What is FATCA?
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return

What happens if you do not file FATCA?

You must file Form 8938 if you hold foreign financial assets with an aggregate value of more than the reporting threshold of $50,000 and do not do so, you may be subject to penalties: a $10,000 failure to file penalty, an additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40 percent penalty on an understatement of tax attributable to non-disclosed assets.

Who needs to file FATCA?

• A citizen of the US, including an individual born in the US but resident in another country (who has not given up their US citizenship).
• A person residing in the US, including US green card holders.
• Certain persons who spend a substantial number of days in the US.
• US Corporations, US Partnerships, US estates, and US trusts.