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🇺🇸 Why is Leeto asking me if I am a US citizen?
🇺🇸 Why is Leeto asking me if I am a US citizen?
Emma Gaucher avatar
Written by Emma Gaucher
Updated over a week ago

This article is for you if you do not yet know the FATCA law!

Leeto is a Payment Service Provider Agent and must comply with the law including the FATCA law (you will find an explanation of this law below).

Under this law, Leeto has a legal obligation to transmit information about your assets to the US administration. If we ask you for this information, it's just that we are following the law, nothing to worry about.

What is FACTA?

FATCA stands for Foreign Account Tax Compliant Act aka "Foreign Account Tax Compliance Act". This new law obliges banking and financial establishments to declare to the administration of the United States the patrimony (income and valuables such as real estate, or even movable property: jewelry, computers, cars ...) held by a US citizen.

You are concerned if you are:

  • American resident, paying your taxes in France

  • French with dual Franco-American nationality

  • French living in the USA as well as members of your family and spouse with bank accounts in France

  • Green Card holder

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