Offshore Reporting Requirements


While an offshore bank account offers many different advantages (investment diversification, asset protection), there are also some reporting requirements that need to be taken into consideration. The most relevant being the annual filing of an FBAR Form (FinCen Form 114) and of the Form 8938. The link below provides details on each of the forms, including thresholds, filing dates, etc.

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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