FATCA deadline looms in Hong Kong
The end of March marks the next deadline for the exchange of information between financial institutions in Hong Kong and the US Internal Revenue Service (IRS) under the FATCA rules.
As a result, Americans and Green Card holders living in Hong Kong who are not compliant with their US tax filing obligations are at risk of heavy fines, or even imprisonment, if they are discovered, according to expatriate tax specialist Buzzacott.
Hong Kong has signed an Intergovernmental Agreement (IGA) with the US, whereby tax-relevant information on US citizens and Green Card holders resident in Hong Kong can be passed to the IRS.
Buzzacott added that the next few weeks are an essential window for delinquent US taxpayers to get compliant, especially for those living in Hong Kong.