# US Citizen with old SA bank account



## DannyBoy (Apr 29, 2009)

Hello,

when I left SA to work in the US in 1993 the government did not allow SA citizens to take their money out of the country. Also I did not know that I would not be returning to SA. I thought I would just be in the US for a few years.

I have an old Savings account in SA which my 72 year old mom uses on and off as the need arises. And I have left the money in SA as emergency funds for my family (little sister and her low wage earning husband).
I figured that I may as well also just leave it there as a retirement nest egg for when I retire (maybe 10 to 15 years away).

l found out today that the U.S wants taxpayers to declare these accounts and the amount of interest earned on the 2011 tax forms.

My question is - if this account is a joint account on both my name and my mothers name and it is registered to a South African home address, how would the U.S tax office be able to link this account back to me if I am living in the U.S?

The new law they have is called FATCA. Where they want you to declare the info for any foreign bank accounts you have.

Should I get my mom to move these funds into a new account under just her name or should I just go about on my merry way and not bother to inform these tax crooks about the bank account (as I have been doing since 1993)?


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## Johanna (Apr 13, 2009)

I think you are talking about the FICA regulations.

You may find all the information you need here:

FICA Requirements South Africa | Global Excahange Fica requirement


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