FBAR - Expat Network

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A Step-by-Step Guide to Filing US Expat Taxes Late

Filing US expat taxes late – if you’re behind on your taxes, you aren’t alone. The 2018 US Expat Opinion Survey, which gathered the opinions of over 3,800 expats worldwide, found that nearly 7% of expats were behind on their taxes. Becoming compliant on expat taxes might be easier than you think! Just follow the...

US Expat Tax Deadlines You Need to Know

We are quickly approaching the first of several US tax deadlines – and as an American abroad, it’s time to begin preparing to file your US expat taxes. Since your reporting and filing requirements can be a bit more complex while living abroad, being prepared well in advance can set your mind at ease when...

US Expats: Get the Facts Ahead Of The FBAR Deadline

With just a few days to go until the Foreign Bank Account Reporting (FBAR) deadline, you’ll want to make sure you’re aware of the requirements of this important US Treasury form. Here’s everything you should be aware of. Breaking Down FBAR The FBAR, also known as FinCEN Form 114, is the form you use...

US Expats: Learn About The Statement Of Specified Foreign Financial Assets

In an effort to curb tax dodging by United States citizens with foreign assets, Congress passed The Hiring Incentives to Restore Employment Act. The act imposes a new reporting requirement for foreign financial assets, in addition to the requirement of filing an FBAR. The new law applies to specified persons with specified foreign financial assets which...

Five Things American Expats Need To Know About Foreign Bank Account Reporting

If you live abroad, chances are you have heard about FBAR and FATCA—but do you really know what they are and whether or not you need to file? It’s important that you fully understand because the penalties for failing to file if required can be steep! So let’s take a look at the five things...

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.