The Foreign Account Tax Compliance Act (FATCA) is a law that requires U.S.A. citizens (including dual citizens), people with residence or a permanent residence permit in the U.S.A. (or the U.S. Minor Outlying Islands or the U.S. Virgin Islands), and people who reside in the U.S.A. (or the U.S. Minor Outlying Islands or the U.S. Virgin Islands) for more than 180 days a year to file annual reports on any foreign account holdings they have. The main goal of FATCA is to stop tax evasion.