Do I need to report a bank account I have in another country?
I moved to the US for work a few years ago and still have a savings account in my home country. Nobody told me I had to report it. What should I do?
1 lawyer answer
Many countries require residents to report foreign financial accounts and the income they earn. In the US, for example, taxpayers are generally taxed on worldwide income, and there are separate information reports for foreign accounts above certain thresholds. Penalties for missed reports can be significant.
The good news is that tax authorities often have procedures for people who missed filings without intending to evade tax, which can reduce or eliminate penalties if used before the authority contacts you.
Because the right route depends on your facts, get advice before filing anything to correct past years.
This is general information, not legal advice — speak to a licensed lawyer about your situation.
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