What are the outside US-based companies you find as attractive investment options? Alibaba? Zara? Reliance? Surly, once in a lifetime, you must have considered in investing a foreign company but couldn’t do it because of initial capital issues OR maybe because of the reporting and tax hassle it attracts. So, here we are, covering you on this front as well. Read on 👇🏼👇🏼

Foreign Bank Account Report (FBAR) refers to FinCen Form 114, Report of Foreign Bank and Financial Accounts. US citizens, residents, companies, partnerships, Limited Liability Companies (LLCs), trust, estate who have the ownership or the control of any sort of foreign accounts with a cumulative value of above USD 10,000 anytime during the accounting year are required to make FBAR filing.

Form 8938: Statement of Specified Foreign Financial Assets is another compliance for foreign assets holders. It has different reporting thresholds though, depending on where you are residing and whether you are filing jointly or individually:

For people residing in the US

• • For unmarried (or married but filing individually) : If the total value of assets is above USD 50,000 on 31st December of the accounting year or above USD 75,000 any time during the accounting year.
  • For married people filing jointly : If the total value of assets is above USD 100,000 on 31st December of the accounting year or above USD 150,000 any time during the accounting year.

For people residing outside the US

• • For unmarried (or married but filing individually) : If the total value of assets is above USD 200,000 on 31st December of the accounting year or above USD 300,000 any time during the accounting year.
  • For married people filing jointly : If the total value of assets is above USD 400,000 on 31st December of the accounting year or above USD 600,000 any time during the accounting year.

Under FBAR

Any sort of commercial interest or authority on at least one of the financial accounts situated in foreign countries.

Under Form 8938

All the people who need to file Form 8938 must report their financial accounts maintained by that foreign financial institution with which they invested. E.g. savings accounts, deposit accounts, checking accounts and brokerage accounts. Further, you need to report any vested interest in any foreign entity, like holding shares or a contract of a foreign company, e.g. securities of a foreign company, an interest in a foreign estate, etc.

Will you believe if I tell you that I have incorporated 500+ companies in the USA? We are a Certified Public Accountant (CPA) firm in the US and a confluence of Charted Accountants (CAs) and Company Secretaries (CSes) firm in India with 10+ in the arena of finance, thus we have qualified, competent and experienced professionals to take care of your requirements. 

We primarily deal into US-Indo business, tax and regulatory issues for High Net Worth Individuals (HNWIs), startups, and incumbent businesses. We are best known for providing a unique blend of the US and Indian competencies to bring you the best of both the worlds.

We help you with the FBAR filings, along with providing a range of other services to take full accountability as your virtual CFO.

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