pk92108, obviously you do it with a full paper trail. You report it on your tax return and you completely follow U.S. law. While I’m certainly not qualified to give any tax advice, Treasury Department Form 90-22.1 is used to report an aggregate amount over $10K. If you fail to report using this form, the penalties can be incredibly steep. Guys, there’s nothing sinister about maintaining foreign accounts. Also, I don’t know why people have the impression you can’t earn a return. These banks have many investment vehicles to choose from, just like a U.S. bank they have the full gamut. All income is reported on your tax return, just like a domestic account. Also, any foreign taxes paid may qualify for a foreign tax credit (Form 1116). All this info is easily found on the web…
