As part of the Hiring Incentives to Restore Employment (HIRE) Act enacted in 2010, the U.S. created the Foreign Account Tax Compliance Act (FATCA) in an effort to curtail tax evasion by U.S. persons investing assets in offshore accounts. FATCA affects both the U.S. Persons investing offshore as well as the Foreign Financial Institutions in which they invest.
Read more here: FATCA
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