FBAR ? Filling Requirements in Santa Cruz, California For Sale

Financial Interest: A United States person is said to have a financial interest in a foreign financial account if:
He is the owner of record or holder of legal title, or
The owner of record or holder of legal title is another person who may be:
? an agent, nominee, attorney or a person acting in on behalf of the US person with respect to the account
? a corporation / company in which the US person owns directly or indirectly more than 50 percent of the total value of shares or voting power
? a partnership in which the US person owns directly or indirectly or has interest greater than 50 percent of the profits or capital
? a trust of which the US person is the trust grantor and has an ownership interest in the trust for US federal tax purposes
? a trust in which the US person has a more than 50 percent beneficial interest in the assets or income of the trust for the calendar year; or any other entity in which the US person owns directly or indirectly more than 50 percent of the voting power or total value of equity interest or total assets or interest in profits.
Joint Owners: A husband and wife owning a joint account need not file separate reports. But if either spouse has a financial interest in any other account not held jointly then such a person should file a separate report for all accounts including those owned jointly with the spouse.
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