Masterclass U.S. Expats Reporting Obligations For Holding a Foreign Bank Account - FBAR

The Internal Revenue Service (IRS) does not treat money held in a foreign account the same as money that is held on a domestic account. Out of fear of being unable to take revenue from foreign accounts, the IRS has taken steps to discourage foreign account use. This is a huge area of serious concern for any U.S. individuals with assets in foreign institutions.

U.S. individuals interested in opening foreign bank accounts must consider these challenges and clear up credit concerns and any possible risk flags. Decreasing as many risks as possible on an individual level can help skeptical foreign banks overlook the risk of being an American subject to IRS taxation.

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