Banking and Other Investment Accounts

Another new responsibility you have for living in a foreign country is the reporting of bank accounts that you have outside of the U.S. to the U.S. Treasury Department.

If the total value of all your foreign accounts worldwide exceeds $10,000.00 (for even one minute of one day) you must report these accounts.

This also includes accounts that you have signature power over and are not directly owned by you.

The form does not carry any tax and is easy to file, but failure to do so is not easy to resolve. The interest or dividends you received during the year must be included on your individual tax return. See U.S. Treasury form TD f 90-22.1.

The filing due date is June 15, or when you file your tax return, whichever comes first.