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New Member
posted Jun 4, 2019 11:10:25 PM

Is an account with a Foreign asset management firm considered a "Foreign Financial Account"? If so, is the type a "Deposit" or "Custodial"?

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New Member
Jun 4, 2019 11:10:26 PM

It is not where the management firm is located, it is where the accounts are located. It is considered a Foreign Financial Account if your assets are kept in accounts in foreign countries. If the management firm keeps the money in US accounts is in not a Foreign Financial Account.  Investment accounts are considered "Custodial" meaning your funds are being handled and traded by the custodian.  A deposit account is like a checking, savings, money market account where funds can be withdrawn easily on demand.

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New Member
Jun 4, 2019 11:10:26 PM

It is not where the management firm is located, it is where the accounts are located. It is considered a Foreign Financial Account if your assets are kept in accounts in foreign countries. If the management firm keeps the money in US accounts is in not a Foreign Financial Account.  Investment accounts are considered "Custodial" meaning your funds are being handled and traded by the custodian.  A deposit account is like a checking, savings, money market account where funds can be withdrawn easily on demand.