As I mentioned in my post Will Osama bin Laden’s death change expat’s day to day? one of the things you must do as an expat is to declare your non-US assets. NOTE: I am NOT acting as advisor here, just providing information as a fellow expat, so please consult professionals on this matter. Here’s what I have learned:
Complete the relatively straightforward TD F 90-22.1 IRS Form (with instructions included) and send it to:U.S. Department of the Treasury P.O. Box 32621 Detroit, MI 48232-0621
You do not file and/or send with your US Income Tax, send it to the address above. They are due physically at the Treasury no later than 30 June every year (not postmarked by).
You must list accounts if all your FOREIGN bank accounts totalled US$10,000 at any one time during the year both for accounts for which you are the owner or joint owner and accounts over which you have authority to conduct transactions on behalf of the account owner. This includes things like personal retirement funds, life insurance with cash values, trusts, property and other securities (consult a professional for yours).
US bank accounts are not listed.
For further information or instructions, please contact either the IRS or your accountant. Here are some helpful links as well:
- IRS FAQ’s Regarding Report of Foreign Bank and Financial Accounts for small business
- Report of Foreign Bank and Financial Accounts, an article written by William Perez