The Foreign Accounts Tax Compliance Act or FATCA continues to have far reaching implications for US Expatriates, even affecting laws outside of the United States. Saudi Arabia recently announced and will soon sign onto FATCA agreements with the United States. This will impact the US tax filings for US expats living in the kingdom (roughly 200,000) to file tax returns.
US expats have always been required to file US tax returns. The implications of the recent agreement between the US and Saudi Arabia is that the IRS will have access to specific bank account, investment account and foreign corporate ownership information for US expats and US residents. Some expats have taken a more relaxed approach to reporting as far as the IRS was concerned, and recent events will require them to take actions to bring their reporting into compliance.
Allen Barron has supported the legal and tax requirements of US expats for decades. If you are a US expat living in Saudi Arabia or any other foreign sovereignty, we invite you to contact us for a free consultation at 866-631-3470 to discuss your unique situation.