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FBAR requirement for visa holders

Posted by: Zaher Fallahi
Posted On: Oct 20, 2013

Under the new Amendment to the Bank Secrecy Act Regulations for FBAR the following changes occurred.

The following individuals have to file an FBAR

Listed are the types of individuals:

1.       Green Card holders – filing 1040, must file FBAR under Section 7701 (b)

2.       H1B Visa holders    – filing 1040, must file FBAR, under Section 7701(b)

3.       L1 Visa holders       – filing 1040 non-Resident (NR), may file FBAR; subject Treasury Regulation 301.77801(b) -7(a) (3)

4.       F 1 Student Visa     –  filing  1040 NR, need not to file FBAR, provided compliance with visa condition and the Section 7701(b), such as those days of US presence as a student are excluded from substantial presence test

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