DV and FATCA

[Kaptan 0]

Hi,

As I imagine most of you already know, U.S. permanent residents need to disclose all non-U.S. bank accounts to authorities. I was wondering when we would need to start doing that. Currently we have our immigrant visas stamped on our passports but have not actually traveled to the U.S. or obtained SSNs yet. Should we already disclose our accounts, or wait until some other milestone event happens, e.g. entering the U.S, obtaining our SSNs, receiving our Green Cards, etc.

TIA

[roddie2k 68]

Kaptan,FATCA reporting will be done by the banks to the IRS . For this to happen, you will need to inform your current banks of change in status ( I.e. you have become a permanent resident) and social security number in addition to details such as address and phone in the US.

In short, get to the US first.

[Sukie 1,463]

Hi,

As I imagine most of you already know, U.S. permanent residents need to disclose all non-U.S. bank accounts to authorities. I was wondering when we would need to start doing that. Currently we have our immigrant visas stamped on our passports but have not actually traveled to the U.S. or obtained SSNs yet. Should we already disclose our accounts, or wait until some other milestone event happens, e.g. entering the U.S, obtaining our SSNs, receiving our Green Cards, etc.

TIA

You are not required to do anything regarding your foreign accounts prior to the day that you enter the US as a permanent resident (i.e., use your visa at POE). The FBAR (Foreign Bank Account Report) is due on June 30 of every year. If you immigrate to the US prior to June 30, you will need to file the required documents and report your accounts. If you come after June 30, you will not have to file an FBAR until June 30, 2016. However, you will need to disclose any interest from these accounts on your 2015 tax returns.

As someone who holds bank accounts in three countries, and is married to an Australian, I can tell you it is a royal pain in the @$$!!!

Sukie in NY

[SusieQQQ 11,586]

Hi,

As I imagine most of you already know, U.S. permanent residents need to disclose all non-U.S. bank accounts to authorities. I was wondering when we would need to start doing that. Currently we have our immigrant visas stamped on our passports but have not actually traveled to the U.S. or obtained SSNs yet. Should we already disclose our accounts, or wait until some other milestone event happens, e.g. entering the U.S, obtaining our SSNs, receiving our Green Cards, etc.

TIA

When you enter on an immigrant visa you become an LPR, and that is the effective date you are liable for reporting.

Now I seem to recall from last year (my first filing) that while the FBAR is due in June it is for accounts as at the end of the previous year so it should only be in 2016 that you have to submit tax returns and FBAR.

[Kaptan 0]

Thank you all for your answers.