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U.S. FBAR(FOREIGN BANK AND FINANCIAL ACCOUNT REPORTING)
WEBINAR
June 18, 2015
• What is the obligation? • Relevant Legislation
• Enforcement Authority
• Form 114 and 114 (a) • Filing system
GENERAL ON FBAR FILING OBLIGATION
“United States Persons” must file if,
1. They have “financial interest” in or “signature authority” over an account
2. That account is a “foreign financial account(s)”, maintained outside the U.S.
3. The aggregate value of the account(s) exceeds $10,000 at any time during the calendar year
WHO MUST FILE THE FBAR ? BASIC REQUIREMENTS
Who is considered as a United States Person?
• U.S. citizens
• U.S. residents
• U.S. entities
ANALYSIS OF FBAR BASIC REQUIREMENTSUnited States Persons
Financial interest in a foreign financial account
• US person is the owner of record or holder of legal title directly,
• Someone else holds title for the benefit of the US Person; or
• US person is the owner of record or holder of legal title indirectly
ANALYSIS OF FBAR BASIC REQUIREMENTSFinancial Interest
Signatory authority :
The authority of an individual (alone or in conjunction with another
individual) to control the disposition of assets held in a foreign financial
account by direct communication (whether in writing or otherwise) to the
bank or other financial institution that maintains the financial account
ANALYSIS OF FBAR BASIC REQUIREMENTSSignatory Authority
Foreign Financial account
• foreign means “Located outside of the United States”
• Which financial accounts are included?
What is the aggregate value and what happens if you exceed it?
ANALYSIS OF FBAR BASIC REQUIREMENTSForeign Financial Account
EXCEPTED ACCOUNTS
• U.S. Military banking facility
• Accounts of U.S. governmental entities
• International financial institutions
• Correspondent or nostro accounts
• Consolidated FBAR filing
• Individual Retirement Account
• Participants in or Beneficiaries of a Tax – Qualified Retirement plan
WHEN AND WHERE ?
• Deadlines
• How to file?
• Penalties for non compliance (willful and non-willful)
EUROFAST PROFILE
Eurofast is a regional business advisory organization employing over 200 people in South East Europe & East Mediterranean.
Operating since 1987 Fully fledged offices Every Eurofast local office ranges from 15-60 professionals Teams of diverse backgrounds and experience including tax, legal, M&A,
payroll, accounting and consulting.
What we are good at…
Our services
• Corporate Services• Transfer Pricing• International Tax• Tax Planning & Tax Compliance• Real Estate Tax• Shipping Tax• Energy Tax• Intellectual Property• IT Specialized Services
• Mergers & Acquisitions and Transactional Advisory
• Business Restructuring & Insolvency• Market Entry Services• Banking and Financial Services• Outsourced Payroll and Employment Solutions• Citizenship & Residency Services• HR Administration• Accounting Services
Bringing value to clients with our service
Where can you find usSingle point of Contact, Many Points of View
Athens Thessaloniki Sofia Bucharest Belgrade Tirana Skopje Pristina Banja Luka/
Sarajevo
Zagreb Cairo/ Alexandria Podgorica Kiev Moscow Tbilisi Lefkosia Beirut Erbil
Regional Competitive Advantage
• Extensive experience in our markets
• Multi-disciplinary coverage and services
• Extensive database of contacts• In depth knowledge of region’s
markets• In depth cross border know-how
What othersthink about us
What others think about us
International Tax Review: The only authoritative and genuine awards in taxation worldwide!
Eurofast is at your disposal to support you with the filing of the FBAR FORM
For more information please contact us Cyprus Andri ChristodoulouEmail: [email protected]: +357 22 699 222
Greece Maria Sarantopoulou Email: [email protected] Telephone:+30 210 8257722
THANK YOU FOR ATTENDING OUR US FBAR WEBINAR
