FATCA Compliance and US Expat Children

FATCA compliance for US Expat Children

This is a very important message for the parents of USA Expat Citizen children who have foreign financial accounts.
Who Must File an FBAR?
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

This includes Children of any age
Generally, a child is responsible for filing his or her own FBAR report. If a child cannot file his or her own FBAR for any reason, such as age, the child’s parent, guardian, or other legally responsible person must file it for the child.
Compliance is mandatory and the penalties for non-compliance can be horrendous.
If you require further information please contact the team at US Global Tax Limited. usglobaltax.com

Please click image on the top to visit our website to get more information.