For decades, U.S. expats lived in peace, beyond the reach of the American tax system, despite being theoretically obligated to file U.S. taxes on their worldwide income from abroad by American’s citizenship based taxation regime.

Then came FATCA, the 2010 Foreign Account Tax Compliance Act. Designed to address tax evasion in the wake of the 2008 financial crisis, FATCA requires all foreign banks and investment firms to provide details of their American account holders to the IRS. Read More