Definition

FATCA requires U.S. taxpayers to report specified foreign financial assets above certain thresholds on Form 8938, filed with the tax return, and requires foreign institutions to report U.S. account holders. Its thresholds differ from the FBAR's, and many people must file both. It is a major compliance point for immigrants holding assets abroad.

1. H-1B Visa Holders: A Complete Guide to Personal Finance in the US

   Managing money on an H-1B visa involves unique challenges that most standard financial advice does not address: dual-country tax obligations, visa-dependent career planning, and investments that do not translate internationally.
   immigrant finance

1. FBAR (Report of Foreign Bank and Financial Accounts)

   A required U.S. report of foreign financial accounts whose total exceeds $10,000 at any point in the year.
2. PFIC (Passive Foreign Investment Company)

   A foreign pooled investment, like most non-US mutual funds, taxed punitively for U.S. persons.
3. Resident Alien vs. Nonresident Alien

   IRS tax categories that determine whether you are taxed on worldwide or only U.S. income.