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FATCA and CRS reporting: what US expats need to know
FATCA is a US law that requires foreign banks to identify accounts held by US persons and report them to the IRS. The Common Reporting Standard is a separate OECD framework where banks in participating countries report account holders to the tax authority of their country of residence. The two systems run in parallel.
For US expats, both regimes typically apply at the same time. Your foreign bank reports you to the IRS under FATCA and may also exchange data with your country of residence under CRS.
The overlap is real, but the obligations are not identical. FATCA can trigger both bank-side reporting and a personal US filing on Form 8938. CRS is mostly a bank-to-government exchange and usually does not add a separate US form.
Quick answer
- FATCA and CRS reporting is automatic – your bank collects the data and forwards it.
- FATCA targets US persons globally; CRS targets tax residents of participating countries.
- The United States is not a CRS participating jurisdiction, which is why the two systems operate in parallel.
- As a US expat, you may still owe Form 8938 and the FBAR on the US side.
What do FATCA and CRS mean?
FATCA is a US statute. CRS is a global standard. Both target offshore tax evasion, but they operate on different legal foundations and reach different people.
FATCA full form
FATCA stands for the Foreign Account Tax Compliance Act, a US law enacted on March 18, 2010, as part of the HIRE Act. It added IRC sections 1471–1474 to the Internal Revenue Code.
Under the applicable FATCA and CRS regulations, foreign financial institutions must identify accounts held by US persons and report them to the IRS – either directly or through an intergovernmental agreement with their local tax authority.
FATCA can create two layers of reporting at once. Your bank reports you to the IRS, and you may separately need to file Form 8938 with your tax return once your foreign assets cross the applicable threshold.
Form 8938 is separate from the FBAR, which is a Treasury filing under a different statute.
CRS full form
CRS stands for the Common Reporting Standard, developed by the OECD and approved by the OECD Council on July 15, 2014.
Under CRS, banks in participating countries report accounts of foreign tax residents to their local tax authority, which then exchanges that data with the account holder’s country of tax residence.
Unlike FATCA, CRS is primarily a bank-to-government exchange and usually does not generate a personal form for you to file.
How the two fit together
CRS and FATCA are legally separate systems. FATCA is US-focused and citizenship-based. CRS is global and residence-based. They overlap because banks ask about both in the same onboarding form, but they remain distinct in scope, authority, and enforcement.
The OECD built FATCA/CRS on the FATCA intergovernmental-agreement model, which it has called a “catalyst” for global automatic exchange. The two share a common data-exchange purpose, but each follows its own rules.
For US expats, the practical takeaway: many foreign accounts are reportable under FATCA or CRS, but only if the account and jurisdiction meet the relevant rules. Not every foreign account is automatically exchanged.
See our guide to FATCA penalties for non-compliance for the enforcement side of these reporting systems.
FATCA vs CRS: key differences
The difference between CRS and FATCA comes down to scope and mechanism. FATCA is a US law that follows US persons globally. CRS is an OECD standard that follows tax residents within its participating jurisdictions.
FATCA applies to US persons – not just citizens. That includes US citizens, green card holders, and resident aliens meeting the substantial presence test. The US participates in FATCA but not in CRS.
| Feature | FATCA | CRS |
|---|---|---|
| Purpose | Combat US tax evasion through foreign accounts | Combat global tax evasion through cross-border accounts |
| Legal basis | IRC sections 1471–1474, HIRE Act, 2010 | OECD framework, 2014 |
| Who it targets | US persons – citizens, green card holders, resident aliens | Tax residents of participating jurisdictions |
| Reporting basis | US person status, including citizenship | Tax residency |
| Who reports | Foreign financial institutions to the IRS; US persons via Form 8938 | Financial institutions report to their local tax authority, which exchanges data abroad |
| Personal filing | Form 8938 attached to the US tax return | Usually none – bank-side reporting only |
| Thresholds | Thresholds $50,000–$600,000 depending on filing status and residence (2025) | No personal threshold; institutions report all reportable accounts |
| Penalties | $10,000 for failing to file Form 8938 correctly and on time; continuation penalties up to $50,000 under IRC section 6038D. A separate 40% accuracy-related penalty under IRC section 6662(j) may also apply to any underpayment of tax tied to the undisclosed asset. | Set by each local jurisdiction |
| Countries involved | US plus IGA partner countries | Committed CRS jurisdictions worldwide |
The other practical split in FATCA vs CRS reporting is what lands on you personally. FATCA can create a US filing obligation on top of bank-side reporting. CRS rarely does – your role under CRS is mostly limited to answering self-certification forms correctly at account opening.
Common expat examples
The following scenarios are based on TFX client cases. Each starts with the bank-side question, then the US filing follow-up.
1. US expat with a local bank account in Spain
A US citizen living in Madrid opened a savings account at a Spanish bank. The bank identified them as a US person during onboarding and reported the account to Spanish tax authorities under the US-Spain FATCA IGA. Spain forwarded the data to the IRS.
On the US side, the client reported the account on the FBAR because aggregate foreign account balances exceeded $10,000 at any point during tax year 2025.
Total specified foreign financial assets crossed the Form 8938 threshold – $200,000 at year-end for a single filer living abroad, tax year 2025 – so Form 8938 was also due.
2. Dual resident completing a bank self-certification
A US-German dual citizen opened an investment account in Austria. The Austrian bank’s self-certification form asked for both countries of tax residence and their TINs.
The bank reported the account to Austrian authorities, which exchanged the data with Germany under CRS and with the US under the applicable FATCA agreement.
The client’s US filings included Form 1040, FBAR, and Form 8938. German filing obligations were separate and depended on German domestic law.
3. Foreign operating company owned by a US expat
A US citizen owned a UK consulting firm structured as a limited company. The company’s UK bank account was reportable under FATCA because the company had substantial US ownership.
On the US side, the owner owed Form 5471 for foreign company tax reporting, in addition to FBAR and Form 8938 obligations on foreign accounts.
4. Passive investment entity
A US expat owned a holding company in Singapore with mostly investment assets. The entity was classified as a Passive NFE under CRS, which meant the bank looked through to the controlling persons and reported their tax residency.
The client owed Form 8938, FBAR, and – because the entity held PFICs – Form 8621.
Who is reportable under FATCA?
FATCA reaches any US person with foreign financial accounts, regardless of where they live. Reporting flows in two directions: foreign banks identify and report US-held accounts to the IRS, and US persons may separately need to file Form 8938 once their foreign assets cross a threshold.
Individuals covered:
- US citizens – whether living in the US or abroad
- Green card holders – even during long stays outside the US
- Resident aliens – those meeting the substantial presence test
- Dual-status filers – under the dual-status rules for the year of arrival or departure
US person status can trigger FATCA review at the bank level, and FATCA applies to individuals regardless of where they live. Moving abroad does not switch FATCA off.
Entities covered:
- Specified domestic entities holding foreign financial assets – certain corporations, partnerships, and trusts that meet the requirements under Treasury Regulations
- Foreign financial institutions – banks, brokers, investment funds, and certain insurance companies, which identify and report US account holders to the IRS
- Non-financial foreign entities – reportable when they have substantial US owners
Exemptions:
Some accounts are exempt from FATCA reporting, such as certain retirement accounts and government-affiliated accounts. Exemptions are narrow and country-specific.
See our FATCA reporting exemptions guide for a full list.
Who is reportable under CRS?
CRS looks at tax residency, not citizenship. A person becomes reportable when they hold a financial account in a CRS jurisdiction other than the one where they are tax resident.
The bank reports the account to its local tax authority, which then exchanges the data with the account holder’s country of residence.
Individuals covered:
- Tax residents of any CRS participating jurisdiction holding accounts in another CRS jurisdiction
- Dual tax residents – reportable in each country where they are resident
- US citizens living abroad – reportable under CRS only if they are tax residents in a CRS participating jurisdiction; their CRS status is separate from any US filing obligation
How this works in practice: A US citizen living in Germany holds a brokerage account in Austria. The Austrian bank reports the account to Austrian tax authorities under CRS, which exchange the data with Germany – because Germany is where the account holder is tax resident. FATCA reporting flows separately: the Austrian bank also reports the US person to the IRS through the applicable FATCA agreement.
CRS only exchanges information about accounts held outside the account holder’s tax-residence country. A German bank does not report a German resident’s domestic German accounts to Germany under CRS.
Entities covered:
- Reporting Financial Institutions in CRS jurisdictions – banks, custodians, investment entities, and specified insurance companies
- Active NFEs – generally outside the reporting scope, but still required to self-certify
- Passive NFEs – reportable, including their controlling persons
Controlling persons:
For Passive NFEs – trusts, holding companies, certain investment vehicles – CRS looks through the entity to its controlling persons. Their tax residency, not the entity’s, drives the reporting.
This is why CRS self-certification forms ask about beneficial owners, not just the account holder on paper.
What is a FATCA and CRS self-certification form?
A FATCA and CRS declaration is the form a bank, broker, or investment provider asks you to sign at account opening – and sometimes during periodic reviews – to confirm your tax status.
It is how financial institutions collect the information they need to comply with both FATCA and CRS reporting obligations.
Personal account holders complete the CRS and FATCA individual form. Entity accounts use a separate version.
Without a completed self-certification, the bank may not be able to classify the account and may have to treat it as undocumented.
What the form asks for:
- Tax Identification Number – your SSN or ITIN for US persons; the equivalent local TIN for other tax residences
- Country of tax residence – one or more
- US person status – citizen, green card holder, resident alien, or none of the above
- Entity classification – for accounts held by businesses or trusts: financial institution, Active NFE, or Passive NFE
- Controlling persons – for Passive NFEs, the individuals who ultimately own or control the entity
Why do both regimes use one form?
Most banks use a single combined FATCA and CRS form because the required data points overlap. A US expat opening an account in Spain declares US citizenship for FATCA and Spanish tax residency for CRS on the same document.
Why accuracy matters:
Whatever you declare on the form should match what you report on your tax returns. If your self-certification says you are a tax resident in one country but your IRS filings show another, or if you omit US person status, the mismatch can trigger account freezes and amended reports.
How to fill out a FATCA CRS declaration form
Below is a step-by-step walkthrough of the seven sections you will fill in. Most institutions use a combined FATCA/CRS declaration form, but the structure is consistent across providers.
Follow the bank’s own documentation for any institution-specific variations.
- Personal details. Enter your full legal name, date of birth, place of birth, and current residential address. Use the same spelling and address that appear on your tax returns.
- Country of tax residence. List every country where you are a tax resident under local law. US citizens and green card holders have US filing obligations regardless of where they live, but CRS residency is determined separately by each jurisdiction’s rules. If you are a tax resident in more than one country, list all of them.
- TIN or SSN. Provide the Taxpayer Identification Number for each country listed. For US persons, this is your SSN or ITIN. For other countries, it is the local equivalent – NIE in Spain, NIF in Portugal, Steueridentifikationsnummer in Germany.
- US indicia. The form asks whether any of the following apply: US citizenship, US place of birth, US mailing or residential address, US phone number, standing instructions to transfer funds to a US account, or a power of attorney granted to someone with a US address. Any “yes” answer flags the account as potentially US-reportable under FATCA.
- Entity status. If the account is held by a business or trust, classify the entity as a Financial Institution, Active NFE/NFFE, or Passive NFE/NFFE. Holding companies, family investment vehicles, and dormant entities almost always fall on the passive side.
- Controlling persons. For Passive NFEs, list the individuals identified as controlling persons under local AML/KYC rules – typically owners with about 25% control. For trusts, this includes settlors, trustees, protectors, beneficiaries, and anyone else with ultimate effective control. Each controlling person’s tax residency and TIN must be declared separately.
- Signature and certification. Sign and date the form. You are certifying under penalty of perjury – in the US context – that the information is accurate. Some institutions require you to update your self-certification if your tax residence or status changes.
Common mistakes to watch for:
- Outdated address on file – triggers a mismatch between the bank’s records and your IRS filings
- Missing a tax residency – if you are resident in two countries, both must appear on the form
- Incorrect entity classification – a passive entity wrongly declared as active skips the controlling-person disclosure, which the bank’s regulator will later catch
- Assuming US citizenship is the only relevant status – green card holders and resident aliens are US persons too
Formats vary by institution and country. If your bank provides a completed example as a reference, follow that version rather than a generic template.
FATCA and CRS classification: individuals, entities, and controlling persons
Your bank classifies every account holder into one of three categories: individual, entity, or controlling person of a passive entity.
That classification drives everything that follows – which form the bank uses, what information it collects, and whether the account ends up reported.
Individual vs entity
Individuals are classified by their tax residency and US person status. Entities – companies, trusts, partnerships, foundations – are classified by what they do and how they earn income.
A US expat with a personal bank account in the Netherlands is classified as an individual. A US expat who owns a Dutch BV goes through the entity path – the bank issues a separate FATCA and CRS declaration for entities that requires different information.
Financial institution vs NFFE/NFE
For entity accounts, the first question is whether the entity itself is a financial institution.
- Financial institution – banks, custodial institutions, investment entities, and certain insurance companies. They handle their own FATCA/CRS reporting and are generally not reportable as account holders.
- Non-Financial Foreign Entity under FATCA or Non-Financial Entity under CRS – everything else, from operating businesses to family holding companies.
The labels differ – NFFE for FATCA, NFE for CRS – but the underlying concept is similar. The FATCA and CRS due diligence procedures for each differ most when it comes to investment entities and trusts.
See our guide to Form W-8BEN-E for how US-connected entities classify themselves on withholding forms.
Active vs passive
The second split – and the one where errors are most common – is whether an NFE is active or passive.
- Active NFE – generally an operating business where less than 50% of gross income is passive income – dividends, interest, royalties, rents – and less than 50% of assets produce passive income.
- Passive NFE – everything else. Investment-holding companies, dormant entities, family wealth vehicles, and many foreign trusts.
Passive NFEs are reportable not just at the entity level. The bank must also look through to the controlling persons and report their tax residency separately.
A foreign consulting firm earning 90% of its income from client fees is typically Active. A foreign company holding mainly stocks and rental property is typically Passive.
Treatment of trusts under FATCA and CRS
Trust classification under FATCA and CRS depends on the trust’s activities, management structure, and the applicable local rules. A trust may be classified as a financial institution, an active entity, or a passive entity, depending on these factors.
Key roles in trust reporting:
| Role | FATCA/CRS relevance |
|---|---|
| Grantor/Settlor | May be treated as owner of a foreign grantor trust under IRC section 679; reportable as controlling person under CRS |
| Trustee | Manages the trust; may be classified as the reporting financial institution |
| Protector | Controlling person under CRS if they hold significant decision-making authority |
| Beneficiary | Reportable as controlling person under CRS; may owe Form 3520 on distributions |
For trusts classified as Passive NFEs, the bank reports the controlling persons – typically all of the roles listed above – and their tax residencies.
Trust reporting often requires Form 3520 and Form 3520-A on the US side, in addition to FBAR and Form 8938.
See our guides to foreign trusts and foreign grantor trusts for how these filings work.
These are separate obligations from the bank’s FATCA/CRS reporting. Trust classification often requires specialized review.
Why entity self-certification matters
Banks require an entity self-certification form for FATCA and CRS when the account is held by a company, trust, or partnership. The form determines how the bank applies due diligence and whether controlling-person information is required.
A passive NFE incorrectly declared as active will skip the controlling-person disclosure. The bank or its regulator may later catch the mismatch and request a correction – often with account restrictions in the meantime.
The reverse mistake – active wrongly declared as passive – exposes owners to reporting they did not need to trigger.
Records to gather before completing entity self-certification:
- Formation documents – articles of incorporation, trust deed, or partnership agreement
- Ownership chart showing all owners with 25% or more control
- Tax IDs for each controlling person
- Business activity description – confirms active vs passive status
- Tax-residence documentation for each controlling person
What information gets reported under FATCA and CRS?
The data flowing to tax authorities covers standardized fields. The exact dataset varies by jurisdiction and account type, but the core elements are consistent across both frameworks.
| Data element | Reported under FATCA | Reported under CRS | Usually reported by |
|---|---|---|---|
| Account holder name and address | Yes | Yes | Financial institution |
| Date and place of birth | Yes | Yes | Financial institution |
| TIN for each tax residence | Yes – SSN or ITIN for US persons | Yes – local TIN | Financial institution |
| Account number | Yes | Yes | Financial institution |
| Year-end balance or value | Yes | Yes | Financial institution |
| Interest paid or credited | Yes | Yes | Financial institution |
| Dividends paid or credited | Yes | Yes | Financial institution |
| Gross proceeds from sales or redemptions | Yes – custodial accounts | Yes – custodial accounts | Financial institution |
| Other income | Yes | Yes | Financial institution |
For US persons, this data overlaps significantly with what you separately report on Schedule B, Form 8938, and the FBAR. The IRS receives the data from your bank and from you, and cross-checks them.
Platforms like Wise report FATCA and CRS information to tax authorities in the same way traditional banks do, because payment platforms that hold customer funds are classified as financial institutions under both frameworks.
For entity accounts held by Passive NFEs, the reporting also includes the controlling persons: their names, addresses, TINs, and tax residencies.
Does FATCA or CRS mean you personally need to file something?
A bank’s FATCA or CRS self-certification request does not by itself create a personal IRS filing obligation. Whether you owe a US form depends on which thresholds you cross and where your accounts sit.
FATCA: Form 8938
If your specified foreign financial assets exceed the relevant threshold, you must attach Form 8938 to your federal income tax return. This obligation falls directly on you, not on your bank.
Thresholds vary by filing status and whether you live in the US or abroad. The abroad thresholds are significantly higher – covered in the next section.
Form 8938 is filed with your 1040, due on the same date, including extensions.
Failing to file it correctly and on time triggers a $10,000 penalty under IRC section 6038D. Continuation penalties can reach $50,000 after a 90-day notice period. A separate 40% accuracy-related penalty under IRC section 6662(j) may also apply to any underpayment of tax tied to undisclosed assets.
CRS: usually no personal form
CRS is structured as a bank-to-government exchange. The financial institution collects your self-certification, determines whether you are a reportable person, and forwards the data through its local tax authority to your country of tax residence. You do not file a separate CRS form.
What CRS can do, indirectly, is alert a foreign tax authority to assets they did not previously know about. If you are a US citizen tax resident in Germany, for example, CRS data exchange between other CRS countries and Germany may surface accounts that were not on your German return.
FBAR: separate from both
The FBAR – FinCEN Form 114 – is a Treasury filing required under the Bank Secrecy Act, 31 USC section 5314. It is separate from both FATCA and CRS.
You must file it if the aggregate value of your foreign financial accounts exceeded $10,000 at any point during tax year 2025.
Key differences from Form 8938:
- Filed electronically through the BSA E-Filing System, not with your tax return
- The threshold is $10,000 aggregate – far lower than Form 8938
- Due April 15 with an automatic extension to October 15. For tax year 2025: April 15, 2026, extended to October 15, 2026
- Non-willful penalties reach $16,536 per report under 31 USC section 5321(a)(5)(B)(i). Willful violations can reach $165,353 or 50% of the account balance per account, whichever is greater
For US expats, the practical pattern is: most will need an FBAR, some will need Form 8938 on top, and CRS typically does not add a personal filing.
See our detailed FBAR guide for filing mechanics.
FBAR and Form 8938 apply different thresholds, cover different asset types, and are filed with different agencies.
FATCA reporting thresholds for Form 8938
Form 8938 thresholds depend on filing status and whether you live in the US or abroad. US expats get significantly higher thresholds – $200,000 year-end or $300,000 anytime for single filers abroad, compared to $50,000/$75,000 for the same filer in the US.
These thresholds apply for tax year 2025 and have not been adjusted for inflation. Thresholds are roughly four times higher for taxpayers living abroad than for those in the US, and roughly two times higher for joint filers than for single filers.
| Filing status | Living in the US | Living abroad |
|---|---|---|
| Single or MFS – year-end | $50,000 (2025) | $200,000 (2025) |
| Single or MFS – anytime during the year | $75,000 (2025) | $300,000 (2025) |
| MFJ – year-end | $100,000 (2025) | $400,000 (2025) |
| MFJ – anytime during the year | $150,000 (2025) | $600,000 (2025) |
Source: IRS Instructions for Form 8938
You are treated as living abroad if your tax home is in a foreign country and you meet either of two tests. The bona fide residence test applies to US citizens who are bona fide residents of a foreign country for an uninterrupted tax year.
The physical presence test applies to US citizens or resident aliens present in a foreign country for at least 330 full days in any 12-month period. Both tests require a foreign tax home under IRC section 911(d)(1).
The aggregate value counts all specified foreign financial assets together – foreign bank accounts, foreign brokerage accounts, foreign stocks and securities held directly, interests in foreign entities, and foreign-issued life insurance or annuity contracts with cash value.
Assets reported on a timely filed Form 3520, 3520-A, 5471, 8621, or 8865 do not need to be re-reported on Form 8938, but they still count toward the threshold calculation.
Married couples who need the mechanics of coordinating one filing should see our joint FBAR filing guide.
FATCA, CRS, FBAR, and Form 8938 are not the same
These four are routinely confused, but each has a different filer, threshold, and purpose. FATCA and CRS create bank-side reporting obligations, while Form 8938 and FBAR are personal filings you submit yourself.
The key distinction: FATCA and CRS govern what your bank reports. Form 8938 and FBAR govern what you file. Filing one does not exempt you from the other.
| Who files | Filed with | Threshold | Purpose | |
|---|---|---|---|---|
| FATCA bank reporting | Your foreign bank | IRS, directly or via local authority | FFIs report certain US accounts; no personal filing threshold on the bank side | Identify US persons holding foreign accounts |
| Form 8938 | You | IRS, attached to Form 1040 | $50,000–$600,000 depending on filing status and residence (2025) | Personal disclosure of specified foreign financial assets |
| FBAR, FinCEN 114 | You | FinCEN, separate from IRS | $10,000 aggregate at any point in the year (2025) | Treasury report of foreign accounts under the Bank Secrecy Act |
| CRS self-certification | You complete the form; bank reports | Your bank to local tax authority to country of residence | None for individuals; bank reports reportable accounts | Identify tax residents of CRS jurisdictions holding accounts abroad |
A US expat can easily owe all four at once. The bank handles FATCA and CRS, while you file both Form 8938 and the FBAR.
The biggest practical confusion is between Form 8938 and the FBAR. They cover overlapping but different sets of accounts.
Foreign mutual funds are reportable on both Form 8938 and the FBAR. Foreign pension accounts are generally reportable on both as well, since most are tied to a specific account at a foreign institution – though an employer pension with no segregated account can sometimes fall outside the FBAR while still belonging on Form 8938.
Signature-authority-only accounts are generally reportable on the FBAR but not on Form 8938.
See our FBAR vs Form 8938 comparison for the complete overlap chart.
Fintech accounts on platforms like Wise and Revolut are reportable on the FBAR once the aggregate $10,000 threshold is crossed.
What happens if your FATCA or CRS status is wrong?
An incorrect FATCA and CRS status rarely triggers an immediate penalty. The first sign is usually a letter from your bank asking you to update or re-sign the self-certification form.
The typical sequence:
- Bank flags missing or contradictory data – a US place of birth without a US TIN, an address change to a CRS jurisdiction not on file, or an entity classification that does not match the business activity
- You receive a written request to provide updated self-certification, usually within 30 to 90 days
- If you do not respond, the bank may restrict transfers, freeze the account, or close it
- Once corrected, the bank files an amended report with the relevant tax authority, which may cover prior years
When it gets serious:
The problem escalates when the corrected bank report does not match what you filed with the IRS. If your bank reports $400,000 in foreign assets and your Form 8938 shows $0 because you never filed one, the IRS now has independent data showing a gap.
That can lead to:
- A $10,000 Form 8938 penalty under IRC section 6038D for failing to file correctly and on time, with continuation penalties up to $50,000, plus a separate 40% accuracy-related penalty under IRC section 6662(j) on any underpayment of tax tied to undisclosed assets
- Non-willful FBAR penalties up to $16,536 per report for tax year 2025. See our FATCA penalties guide for the full penalty structure.
- Willful FBAR penalties up to $165,353 or 50% of the account balance per account, whichever is greater, for tax year 2025
For expats who realize they have years of missed filings, the Streamlined Foreign Offshore Procedures eliminate penalties for non-willful conduct.
The program requires filing three years of returns and six years of FBARs, plus payment of tax and interest due.
Non-FATCA and non-CRS countries: what this really means
A country without a FATCA intergovernmental agreement or CRS participation has no automatic exchange channel feeding bank data to the IRS or to other tax authorities. But this does not mean FATCA reporting stops.
An eligible foreign financial institution in a non-IGA country can register directly with the IRS and report US accounts without going through a local government channel.
The enforcement incentive is strong. Under IRC section 1471(a), the IRS imposes 30% withholding on US-source withholdable payments to non-participating FFIs. Most large banks worldwide participate for this reason.
This does not change your US filing obligations. Your FATCA and CRS compliance duties as a US citizen or green card holder apply regardless of where accounts are held. An account in a non-CRS jurisdiction is just as reportable on Form 8938 and the FBAR as one in Germany or Japan.
Four points worth stating clearly:
- Accounts in non-CRS countries are still reportable on Form 8938 and the FBAR once you cross the relevant thresholds
- US-source income paid into such accounts – dividends, royalties, interest – is still subject to US tax for US citizens and green card holders. Reporting regimes affect detection, not liability.
- The IRS has separate enforcement channels – treaty requests, John Doe summonses, whistleblower programs – that operate independently of FATCA and CRS
- Deliberately concealing foreign assets or willfully failing to report them can create civil and, in serious cases, criminal exposure under FBAR and tax-evasion rules
See our Streamlined Foreign Offshore Procedures guide if you have unreported accounts and need to catch up.
FATCA and CRS compliance checklist for US expats
Staying compliant as a US expat comes down to seven recurring tasks – done once at account opening, then revisited annually or whenever your circumstances change.
- Confirm your tax residency in writing. Declare your country of residence under local law, plus US citizenship or green card status. Many expats are tax residents in more than one jurisdiction.
- Answer bank self-certification forms accurately. Every US indicia question – place of birth, mailing address, phone, standing transfer instructions – must be answered the first time.
- Update your address, TIN, and citizenship status promptly. Notification deadlines vary by institution and local law. Stale data is the most common trigger for amended bank reports.
- Reconcile your bank’s reporting with your IRS filings. Review the amounts on Form 8938 and the FBAR against your bank statements. The forms have different valuation rules and asset coverage, so exact matches are not expected – but large discrepancies will draw attention.
- Track the FBAR threshold separately. The $10,000 aggregate threshold across all foreign accounts at any point in the year (2025) is far lower than Form 8938. Many expats need the FBAR but not Form 8938.
- Keep copies of every self-certification you sign. Retain them for at least seven years, ideally with the date and account number noted, so you can show what you declared if it is later questioned.
- Respond to bank letters within the deadline. Ignoring a FATCA letter or a CRS remediation request is what turns a paperwork issue into a frozen account.
Your filing deadline follows your tax return: April 15, with an automatic extension to June 15 for expats, or October 15 with Form 4868.
The FBAR follows the same calendar – April 15 with an automatic extension to October 15. For tax year 2025: due April 15, 2026, extended to October 15, 2026.
When to get professional help
Some situations push past what self-preparation can reliably handle. The common pattern is multiple moving parts at once – two tax residences, an entity in the mix, or several years of missed filings.
Consider working with a specialist if you have:
- Multiple tax residences – dual residency under treaty tie-breakers, with conflicting CRS declarations across banks
- Foreign entities you own or control – corporations, partnerships, or LLCs that may also require Form 5471 for foreign company reporting or Form 8865
- Foreign trusts and foundations – grantor or non-grantor status, Form 3520/3520-A, and look-through reporting under CRS
- PFICs – foreign mutual funds, ETFs, and pooled investments that trigger Form 8621 in addition to Form 8938
- Unsigned or incomplete bank declarations – including the entity self-certification form, sitting unanswered
- Missing FBAR or Form 8938 filings – years of foreign accounts that were never reported, or common FBAR mistakes that need correcting
- Prior-year noncompliance discovered after a bank report – when the IRS already has FATCA data that your return does not match, often resolved through the Streamlined Filing Compliance Procedures
What to bring to an adviser: bank self-certification forms, ownership charts for any entities, account statements showing year-end balances, prior US tax returns, and any correspondence from your bank or a tax authority.
Our team handles CRS and FATCA services end to end – bank declarations, Form 8938, FBAR, entity classification, and catch-up filings through the Streamlined procedures.
FAQs about FATCA and CRS
FATCA and CRS, explained simply, are two reporting systems that make foreign accounts visible to tax authorities. FATCA is a US law under the Foreign Account Tax Compliance Act, IRC sections 1471–1474.
The FATCA and CRS meaning for expats is dual reporting: your foreign bank reports you to the IRS under FATCA and may also exchange data with your country of residence under CRS. You separately handle Form 8938 and the FBAR on the US side.
CRS stands for Common Reporting Standard. It is not part of FATCA – it is a separate OECD framework. Banks combine both on the same onboarding form, which is why the two are often confused.
US expats do not file a CRS form themselves. They complete a FATCA and CRS self-certification at their bank, which the bank uses to report under both frameworks. Any personal FATCA and CRS filing is on the US side – Form 8938 under FATCA and the FBAR under the Bank Secrecy Act.
A bank-issued form that collects your tax status at account opening. It is filled in seven steps: personal details, country of tax residence, TIN or SSN, US indicia, entity status, controlling persons, and signature. Every entry must match your tax filings.
Follow the FATCA and CRS instructions in the seven-step walkthrough above. Start with your personal details, list all countries of tax residence, provide TINs, answer US indicia questions, select the correct entity classification if applicable, declare controlling persons for Passive NFEs, and sign.
Your FATCA and CRS classification under both regimes – whether you are a US person, your country or countries of tax residence, and for entity accounts, whether the entity is a Financial Institution, Active NFE, or Passive NFE. Banks rely on the self-certification form to determine what they report and to whom.
It is the automatic exchange of financial account data between banks and tax authorities. Your bank collects your tax status, identifies whether you are a reportable person, and forwards account details – balances, income, and identifying information – to the relevant authority.
A FATCA letter is part of your bank’s FATCA and CRS compliance process. It is sent when the bank’s records show US indicia it cannot resolve – a US place of birth, a US mailing address, or standing transfer instructions to a US account – without a matching W-9 or self-certification on file.
The bank asks you to confirm or deny US person status within a set deadline, usually 30 to 90 days. Ignoring it typically leads to account restrictions or closure.
CRS vs FATCA comes down to who they target and who enforces them. FATCA is a US law that applies to US persons worldwide. CRS is a separate OECD framework covering most major economies and financial centers. The US does not participate in CRS.
The FATCA and CRS deadline for bank-side reporting follows each country’s local schedule. Your personal US filings – Form 8938 with your 1040 and FBAR with FinCEN – follow the US tax calendar: April 15, with extensions to June 15 or October 15 for expats.
Ask your bank. There is no universal FATCA/CRS declaration form filled sample because formats vary by institution, jurisdiction, and account type. Your bank’s own documentation or compliance team is the best source for a completed example.
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