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Actually, it's been a requirement to file a FBAR for many years if you have a foreign bank account with more than equivalent of US$10,000 in it. So that filing
by geomark 11y ago
Actually, it's been a requirement to file a FBAR for many years if you have a foreign bank account with more than equivalent of US$10,000 in it. So that filing requirement isn't exactly new, just that it's gotten more attention lately and now with FATCA you might not get away with ignoring it.
And yes, expats just love that requirement to file a tax return on your world wide income regardless of where it was earned or where you live, because as a US citizen you are the property of the US government.
- deleted 11y ago[deleted]
- seanmcdirmid 11y agoAll the Chinese banks I use now want my Social security number! So....remember to file those fbars kids!
- geomark 11y agoI thought China was not going to cooperate with FATCA. Really surprised they would agree to report on bank holdings to the US gov.
- seanmcdirmid 11y agoThey weren't cooperating until this year. Now they are in full cooperation. It has something to do with fox hunting and the US also agreeing to report Chinese national bank holdings to the Chinese gov.