Yes, it's been discussed several times.
My understanding is that DR will report to the US any bank accounts that have a balance over $10,000. I'm not sure what happens with real estate sales, but we'll find out soon because we're selling a property next month.
In irs.gov one can read about FBAR and FATCA (Foreign Account Tax Compliance Act) and IRS Form 8938. The Embassy of the United States Dominican Republic website has information and links about this subject. On 11-16-2011 Richard Alberto (DR1) wrote of this in the DR1 thread 'Dominican banks required to report on US citizens' holding. Credite Suisse (SP?) caught an upheld fine exceeding 1 billion (USD) for non-compliance, so, I am sure it will be difficult for any RD bank to say there institution can do any better at withholding assets information. AlterEgo may be correct about the triggering amount being greater than 10K. There is some magical convenience about having 9999.99, or less, in any one place at a time.
In irs.gov one can read about FBAR and FATCA (Foreign Account Tax Compliance Act) and IRS Form 8938. The Embassy of the United States Dominican Republic website has information and links about this subject. On 11-16-2011 Richard Alberto (DR1) wrote of this in the DR1 thread 'Dominican banks required to report on US citizens' holding. Credite Suisse (SP?) caught an upheld fine exceeding 1 billion (USD) for non-compliance, so, I am sure it will be difficult for any RD bank to say there institution can do any better at withholding assets information. AlterEgo may be correct about the triggering amount being greater than 10K. There is some magical convenience about having 9999.99, or less, in any one place at a time.
FATCA covers foreign assets...not just bank accounts.
Respectfully,
Playacaribe2
Direct ownership of foreign real estate generally is not required to be reported on Form 8938.
Foreign Real Estate
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
However, if a taxpayer holds foreign real estate through a foreign entity, such as a corporation, partnership, trust or estate, then the interest in the entity is a specified foreign financial asset that is reported on Form 8938.
When I did our taxes this year with our accountant, I did disclose we have a foreign account. Because the balance is under $10,000 I did not even have to say what country it's in. ALL banks in DR will report to the US, don't listen to a local manager, it will be done centrally I'm sure.
As a director/board member of a financial institution, I was required to take FATCA training.....and I can unequivocally state that individuals must report assets over a certain threshold...and that threshold varies with your marital status and whether you live in the US with foreign assets or you live abroad.
I suggest folks contact their accountants or the IRS as the penalties are way to severe, if caught, to not comply.
FATCA Information for Individuals
Respectfully,
Playacaribe2
additionally, it is well reported that the IRS is quite serious about tracking down foreign assets..
we have other threads on it...
not something to toy with