# Bank Account



## ejordan (Apr 16, 2011)

Hello all,

Do I need me to a New Zealand citizen or have been approved for a migrant status to open a bank account in New Zealand?

Whats the criteria? Also, does anyone recommend any particular bank in New Zealand?

Thanks!
ejordan


----------



## SteveOdem (Jan 23, 2012)

I suggest doing a search on banks in New Zealand. I am sure they will require documentation, not necessarily migrant status. 

Assuming you open such account, you are required to report it to IRS, including your world-wide income. Depending on the details, a minimum will be Form 1040 Sch B and declare income. Assuming your NZ income is such that you pay NZ tax, the tax may be a credit on your 1040, with Form 1116. 

If all your foreign financial accounts total balance is $10,000 aggregate you must file FBAR. This report is due June 30, NO EXTENSION. The penalty is obscene and may run to 100% of the maximum in any / all accounts that are not reported.

Other foreign assets totalling $50k must also be reported - FATCA - new form and don't recall the number.

If you emigrate, you are required to continue filing your 1040 and all attachments on world-wide income, subject to credits, deductions and exemptions.

Cheers, mate ! ! !


----------



## topcat83 (Apr 16, 2009)

Thanks for the info, Steve.

I must say that I'm very glad I'm not a US citizen - the tax situation seems so complicated, even if you don't live there any more!


----------

