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Financial Relief for Americans Abroad: Easing Foreign Account Reporting Rules.

This Act introduces significant simplifications to the tax reporting requirements for foreign bank accounts held by U.S. citizens permanently residing outside the United States. The changes aim to make it easier for Americans living abroad to access basic banking services and reduce the bureaucracy associated with reporting their local accounts. This should encourage foreign financial institutions to serve American expatriates.
Key points
Foreign banks will no longer be required to automatically report deposit accounts held by Americans who meet the residency test abroad (FATCA exemption).
U.S. citizens living abroad are exempted from reporting their local bank accounts (Form 8938) as specified foreign financial assets, provided they hold no other significant foreign assets.
The goal is to reduce administrative burdens on foreign financial institutions, making them more willing to serve American expatriates.
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Additional Information
Print number: 118_HR_8873
Sponsor: Rep. Titus, Dina [D-NV-1]
Process start date: 2024-06-27
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Overseas Americans Financial Access Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8873.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-06-27.

What are the main provisions?

Key points include:

  • Foreign banks will no longer be required to automatically report deposit accounts held by Americans who meet the residency test abroad (FATCA exemption).
  • U.S. citizens living abroad are exempted from reporting their local bank accounts (Form 8938) as specified foreign financial assets, provided they hold no other significant foreign assets.
  • The goal is to reduce administrative burdens on foreign financial institutions, making them more willing to serve American expatriates.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Titus, Dina [D-NV-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes