Are you required to submit tax returns to the United States?
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires foreign banks to identify financial accounts outside the United States which are held by those liable to pay tax in the United States. Since the 1st of July Icelandic banks and other financial undertakings have been complying with the law. In order to inform the public about FATCA’s requirements for customers and financial firms The Icelandic Financial Services published a brochure that contains the highlights. The brochure can be found here in English and the Icelandic version is accessible here.