Tax
FATCA
Also known as: Foreign Account Tax Compliance Act, FATCA Reporting
Quick answer
IRS — FATCA reporting for US taxpayers · checked 9 Nov 2026
Form 8938 covers specified foreign financial assets and accompanies the applicable income-tax return. The IRS living-abroad conditions must be met before using the higher thresholds; merely being overseas on the filing date is insufficient.
FATCA reporting does not replace FBAR. The forms have different scope, thresholds and filing channels. Foreign financial institutions also have separate duties to identify and report relevant accounts under the applicable FATCA arrangements.
Sources
- IRS — FATCA reporting for US taxpayers · checked 9 Nov 2026
Related terms
FBAR
FBAR is the foreign financial-account report filed on FinCEN Form 114. Under the rules checked in 2026, a US person generally must file when reportable foreign accounts exceed $10,000 in aggregate at any time during the calendar year. Financial interest or signature authority can trigger reporting. FBAR is separate from the income-tax return and Form 8938.
IRS Streamlined Filing Compliance Procedure
The IRS Streamlined Filing Compliance Procedures are available to eligible taxpayers whose foreign-income or asset-reporting failures were non-wilful. The foreign offshore procedure requires the relevant three years of tax returns, six years of FBARs and a signed certification. Eligibility includes a specific non-residency test; living abroad alone is insufficient.
FEIE (Foreign Earned Income Exclusion)
The Foreign Earned Income Exclusion allows eligible US taxpayers to exclude up to $132,900 of qualifying foreign earned income for tax year 2026. A foreign tax home and either the bona fide residence or physical presence test are required. The physical presence test requires 330 full days in foreign countries during a consecutive 12-month period. The exclusion does not reduce self-employment tax.
CRS (Common Reporting Standard)
The Common Reporting Standard is the OECD framework for automatic exchange of financial-account information between participating tax authorities. Financial institutions apply domestic due-diligence and reporting rules to identify relevant account holders and tax residences. Participation and activated exchange relationships must be checked for the relevant reporting year; a global membership count does not establish a particular exchange.
Deeper guides
FBAR & FATCA 2026: Complete Compliance Guide for US Expats (Penalties, Deadlines, Banking)
Every US person with $10,000+ in foreign accounts must file FBAR. Penalties up to $165,353 for willful violations. FATCA Form 8938 thresholds, FATCA-friendly banks by country, amnesty programs for late filers, and the 2026 enforcement landscape.
FEIE vs. Foreign Tax Credit in 2026: Which Saves You More? ($132,900 Exclusion)
2026 FEIE raised to $132,900. Compare the Foreign Earned Income Exclusion and Foreign Tax Credit with worked examples by income level. Includes FBAR and FATCA requirements.
Americans Moving Abroad: 8 Things Nobody Tells You
The hidden challenges of moving abroad — FATCA banking issues, disappearing credit scores, Social Security, voting, and reverse culture shock.
Expat Banking 2026: Which US Banks Won't Close Your Account Abroad?
Schwab and Fidelity won't close your account abroad — most US banks will. Plus: Wise vs banks (0.5% vs 3-5%), opening accounts in 20 countries, and FBAR/FATCA filing.
ImmigrationOS: How Palantir's $30M ICE Contract Changes Visa Compliance in 2026
ICE awarded Palantir a $30M April 2025 contract to build ImmigrationOS — a unified platform joining IRS, SSA, DMV, passport, and license-plate-reader data. Prototype delivered Sept 25 2025; contract runs through Sept 2027. Practical implications for US citizens abroad, green card holders, H-1B/NIV holders, and N-400 applicants. Five-item 2026 compliance checklist.