FBAR And Cash Reporting Requirements For Americans Overseas

“Kathleen, just getting into the info and have one question (for now). I understand the U.S. government will only allow you to have US$10,000 in an overseas account. If you qualify under the Belize QRP program does that still apply or can you have unlimited funds there?”

–Mike G., United States

The US$10,000 threshold is not a limit on the amount of money you can have overseas; it’s a reporting threshold. You can transfer any amount of money you want wherever in the world you want. Americans, though, need to report overseas deposits to the U.S. government when the sum of all those deposits—in all banks—exceeds US$10,000 in any year.

To report overseas accounts, you use FinCEN Form 114, commonly called the FBAR.

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