A trust account can in many situations be used instead of a foreign bank account when operating internationally. In the right situation, a trust account offers a simple, cost-effective solution to making payments. We tell you how trust accounts work and when you can use them.
This week's Global Glance looks at Italy's troubled banks and the doom loop.
Most US-based organizations — and many US citizens and residents — with one or more financial accounts located outside the country must file an FBAR with the US Department of Treasury on or before June 30 every year. This is a brief summary of the requirement, including information on who must file and penalties for noncompliance.
FATCA requires non-US financial institutions to report certain account information to US tax authorities. Here's a quick overview of FATCA and why it results in your bank asking for more of your information.
It is particularly challenging to open a bank account in many Latin American countries, given anti-money-laundering and other regulations put in place to combat drug trafficking and terrorism. Brazil is a case in point. The time it takes to set up a bank account in Brazil can vary greatly, depending on the bank involved and other factors.
The near-term implications of thawing relations for U.S. businesses are likely modest, but the long-term potential for economic development is significant.