There is absolutely no problem with having a bank account outside of the United States. However, you are required to report it on your tax return and on certain other informational returns every year. If you don’t do that, that is a crime.
So unlike having a bank account in the United States where the bank sends you a copy of your 1099 and you just give that to your accountant, you’re not going to necessarily get that from your bank account outside of the country. So the burden is on you to make sure that you keep your bank statements or that you request them from the bank and you give that information to your accountant every year; so that you can properly report the existence of the bank account as well as any income that was earned in the bank account.See all videos