Thinking about retiring abroad? Before you make an offer on that can't-miss beachfront property, you need to make sure that you're familiar with FATCA?the Foreign Tax Compliance Reporting Act. FATCA was passed in 2010 and officially took effect on January 1, 2013, with various specific rules and regulations being rolled out throughout 2014. For American citizens and green card holders living abroad, FATCA has a number of implications, which is important to be aware of so that you can avoid getting into trouble with the IRS.
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