Banks and certain other financial institutions located outside the United States that have U.S. account holders must achieve full compliance with the U.S.'s Foreign Account Tax Compliance Act (FATCA) by 1 January 2020. As a result, U.S. taxpayers with assets in foreign accounts may see those accounts closed or frozen in the new year.
FATCA requires non-US financial institutions to report certain account information to US tax authorities. Here's a quick overview of FATCA and why it results in your bank asking for more of your information.
In this week's Global Glance we look at China’s workplace culture and its evolving labor movement; why more Americans are renouncing their US citizenship; and global New Year’s traditions.