Foreign Bank Accounts Reporting
According to the United States government, US residents who have a financial interest in or the authority to sign documents on foreign financial accounts must report foreign bank accounts. For example, suppose the value of your annual foreign financial statements exceeds $10,000. In that case, you must file an FBAR (FinCEN 114) whether you reside in the US or not.
If you have a financial interest in or signatory power over a foreign financial account with a value greater than $10,000 in aggregate throughout the year, you are obliged to file an FBAR.
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Our compliance services and global network of local specialists can simplify and support any area of compliance or free you of the full burden.
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Taxpayers who use the Streamlined Foreign Offshore Procedures will not be subject to any penalties. Contact us for advice and support in doing this.
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