Expat Community > Panama

Azuero
Joined 2019
Posts: 52

Report Foreign Bank and Financial Accounts

7 years ago

Just a reminder that US Citizens have to file a FBAR (Foreign Bank and Financial Account Report) annually if you have over $10,000 in a foreign bank account. This can be eFiled at https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html and only takes a couple of minutes.

The due date for the FBAR is now in alignment with filing taxes on April 15th. Filing the FBAR a little late shouldn't be a problem.

I have no idea what the US Treasury does with this information but if you don't file there can be serious penalties. With Panama under the microscope in the last few years I would defiantly make sure you are in compliance.

Kovalenko & Vera Attorneys at Law in Panama

NDM Law Firm & Associates

NDM Law Firm & Associates is a reputable law firm with offices in Panama City, Boquete and Los Santos, Panama - and Madrid, Spain.
Learn More

NDM Law Firm & Associates

NDM Law Firm & Associates is a reputable law firm with offices in Panama City, Boquete and Los Santos, Panama - and Madrid, Spain.
Learn More