATCA implication. It is not designed as individual advice and, if in doubt, you should always seek the help of an independent adviser. What the questionnaire will do however, is provide an initial indication of whether you should consider discussing FATCA in more depth with your adviser, the first step to making sure you are not caught out by what can be extremely costly fines.
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