Who Must File a Report of Foreign Bank and Financial Accounts (FBAR)?

An International Law FAQ with Mary E. Vandenack.

Anyone who has a signatory on an account in a foreign country should take a look at whether they are subject to the rules concerning the foreign bank financial account reporting rules. A lot of people are caught by surprise because they have moved out of the U.S. but retain their U.S. citizenship and find out that they are subject to these laws. So if you have a signature on a bank account of any type, perhaps you are trustee for a parent’s trust in another country, you are likely to be subject to the U.S. laws.

© 2014 Parsonage Vandenack Williams LLC

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