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I'm also an expat, living in the UK. The FBAR isn't too bad at all, it takes 30 minutes to file electronically if your records are in order. The real burden is
by nvarsj 11y ago
I'm also an expat, living in the UK. The FBAR isn't too bad at all, it takes 30 minutes to file electronically if your records are in order. The real burden is filing my annual taxes. I'm a contractor with a limited liability company, common setup in the UK. However in the US, this is treated as me having financial interest in a foreign C-Corp, which has an extremely complicated tax return. Fortunately I have a family member who is an accountant and loves new "challenges". Other people in similar situations spend several thousands a year to file their taxes.
- wlesieutre 11y agoI've heard elsewhere that foreign banks were closing down accounts of American expats because the customers aren't worth the FATCA paperwork. Have you encountered any trouble with that?
- sdenton4 11y agoWe've seen trouble with this in Canada. My partner's investment manager is basically kicking us out because we're living in the US now.
- Symbiote 11y agoThat can happen. One of my colleagues had this problem, except he solved it by not being American (he'd not returned a form which they'd sent, asking him to confirm his lack of American citizenship). I expect the reporting requirements are a burden for small banks, especially ones competing heavily on price rather than offering a full service. I'm not American, but am a similar burden to a bank, and was strongly advised to open an account only with the country's largest bank.
- vecinu 11y agoThis was literally in the article.
- wlesieutre 11y agoYes, sorry I mean that I'd read about this in several other places had assumed that it's become a common occurrence. But nvarsj's comment suggests that it's been no big deal for him. I'm curious if he's personally run into banking problems, or just the pile of tax paperwork.
- deleted 11y ago[deleted]