PK:
thanks for reply.
I am a US person for tax purpose. The insurance company is AIA Singapore, seems not treaty exempted. Value is about $70k so I do need to report to FBAR.
The worst thing is, since I failed report it before, now I have to go with FBAR Streamlined process, and it does require 3-years 1040X including the accounts in question. Then a nature question will be in the amend return, is the yearly gain in this new account taxable and reflected in the 1040X?
thank you
