What visitors to the U.S. should know about the secretive Mr. FBAR

The introduction of the Foreign Bank Account Report (FBAR) requirement in 1970, as a result of the Bank Secrecy Act of that year, may well be one of the most enduring legacies of the Nixon administration, says John Richardson, a Toronto-based lawyer who helps Americans with citizenship issues. Here, he reveals a little-known aspect of what the fine print of the FBAR legislation actually says, with respect to non-Americans who travel to the U.S., and who happen to have bank accounts back home...

Expat advisers Richardson, La Torre Jeker go looking for ‘Mr. FBAR’

Looking for Mr Goodbar was a 1975 book, made into a film two years later, about a New York City schoolteacher who ended up being murdered by a young man she’d just met. 

“Mr FBAR,” on the other hand – and of rather more relevance here – is an Expatland nickname for a document that U.S. expats around the world have been required to file annually with the IRS since 1970, if their total offshore bank and financial account holdings total US$10,000 or more at any time during the tax year...

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Opinion

Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

The world – including its banks, cross-border financial services institutions and even many governments – has come a long way since the Richard Murphy and others founded the Tax Justice Network in around 2003...

Oct-08-2021