Accidental Americans

Banks report under FATCA regardless, and some close or restrict accounts where they cannot obtain the information. Engaging is generally better than waiting.

Frequently not. Credits for UK tax already paid commonly cover the US liability. The exposure tends to sit in unreported accounts and specific assets such as non-US funds, rather than in ordinary salary.

It is an answer, not automatically the simplest. You generally need to be compliant first, there is a fee, and the exit tax may apply. We model it before anyone commits.

Birth in the US almost always confers it. Birth abroad to US-citizen parents can too, depending on their residence history. It is a question of fact we can help you establish before you act on an assumption.

Broadly three years of returns, six years of FBARs, and a signed statement that the failure to file was not wilful. Penalties are waived for those who qualify. It is only available while the IRS has not contacted you first.

Banks report under FATCA either way, and some restrict or close accounts where they cannot get the information. Ignoring it does not make you unreported — it just removes your say in the timing.

Typically a few months, and most of that is gathering historic account information rather than preparation. Obtaining a Social Security number first can add to it.

We quote a fixed fee for a Streamlined catch-up once we know how many accounts and what kind of income are involved. It should be a defined project, not an open-ended engagement.