The challenge facing Americans living abroad: FATCA

The challenge facing Americans living abroad: FATCA


The Foreign Account Tax Compliance Act, also known as FATCA, was enacted by the United States to prevent worldwide tax evasion by US (connected) taxpayers. FATCA obligates taxpayers to report the existence of their non-US financial accounts and foreign assets to the Internal Revenue Service.

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As a result of this act, the US and Dutch governments have an intergovernmental agreement that makes FFIs (Foreign Financial Institutions) in the Netherlands (like elsewhere) register with the IRS and requires them to report all financial assets that Americans and US connected persons own abroad.

Dutch banks have to report each client that is subject to American legislation - and possesses a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) - to the Dutch tax authorities (Belastingdienst).

Since FATCA came into force in 2010, it has impacted Americans and US connected persons living abroad tremendously. People who have not filed their US tax returns, can - when identified by the IRS - expect to be penalized.

Although FATCA causes many a headache and adds an additional layer of challenges to the already complex system of expat financial planning, most US persons who voluntarily file their taxes will generally have to pay little or no tax at all, and are unlikely to have to pay penalties. Besides, there are also opportunities which some people are not aware of.

Financial education empowers financial freedom

The people at Beacon American Advisors know the concerns of Americans and US connected persons. After all, they are American expats too. Having lived in multiple countries, and living outside of the United States themselves, they have encountered the same issues with FATCA as you do.

Consequently, they have made it their aim to make expats become (more) literate when it comes to their personal financial situation and private wealth management.

Beacon Financial Education provides expatriates with online self-help guides and tools, free local seminars, monthly newsletters and - in addition - offers them access to a global network of independent financial advisors. All so they can make the well-informed financial decisions they - and their loved ones - deserve.

Educate yourself, and take control of your financial health

This Spring, Beacon Financial Education will host a series of financial awareness seminars on wealth management strategies throughout the Netherlands, especially for Americans and US connected persons.

If you fail to plan, you are certainly planning to fail. Take the reins and get control NOW!

An independent financial advisor will walk you through FATCA’s key provisions and tax reporting, FATCA compliance and investment options for Americans and US persons, the importance of investment diversification as well as portfolio management, cross-border retirement planning (401k, Roth/IRA), college funding (529 plans), as well as international life insurance strategies.

The seminars are free of charge and are - apart from being a great source of information - a wonderful opportunity to network and meet other US connected people.

There is time for a Q&A afterwards, and if you - after having absorbed all the seminar’s information - still have questions, you can sign up for a free consultation with an advisor from the Beacon Preferred Partner Network to discuss your personal financial situation.

Contact Beacon to host a seminar for your employees and / or members

Upon request, Beacon hosts financial awareness seminars at organizations that, for example, employ Americans and / or US connected persons, or have American members. Are you interested in having a seminar at your company or organization?

Feel free to contact Beacon to discuss the options. They are more than happy to inform and educate people when it comes to their financial health!

Spring 2018 event calendar

Check out Beacon's most up-to-date calendar here.

Amsterdam, Andaz Prinsengracht

  • Wednesday 28 March
  • Tuesday 15 May

The Hague, American Women’s Club

  • Tuesday 20 March

The Hague, The Penthouse

  • Wednesday 4 April
  • Wednesday 6 June

Eindhoven, The Hub for Expats

  • Wednesday 9 May

Sign up for one of the Wealth Management Strategies seminars for Americans and US connected persons today!

Beacon Financial Education does not provide financial, tax or legal advice. None of the information on this site should be considered financial, tax or legal advice. You should consult your financial, tax or legal advisers for information concerning your own specific tax / legal situation.



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