New rules for US Citizens are going to have serious impact for people starting this year. Now in addition to the FBAR – TDF-90.2 form that US citizens must file annually reporting overseas bank accounts, the Treasury Dept has a new form, the 8938 which is mandatory for 2012. This new form requires US citizens to list all assets held outside the United States in a balance sheet format. Not only is this a pain in the butt, it is a serious attack on privacy. But it is the law and you will be wise to obey it.
HIRE Act Compliance Speaker at Central American Conference
International Asset Protection Attorney Joel Nagel will be speaking on the HIRE Act and these new provisions on May 16th, at the Central American Advantage Conference, Managua, Nicaragua. The full dates of the event are May 15-19, 2012. Gran Pacifica, a builder of homes in Nicaragua is proud to be one of the sponsors of the event and looks forward to providing critical information to expats thinking about moving to Nicaragua and those already here. An interesting article from the WSJ is below for more information on the new law.
New Rules Target Offshore Funds
Wall Street Journal
Some of these investments may become too troublesome to be worthwhile, advisers say. Foreign mutual funds and some kinds of foreign life insurance, for example, will have to be reported annually under the new rules, instead of just when bought or sold.
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