3 FINANCIAL TERMS EXPATRIATES SHOULD KNOW IN ORDER TO KEEP THEIR DOMESTIC FINANCES IN GOOD STANDING

1. UPCOMING
SEMINARS
American citizens living in other countries don’t just have living life to the fullest
and experiencing other cultures, cuisines and lifestyles on their mind, they have
to worry about their financials too. There are special rules and reporting systems
associated with holding assets abroad so you’ll want to stay up to date to keep
your finances in order:
TERM 1: FATCA
FATCA, the Foreign Account Tax Compliance Act,
is a set of rules and regulations that apply to U.S.
citizens who have assets abroad. FATCA ensures the US
obtains financial information from foreign financial institutions
(FFIs) by imposing a 30% tax on US sourced income on FFIs who do not
comply. Under FATCA, expatriates who are married, living abroad, and whose
foreign assets are valued at more than $400,000 on the last day of the tax year
or $600,000 at any point in the year will have to file a Form 8938 along with
their income tax return. This is the case even if only one spouse lives abroad.
Expatriates who are not married, living abroad, and hold assets of $200,000 on
the last day of the tax year or $300,000 at any point in the year will have to file
a Form 8938 with their income tax return.
What does the US define as “living abroad”?
The US defines living abroad as residing in a foreign country for at least 330
days during a period of 12 consecutive months.
FinancialEducationSummer 2017 Edition
FinancialEducation
FATCA
FBAR
CRS
3 FINANCIAL TERMS EXPATRIATES SHOULD
KNOW IN ORDER TO KEEP THEIR DOMESTIC
FINANCES IN GOOD STANDING — By Ghris Citre
Page 1 of 6
6 th
SEPTEMBER
THE HAGUE
The Netherlands
21 st
SEPTEMBER
LONDON
United Kingdom
4 th
OCTOBER
THE HAGUE
The Netherlands
7 th
SEPTEMBER
AMSTERDAM
The Netherlands
7 th
SEPTEMBER
LONDON
United Kingdom
5 th
OCTOBER
LONDON
United Kingdom
13 th
SEPTEMBER
EINDHOVEN
The Netherlands
14 th
SEPTEMBER
FRANKFURT
Germany
UPCOMING
EVENTS IN THE FALL
Summer 2017 Edition

2. What if I do not live abroad?
The threshold for filing a Form 8938
changes if the taxpayer lives in United
States. Those who are married, living
in the United States, and have foreign
assets of $100,000 on the last day of
the tax year or $150,000 at any point
in the year will have to file a Form
8938 with their income tax return.
And those who are not married, living
in the United States, and have foreign
assets of $50,000 on the last day of
the tax year or $75,000 at any point
in the year.
What are the penalties
associated with FATCA?
Tax Payers who do not comply with
FATCA regulations face penalties
of up to $10,000 plus an additional
$50,000 for continued failure to
notify the IRS.
TERM 2: FBAR
FBAR, or the Foreign Bank Account
Report, refers to FinCEN Form 114,
which is in place so that the US
Treasury can account for foreign
bank accounts. The filing threshold
for FBAR is $10,000 exceeded
at any point in the calendar year.
Besides bank accounts, taxpayers
must report foreign mutual funds,
accounts held at a foreign branch of
a US bank, foreign stock or securities
held in a financial account in a foreign
financial institution, or foreign issued
life insurance and annuity contracts.
The deadline to file FBARs is April
15th
in 2017 however FinCEN grants
automatic extensions to October 15th
for those who fail to meet the April
15th
deadline.
TERM 3: THE CRS
The CRS (Common Reporting
Standard) is an international
framework in which banks
and other financial institutions
share financial data about
expatriates with their respective
home countries. Information
that gets automatically exchanged
between includes interest,
dividends, account balances, income
from some insurance products,
sales proceeds from financial assets,
and other income generated with
respect to the account or payments
made with respect to the account.
Reportable accounts can include
accounts held by individuals and
entities.
What if I am an expatriate
from the United States?
The U.S. has not adopted the
CRS, so the CRS does not apply
to expatriates from the U.S. U.S.
expatriates must adhere to the
standards of FATCA and FBAR.
Which countries use CRS?
The following countries have
committed to use CRS in 2017:
Anguilla, Argentina, Barbados,
Belgium, Bermuda, British Virgin
Islands, Bulgaria, Cayman Islands,
Colombia, Croatia, Curaçao,
Cyprus, Czech Republic, Denmark,
Estonia, Faroe Islands, Finland,
France, Germany, Gibraltar, Greece,
Greenland, Guernsey, Hungary,
Iceland,India,Ireland,IsleofMan,Italy,
Jersey, Korea, Latvia, Liechtenstein,
Lithuania, Luxembourg, Malta,
Mexico, Montserrat, Netherlands,
Niue, Norway, Poland, Portugal,
Romania, San Marino, Seychelles,
Slovak Republic, Slovenia, South
Africa, Spain, Sweden, Trinidad and
Tobago, Turks and Caicos Islands,
and the United Kingdom.
The following countries have
committed to using CRS by 2018:
Albania, Andorra, Antigua and
Barbuda, Aruba, Australia, Austria,
The Bahamas, Bahrain, Belize, Brazil,
Brunei Darussalam, Canada, Chile,
China, Cook Islands, Costa Rica,
Dominica, Ghana, Grenada, Hong
Kong, Indonesia, Israel, Japan,
Kuwait, Lebanon, Marshall Islands,
Macao, Malaysia, Mauritius, Monaco,
Nauru, New Zealand, Pakistan,
Panama, Qatar, Russia, Saint Kitts
and Nevis, Samoa, Saint Lucia, Saint
Vincent and the Grenadines, Saudi
Arabia, Singapore, Sint Maarten,
Switzerland, Turkey, United Arab
Emirates, Uruguay, and Vanuatu.
Page 2 of 6

3. “I have so little money, why do I need help” If
you have money, you need help managing
that money to improve your financial health.
Without careful planning for your future,
you could be at risk of having less than
you intended or than what is needed
to help you retire comfortably. Start
planning to avoid delays in securing
your future.
Belief in yourself is great, but
trusting yourself to take care of
your own money is a risky task
evenforthebestof us.Wehave
trouble separating needs/
wants and invest at free
will without help. Develop
a relationship with a
financial professional who
is aware of the workings
of the economic world,
believe you deserve
sound advice.
1
THEY DON’T BELIEVE THEY
HAVE ENOUGH MONEY:
2
THEY BELIEVE THEY CAN
DO IT ON THEIR OWN:
Page 3 of 6
5 REASONS PEOPLE BELIEVE THEY DON’T NEED
FINANCIAL ADVICE

4. 3 THEY BELIEVE THEY CAN
IGNORE IT:
4 THEY DON’T BELIEVE THEY
DESERVE THE SERVICE:
5 THEY BELIEVE THEY ARE TOO YOUNG
TO GET STARTED:
The belief that you don’t have to do it in the
moment. The thought that it is not necessary to
act on managing your money because you’re in
a fine situation. Don’t avoid the consequences
this could lead to in the future.
Financial advice is often thought only to be a
service people with a lot of money should have, to
invest and make more money. Financial advice is
in fact a service for anyone who wants to embrace
their financial future and make it financially more
secure than they are at the moment.
People just starting their potentially long and successful
careers often believe they should not start to think about
their future life events until they have a few years in service.
They dismiss their future needs for what they believe they
have more time to act on. When you begin to receive
consistent pay, you should have someone available to
help you plan ahead.
Stay safe and ahead of the life events that will trigger
financial planning actions.
Page 4 of 6

5. Looking back at the last 6 months we have
travelled around the UK, The Netherlands,
Germany and Switzerland, for weekly events
such as financial awareness seminars
and financial events as featured or guest
speakers.
We’ve had a great time learning about
the cultures of the countries we visit often
and really enjoyed our conversations with
those who attended our seminars or heard
us speak.
info@beaconfinancialeducation.org | www.beaconfinancialeducation.org
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WELL SUMMER HAS ARRIVED AND
THE FIRST HALF OF 2017 IS BEHIND US.
Page 5 of 6

6. SEPTEMBER DATES
2 nd
NOVEMBER
THURSDAY
CCT Venue Barbican
LONDON
United Kingdom
8 th
NOVEMBER
WEDNESDAY
The Hub for Expats
EINDHOVEN
The Netherlands
9 th
NOVEMBER
THURSDAY
Focus Expat Community
LONDON
United Kingdom
30 nd
NOVEMBER
THURSDAY
CCT Venue Barbican
LONDON
United Kingdom
30 th
NOVEMBER
THURSDAY
INNSIDE Eurotheum
FRANKFURT
Germany
22nd
NOVEMBER
WEDNESDAY
The Penthouse
THE HAGUE
The Netherlands
14 th
NOVEMBER
TUESDAY
Maastricht International Centre
MAASTRICHT
The Netherlands
OCTOBER DATES
NOVEMBER DATES
7 th
SEPTEMBER
THURSDAY
CCT Venue Barbican
LONDON
United Kingdom
6 th
SEPTEMBER
WEDNESDAY
The Penthouse
THE HAGUE
The Netherlands
7 th
SEPTEMBER
THURSDAY
De Groene Bocht
AMSTERDAM
The Netherlands
13 th
SEPTEMBER
WEDNESDAY
The Hub for Expats
EINDHOVEN
The Netherlands
21 st
SEPTEMBER
THURSDAY
Crowne Plaza Kensington
LONDON
United Kingdom
14 th
SEPTEMBER
THURSDAY
INNSIDE Eurotheum
FRANKFURT
Germany
4 th
OCTOBER
WEDNESDAY
The Penthouse
THE HAGUE
The Netherlands
5 th
OCTOBER
THURSDAY
CCT Venue Barbican
LONDON
United Kingdom
11 th
OCTOBER
WEDNESDAY
De Groene Bocht
AMSTERDAM
The Netherlands
31 st
OCTOBER
TUESDAY
The Penthouse
THE HAGUE
The Netherlands
26 th
OCTOBER
THURSDAY
INNSIDE Eurotheum
FRANKFURT
Germany
19 th
OCTOBER
THURSDAY
Crowne Plaza Kensington
LONDON
United Kingdom
Beacon Financial Education does not provide financial, tax or legal advice. None of the information should be considered financial, tax or legal advice.
You should consult your financial, tax or legal advisers for information concerning your own specific tax/legal situation.
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