Do you consider Assurance Vie as other foreign financial asset?

[MinhT]

Yes, Assurance vie (French for Life insurance account) can be classified as other foreign financial asset.

[nuxclass]

Assurance Vie is not the same as Life Insurance in the US. We told me form 8621 might be required?

[MinhT]

Are you referring to a compte assurance vie in France?

[nuxclass]

Yes, absolutely. I have an account name "Assurance Vie" which is not a life insurance in the US.

[MinhT]

I understand that Assurance is not at all like Life insurance in the U.S. A compte assurance is a tax-deferred savings account and can be classified as Other foreign financial asset. You do not file to file form 8621.
Please read this definition of Assurance Vie (in French):
<a rel="nofollow" target="_blank" href="https://epatrimoine.fr/definition-assurance-vie">https://epatrimoine.fr/definition-assurance-vie</a>

[nuxclass]

What is the entity type? Corporation or Trust?

[nuxclass]

FYI <a rel="nofollow" target="_blank" href="https://www.cabinetgregory.com/html/assvie.html">https://www.cabinetgregory.com/html/assvie.html</a>

[MinhT]

A compte Assurance Vie is an account. No entity type.

[nuxclass]

You said it's "Other foreign financial asset", so it requires to specify a type

[MinhT]

This is not a corporation nor a trust. You can classify it as a foreign financial asset (just like a foreign bank account).

[nuxclass]

When you classify as foreign financial asset, it requires an entity type to be specified (trust, corporate, etc.)

[MinhT]

Which form are referring to?

[MinhT]

If you are referring to form 8938, in my opinion, a compte Assurance Vie should be reported as a foreign deposit account in Part I and Part V of form 8938.

[nuxclass]

Yes, I am referring to 8938. I used "Other Foreign Financial Asset" and not "Foreign Financial Account". Are you sure "Assurance Vie" is not seen as an asset as part of it is invested in the stock market (like 401k) ?