How does FBAR (Foreign Bank Account Report) affect me if I move to Belize?
Boris Mannsfeld - Boris Mannsfeld & Associates
If you live in Belize, FBAR affects you in the same way as if you went to another country other than Belize. If you are a US citizen or US taxpayer and hold an account that reaches an aggregate value of US $10,000 within a course of a calendar year, and you will have to report those holdings to the IRS.
If you live in Belize, FBAR affects you in the same way as if you went to another country other than Belize. If you are a US citizen or US taxpayer and hold an account that reaches an aggregate value of US $10,000 within a course of a calendar year, and you will have to report those holdings to the IRS.
Posted December 1, 2014
Kate Corrigan - Caye International Bank
If you are a US citizen, FBAR means that any accounts or companies that you hold are reportable to the IRS for tax purposes. FBAR is a form that a person in the US has to complete to disclose their foreign bank accounts. If you are an Immigrant and you live in Belize, you are required by law to report your bank accounts offshore that are over US $10,000. You should report all bank accounts as far as I am aware. You also need to advise how much is the incoming and outgoing, interests...
If you are a US citizen, FBAR means that any accounts or companies that you hold are reportable to the IRS for tax purposes. FBAR is a form that a person in the US has to complete to disclose their foreign bank accounts. If you are an Immigrant and you live in Belize, you are required by law to report your bank accounts offshore that are over US $10,000. You should report all bank accounts as far as I am aware. You also need to advise how much is the incoming and outgoing, interests paid, fees, just like you would a domestic US account. Then you will be taxed according to what you have. I don’t know what the tax rate is on international accounts or earnings but I think the FBAR form has been changed. It is now the online form, which called the FinCEN 114.
The banks in Belize comply with the IRS. All accounts are available to the IRS on request only as of the 1st of July this year. We have some administration time until 2016 for us to get all the bits and pieces together and for the IRS to get to their website together, too. After this is implemented, any information on accounts of US citizens within an IRS compliant bank is available on request. As far as I am aware, all the banks in Belize are IRS-complaint, but I cannot speak for the banks.
Posted December 1, 2014