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Questions tagged [foreign-accounts]

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US Citizen owning & trading in a foreign offshore account

I am a US citizen and have had a brokerage account in Singapore for 15 years, since being stationed there for work. All correct US reporting has and is carried out in the US including finbar etc. ...
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257 views

FBAR: How to determine aggregage maximum account value?

Suppose you have two foreign accounts: A and B. Is the formula for determining "aggregate maximum value" for foreign accounts as defined by Fincen max(A) + max(B) or max(A + B)? This would obviously ...
2
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Is it mandatory to convert normal savings account to NRO/NRE account if there is no money to deposit from outside India?

If there is no money to deposit from outside India to Indian account, though the status is NRI, is it mandatory to convert savings account to NRI/NRE account? What are the penalties of not ...