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Certain pre-existing investments, loans, and other financial contracts are exempt from FATCA withholding under the grandfathered obligations provision.

IGAs are bilateral agreements with other countries to facilitate the exchange of information and compliance with FATCA, making it easier to implement.

U.S. persons living abroad may face difficulties in banking and investing due to FATCA, as some foreign banks may refuse American clients to avoid reporting burdens.

U.S. taxpayers with foreign financial assets exceeding certain thresholds must report these assets on Form 8938, submitted with their IRS tax returns.

NFFEs must also comply with FATCA by providing information on substantial U.S. owners or certifying there are none to avoid withholding taxes.

FATCA aims to prevent tax evasion by U.S. persons through the use of offshore accounts by enforcing the reporting of such accounts to the IRS.

FFIs are required to undertake specific identification and due diligence procedures to identify U.S. account holders and report them to the IRS.

FATCA has different reporting thresholds for individuals living abroad and those in the U.S., and also varies based on filing status and residency.

FATCA's requirement for FFIs to report information on U.S. account holders raises privacy and data protection concerns in various jurisdictions.

FFIs must report information about financial accounts held by U.S. taxpayers, or face a 30% withholding tax on payments from U.S. sources.

FATCA implementation may conflict with local banking secrecy and privacy laws, requiring the use of IGAs or changes in local legislation.