Quote:
Originally Posted by spinner1001
If someone is considering buying a CD at a foreign bank chasing higher interest rates, be aware that US citizens are required to file one or two special US government forms reporting their foreign bank accounts if their foreign accounts exceed specified thresholds. The penalties for not filing are relatively significant. Also, many US citizens with foreign bank accounts have a tax professional prepare their reporting form(s) and may incur an extra preparer cost.
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Thank you for that. The IRS is one of the reasons I decided not to pursue it.
I do wonder what the CD rates are in Puerto Rico and the Virgin Islands. US territories and possessions are not considered "foreign" for FBAR.