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H-1B FATCA & FBAR
H-1B FATCA & FBAR: The H-1B visa FATCA & FBAR rules for disclosing overseas accounts are complex. That is because an H-1B visa Holder is not considered a U.S. Person in the same way that a U.S. Citizen or a Legal Permanent Resident is held out to be by default, a U.S. person.
Therefore, many H-1B visa holders are not even on notice that they have U.S. status, and an FBAR filing requirement. When this is compounded by the fact that the IRS has taken an aggressive approach to foreign accounts compliance and unreported foreign income – compliance is important to avoid offshore penalties.
Not every H-1B visa holder is required to report FATCA & FBAR.
Rather, only those H-1B Visa holders that meet the "substantial presence test" are required to file the FBAR & FATCA, in the year they meet substantial Presence.
Let's review the H-1B FATCA & FBAR rules.
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