Contact UsI'm a pilot working in the UAE and I'm a USA citizen. I've been working in the UAE for the last 5 years and filing taxes every year. With the recent agreement between the USA and UAE to share banking information of US passport holders. Does this mean the USA will now have access to see each deposit and withdraw of my UAE account? If I understand correctly it's specific to monitor transactions between the 2 countries? i.e. sending money from the UAE to the USA?
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Manasa Nadig
If you are a US citizen, you need to file your tax returns showing worldwide income including all the forms complying with FATCA if the thresholds apply to you. The details of the IGA between UAE & the US are explained in this blog post here by another esteemed Tax Connections colleague: http://blogs.angloinfo.com/us-tax/2013/07/29/uae-announces-plan-to-sign-fatca-agreement-with-irs/ Hope this helps you with your question!
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481 weeks ago