Dear Clients and Friends: Each U.S. person (individuals and business entities) who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TDF 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. A foreign financial account is a financial account located outside the U.S. An account maintained with a branch of a U.S. bank that is physically located outside of the U.S. is a foreign financial account. A financial
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