Is a foreign trust the same as foreign bank account? Or are they two different things?

I have a Fixed deposit with a foreign bank which I received distribution which the total asset value was more than $10K, but well below the $100K..Also, I answered none of the above for the Foreign Trust questions because it is mu understanding a foreign trust is different from Foreign bank account.

2591

Level 15

Jun 4, 2019 1:51:33 PM

For FATCA purposes a foreign trust is a specified financial asset. For FBAR also you have to count a Trust and its valuation if you have a financial or signatory interest in it.

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Is a foreign trust the same as foreign bank account? Or are they two different things?