American citizens (including dual nationals) living abroad are required by law to file returns and documentation with the Internal Revenue Service (IRS), and to pay appropriate taxes on income and assets. In order to help citizens and dual nationals understand legal requirements and obligations, the IRS makes available a variety of websites, FAQs, and other information resources. You may locate these resources via our website.
Many American citizens and dual nationals must also file a Report of Foreign Bank and Financial Accounts (FBAR) with the Department of the Treasury. This requirement generally applies to citizens with accounts in foreign banks exceeding $10,000 in total assets. For more specific information, please visit IRS.gov.
The Foreign Account Tax Compliance Act of 2010 (FATCA) also places requirements on foreign financial institutions to report assets held by American citizens and dual nationals. The Governments of the U.S. and Canada are currently finalizing an intergovernmental agreement to establish procedures for the implementation of the law. Additional information on FATCA is available at:
- IRS FATCA homepage
- Press Releases on Final Guidelines and Final Regulations
- Myths vs. FATCA