Tag Archives: adopt U.S. children

FATCA and FBAR make U.S. born children virtually unadoptable for non-U.S parents

I’ll have to admit I had not thought of this. Although it is clear that FATCA and FBAR have combined to make non-U.S. citizens reluctant to have any kind of financial relationship  with a U.S. citizen,  a new problem has surfaced. In hindsight this is perfectly obvious. A British Columbia adoption agency  is disseminating information which explains what happens if a U.S. citizen is adopted. The agency states that:

“Whether your child lives in Canada as an American citizen, or unless and until they eventually renounce their American citizenship, they must file tax returns every year (if they have income), and if they have any qualifying financial accounts must file FBARs every year.” Continue reading

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