How does FBAR (Foreign Bank Account Report) affect me if I move to Panama?
Tabitha Paddock - Greenback Expat Tax Services
The FBAR will only affect you if you choose to open a bank account in Panama (or any foreign country), and that account (or the value of all foreign accounts total) reaches 10,000 USD at some point in the year.
If your foreign account does have more than $10,000 in it (even if only for a day), you must file a FBAR. The FBAR is completed via Form TD F 90-22.1 and is due every year by June 30th.
You are not taxed on this money, it is...
The FBAR will only affect you if you choose to open a bank account in Panama (or any foreign country), and that account (or the value of all foreign accounts total) reaches 10,000 USD at some point in the year.
If your foreign account does have more than $10,000 in it (even if only for a day), you must file a FBAR. The FBAR is completed via Form TD F 90-22.1 and is due every year by June 30th.
You are not taxed on this money, it is simply a reporting document.
Posted April 24, 2013