As a German expat living in the US, understanding tax laws and regulations can be overwhelming. With the US Foreign Bank Account Reporting Deadline approaching, knowing the requirements and consequences of failing to comply is important.
The Foreign Account Tax Compliance Act (FATCA) also has implications for Americans living abroad and their foreign bank accounts. American expats in Germany must also navigate the complex IRS regulations, including tax deadlines beyond the typical return due date.
Importing goods to Germany can also be complicated, and it is important to understand the customs regulations and requirements clearly. Furthermore, investment funds are subject to new tax regulations in Germany as of 2018, and it is crucial to stay current on these changes to ensure compliance.
Finally, paying taxes in Germany is a necessary task for expats, and it is vital to understand the process and any applicable deductions or exemptions. By staying informed and seeking professional advice when required, German expats can confidently navigate these various tax and financial regulations.