Do I have to report my foreign accounts to the American government?

Upon acquiring resident status in the United States, whether through the EB-5 visa or another category, it is important to understand that tax and reporting obligations may extend to financial assets held abroad. The American government requires certain residents and citizens to report, through specific filings, their accounts and investments outside the United States to ensure compliance with tax laws.

If you are considered a US ‘tax resident’ – which includes, among others, green card holders – you may be required to report your foreign accounts. Two common instruments in this regard are the FBAR (Foreign Bank Account Report, via FinCEN Form 114) and, in some cases, the Statement of Specified Foreign Financial Assets (Form 8938) according to FATCA (Foreign Account Tax Compliance Act) rules.

These requirements do not apply only to investors entering the country through the EB-5 program; the rule applies to anyone who meets the conditions of tax residency. It is crucial to emphasize that US tax legislation is quite complex, and therefore the interpretation of limits and obligations may vary according to each investor’s specific profile.

For this reason, it is prudent to seek guidance from professionals specialized in international taxation, who can assist you in understanding whether your foreign accounts need to be declared and how to do so. This caution helps avoid complications and possible penalties for non-compliance with regulations.

Remember that following immigration and tax laws is essential. Be wary of marketing campaigns promising quick results or exemption from legal obligations, and avoid falling victim to scams offering miraculous solutions. Compliance with legal standards ensures a safer and more transparent transition in the immigration process and adaptation to the American system.

Each case has its particularities; therefore, a detailed and personalized analysis is always the best approach to ensure you are meeting all legal requirements without future surprises.

Victoria Harper

Editor-in-Chief

Meet the author

Leading journalism and editorial content at Visto n’ Visa, Victoria helps make immigration topics clear, trustworthy, and easy to understand. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.