# How are people dealing with FACTA?



## fruitcop2 (Sep 1, 2016)

Now that the dust has settled, how are expats dealing with FACTA? Are the banks giving any issues to clients?

Thanks
Robert


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## Tukaram (Dec 18, 2014)

My local bank (BPI) had me fill out one form a year ago. That was it.


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## DonAndAbby (Jan 7, 2013)

Make sure that you file FBAR and Form 8938 if required.

https://www.irs.gov/businesses/corporations/fatca-information-for-individuals

BPI sent an e-mail out on Friday 8/27 saying that the recipients needed to update their FATCA and CIS (customer information sheet) by August 31, or lose online access to your accounts.

So I filled the forms out and went down on the 31st. Apparently the e-mail had gone out to a lot of people that should not have got it, and they had signs on the desks about this. There were a lot of people with the forms.

I knew that I needed to update anyway, so no big deal. My original FATCA form was filed with BPI Alabang, and I changed my home branch to Subic Bay, so they needed a new FATCA form. And my address changed so I needed to update my CIS.

They were swamped with people with the forms, so the manager was helping. She took care of me right away and actually updated all the info in the computer right then and there.

We have a good BPI branch here with good staff, most of the time.


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## M.C.A. (Feb 24, 2013)

My bank PNB also a year or two years ago had me fill out a couple forms when I went in to deposit my check, I also noticed several retired OFW's also required to fill out forms, I don't make enough money or own anything of real value that would require me to fill out forms. Best way to find out how it affects you is to fill out a mock tax return online.


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## Tukaram (Dec 18, 2014)

I don't keep any money over here so I do not think any of that applies to me.


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## DonAndAbby (Jan 7, 2013)

Tukaram said:


> I don't keep any money over here so I do not think any of that applies to me.


If your combined account balances total over $10,000 USD anytime during the year, you have to file FBAR. Form 8938 applies when you go over $50,000.


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## Tukaram (Dec 18, 2014)

DonAndAbby said:


> If your combined account balances total over $10,000 USD anytime during the year, you have to file FBAR. Form 8938 applies when you go over $50,000.


Yep, not a problem


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## expatuk2016 (Mar 20, 2016)

BIR told us we do not need to file tax returns anyway our money goes in the one day and its all taken out again 4-5 days later just keeping a minimum amount to keep the accounts open.
still when the UK pound reaches 100 pesos then things may change !
I see the pound is starting to slowly creep up again !! currently 62.01pesos to the pound !


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## ablack2000 (Feb 7, 2015)

Here is what I received from my attorney:

Under the Foreign Account Tax Compliance Act (FATCA), foreign financial
institutions — which may include funded foreign retirement plans — must
register with the Internal Revenue Service (IRS) and furnish reports about
financial accounts held for U.S. taxpayers, or be subject to 30% U.S. tax
withholding on certain income derived from the U.S. However, these foreign
retirement plans are often exempt from these requirements under either the
FATCA regulations or an intergovernmental agreement (IGA).
One category of exemption applies to certain tax-favored retirement
savings accounts that meet all of the following requirements:

* The account is either a personal retirement account or part of a
registered or regulated retirement plan (including plans that provide
disability or death benefits).
* The account is tax-favored in the jurisdiction in which it is maintained.
* Annual reports are filed with the relevant tax authorities.
* Withdrawals are conditioned on reaching a specified retirement age,
disability or death, or penalties apply to early withdrawals.
* The account is subject to either an annual contribution limit of not
more than $50,000 or a lifetime contribution limit of not more than $1
million.


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## ablack2000 (Feb 7, 2015)

*Attorney*

I'm sure he just copied and pasted this and charged me. LOL


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## M.C.A. (Feb 24, 2013)

*Online free tax return*



ablack2000 said:


> I'm sure he just copied and pasted this and charged me. LOL


Best way to find this out is to do a trial tax return online, these online tax companies are pretty thorough, you are walked back and forth depending upon your selection. Power of the internet is there and I performed or helped fellow servicemen do their taxes when I was active duty, it was actually kind of fun, if your taxes are complicated you could purchase a better tax program with help from the tax business, they then provide a chat room service.


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## fruitcop2 (Sep 1, 2016)

Thanks everyone, since I will be coming by early next year it is good to see that people are managing


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