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February 27, 2025
Question

Is a bank account in a foreign country considered a financial asset

  • February 27, 2025
  • 1 reply
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    February 27, 2025

    @velinos   short answer is YES

    For FBAR purposes  it is generally any financial account you own or have signature authority over  ( in some countries  you cat as a nominee ).

     

    For FATCA purposes  Specificized financial Assets include all semi liquid accounts  including monies held by your broker/agent for re-investing.

     

    Hope this answers your query