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FBAR thoughts....

Seems I read somewhere that stock in banks like LCL Societé Generale etc. would not be considered a PFIC as there is "active banking"....

and just listed on FBAR as stocks... and then IRS as regular dividends etc.

could somebody confirm this? or the contrary?


thanks
 

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I take it you're referring to the various stock holding accounts that you can get at the banks here in France - like PEPs or PEAs or such. Frankly, if you're under the FATCA reporting totals ($200,000 for single, $400,000 for married, filing jointly) I'd just report the "bank accounts" as such and be done with it.

At the tail end of the Bilateral Agreement on FATCA, there is a list of the types of accounts that are not reportable (for the banks, not necessarily for individuals) - but I think this is about the only "definitive" list of how to treat specific types of foreign accounts that you're going to find.

Safest thing would be to disclose - include them on your FBARs and continue to report the income from the accounts. And if the IRS has questions or problems, they'll get back to you.
Cheers,
Bev
 

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As long as it's genuinely a bank, you're fine.

For a slightly more complete answer, it is possible to hold stock in a "bank" holding company that doesn't quite meet the IRS definition of a company predominantly engaged in banking as a real business. Then it's possible for that holding to tip over into a PFIC. But that's not too common.
 
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