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Expat Community > Nicaragua

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Local Bank Account

10 years ago
I am American and my wife carries dual citizenship. Today we attempted to open a bank account at BAC with a modest balance in San Juan del Sur and the bank rep recommended we review the U.S. law FATCA before opening the account. I reviewed FATCA on the U.S. Treasuery websiite which I understand was enacted 2010 for the IRS to be informed of American citizen money in foreign countries for purposes of taxation. I did not see NIcaragua on the list of jurisdictions with reciprocal agreements which I interpret as the NIcaraguan bank needs not report our bank account to the U.S. IRS. We plan to stay in Nicaraguan for some time. Is it ususal for expats to open bank accounts in NIcaraua and does anyone know if FATCA is a concern? Any suggestions or comments are welcome. Thank you.

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William Russell
William Russell

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Get a quote for international health insurance from our partner, William Russell.
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