What is FATCA (Foreign Account Tax Compliance Act)?
A U.S. law requiring foreign financial institutions to report accounts held by U.S. persons, and requiring those persons to report specified foreign assets above thresholds.
Also searched as: form 8938, foreign financial assets.
FATCA pushes non-U.S. banks to identify and report U.S. account holders to the IRS, which is why some foreign banks are reluctant to open accounts for Americans. U.S. persons above the asset thresholds also file Form 8938 with their return.
FATCA reporting (Form 8938) and the FBAR (FinCEN 114) overlap but have different thresholds and are filed separately, so many expats file both.
Official source: IRS — FATCA.
Reviewed July 2026. General information, not legal, tax or immigration advice — always verify current official requirements.
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