Korea Economic Daily Features Yoon & Kim Article on FBAR and FATCA Compliance

The deadline for reporting a U.S. person’s interest in a non-US bank account during 2014 is fast approaching.  Any U.S. citizen or greencard holder, regardless of whether he resides outside of the United States, must disclose these accounts to the U.S. Government by June 30, 2015.  The reporting requirement, commonly referred to as “FBAR” (now FinCEN Form 114), is required for accounts that have combined balances exceeding 10,000 U.S. dollars.  A U.S. person must report accounts he owns as well as accounts over which he has signatory authority.  The FBAR filing requirement is of greater importance this year because of the arrival of the U.S. FATCA (the Foreign Account Tax Compliance Act) regime.  South Korea is nearing completion of an Inter-Governmental Agreement with the United States and has agreed to disclose identifying information of U.S. accountholders within all South Korea financial institutions. 


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