Many Abaconians hold two passports: a Bahamian passport and an American passport. This is because they were either born in the United States or one of their parents was American. Many of these people do not realize that when they begin earning money they are required by US law to submit a tax form to a tax office in the States. This does not mean that they have to pay income tax, only that they have to file a report. However, many do not realize this requirement.
Abaco Chamber spearheads IRS compliance for Abaco’s dual citizens: Bahamian businesses with dual citizen shareholders responsible to IRS
United States citizens living in Abaco and The Bahamas retain their obligations to the U.S. Internal Revenue Service (IRS). In an effort to help Abaconians understand and deal with the upcoming Foreign Account Tax Compliance Act (FACTA) – a new act that steps up enforcement and broadens the net for persons liable to the United States’ tax system – The Abaco Chamber of Commerce is spearheading efforts to educate the public.