Wealth without Borders
The purpose of this quarterly newsletter is to share cross-border wealth management news and insights with our cross border clients and colleagues.
The FBAR is the Report of Foreign Bank and Financial Accounts. If you are considered a “US person” and have financial accounts in a country other than the United States, filing this information is mandatory. The penalties for not filing the FBAR are very punitive and severe. At Steele Wealth Management, we understand the challenges involved in managing wealth in both countries and our experience with complicated situations provides us with the expertise to help. The requirement to file annual FBAR forms is just another example of the complications that we help our clients address.
