by Miguelito » Mon Jul 03, 2017 9:28 am
violet wrote:Not a requirement of my countries, and I was not aware it was a requirement of the USA. Glad I'm not a Kennedy.
I'm sure there have been a few discussions of that on here. It wasn't a big deal for expats in Cambodia, for a while, as the banks here didn't report back to the U.S. That all changed last year with an agreement signed by the government. It is a massive pain in the ass for the banks here, and has caused some to not allow U.S. citizens from signing up.
United States persons are required to file an FBAR if:
1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
As you see, it also applies if you are a signatory on an account, let's say your work account. However, if someone wanted to open an account here, say with ABA, and use it for local transactions and ATMs, they can just keep it under $10k to avoid the filing requirements.
[quote="violet"]Not a requirement of my countries, and I was not aware it was a requirement of the USA. Glad I'm not a Kennedy.[/quote]
I'm sure there have been a few discussions of that on here. It wasn't a big deal for expats in Cambodia, for a while, as the banks here didn't report back to the U.S. That all changed last year with an agreement signed by the government. It is a massive pain in the ass for the banks here, and has caused some to not allow U.S. citizens from signing up.
[quote]
United States persons are required to file an FBAR if:
1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.[/quote]
As you see, it also applies if you are a signatory on an account, let's say your work account. However, if someone wanted to open an account here, say with ABA, and use it for local transactions and ATMs, they can just keep it under $10k to avoid the filing requirements.