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R
rlehmann54
June 6, 2019
Question

Is a foreign life insurance policy considered just an account or must it also be reported as an asset? (foreign accounts and assets)

  • June 6, 2019
  • 1 reply
  • 0 views
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    1 reply

    C
    CarolynM
    Employee
    June 6, 2019

    No, this is not a custodial account, Therefore, you do not need to report on FBAR.

    For more information, follow this link: FBAR requirements

    C
    Cih7000
    January 22, 2020

    If a foreign life insurance policy has a cash value and exceeds the thresholds, it does need to be reported. From the table referenced in the prior reply:

     

    Foreign-issued life insurance or annuity contract with a cash-value

    Yes

    Yes

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