American Citizen Services at the US Embassy in Panama invites American Citizens to attend a free overview of the Foreign Account Tax Compliance Act (FATCA) that will be hosted by representatives of the Internal Revenue Service (IRS). The event is on Tuesday, January 27th from 2pm-4pm, and will be held at the TRYP Hotel in Albrook Mall (Room Salon Miraflores II and III). In order attend this event you must pre-register. Space is limited, and the Embassy asks guests to register by January 10th. You can register at this link. To attend the event, you will need to bring a copy of your registration confirmation (which will be emailed to you), as well as your US Passport. This event is only open to American Citizens.
The Foreign Account Tax Compliance Act, many of its provisions which went into effect this year, in a law that requires new financial disclosures for Americans who hold foreign bank accounts or assets overseas. The legislation, which was passed in an effort to reduce tax evasion, has important implications for Americans living overseas. The law imposes stiff penalties for non-compliance, even if it results from ignorance, so it’s in many American Expat’s best interest to attend this seminar. FATCA is a topic that has been discussed at length in expat circles, and there is a lot of information out there on it, not all of it accurate. This is the best opportunity most in Panama will get (especially without paying) to get a factual understanding of what their responsibilities are under the new law.