The United States has two tools with which to collect information on accounts held by its citizens, FATCA and FBAR. Lots of attention has been paid to FATCA, less so to FBAR (Foreign Bank Account Reporting). FBAR targets accounts that U.S. citizens own as well as accounts over which U.S. citizens have signing authority.
Imagine owing up to $600,000 in penalties on, say, a $20,000 bank account simply because…
The FBAR is a disclosure form, not a tax form. So even though it goes…
Every U.S. person that had a financial interest in, or signature or other authority over,…
Expat Americans have revealed they don’t feel well-represented by the US government, but many do…
