Yes. But you only have to file a form at tax time.
I do not know (I don't think so) that Dominican Banks report accounts with more than $10,000 on deposit.
- Thread starter OmarN
- Start date
Sharing SS# for home purchases
I do not know (I don't think so) that Dominican Banks report accounts with more than $10,000 on deposit.
In reply to Chico Bill's post #11, that is incorrect. From https://www.taxconnections.com/taxb...nancial-accounts-everything-you-need-to-know/
The FBAR regulations require that a United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, file an FBAR to report:
The FBAR regulations require that a United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, file an FBAR to report:
- a financial interest in or signature or other authority over at least one financial account located outside the United States if
- the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Report of Foreign Bank and Financial Accounts (FBAR) | Internal Revenue Service
You may be required to report yearly to the IRS foreign bank and financial accounts (FBAR) exceeding certain thresholds.
This may help
You may say that, but that it is only your opinion. Is it worth the risk? For me, there is zero reward for having over $10K in foreign accounts
Don't forget the Dominican banks are also obligated to report the assets they hold in the name of a US person, regardless if you have dual citizenship. Also if your name appears as primary signatory on an external bank account of a business entity in which you are a board member, shareholder or other ownership designation
You’re right. It’s not worth the risk. One reason I may have more than 10,000 USD in a foreign country is to gain more capital through a certificate of deposit. Now, imagine if you had the equivalent of 10,000 USD in Dominican Pesos and gaining 3% or 4% more in credit than in a U.S bank, would you opt for doing that?
Yes, I agreed. I’ve been told that by family members. My only question is where would you gain more credit in a Dominican bank or a US bank. (Counting the country Tax policies)
There is no global/universal credit score to my knowledge. I'm fairly certain your credit score is unique for each country that you could potentially build credit in. For example the Dominican Data Crédito does not reciprocate with Experian or TU
We report it and up to now we have not paid taxes on it. In other words, it has not made a difference in our returns.
It goes onto our tax return as interest income, regardless of how small it is.
Bob, sorry for laughing, not sorry. Where you can report foreign bank account assets FBAR a US dept of Treasury requirement along with your federal income tax return (US), it is not global income. Assets that are required to be reported may not come from
Income. Maybe you were thinking of Sri Lanka
Income. Maybe you were thinking of Sri Lanka
Canadians(which I am) are obligated, unless they are non-resident like me to, to report all world(global) income. I don't have to report my bank acct deposits in the DR, nor is there a requirement for Dominican banks to report it to anyone. Not everyone, El Hijo, on this site is American and conversant in American income tax rules.