Foreign financial accounts reporting requirements :           Each United States person (US Citizen or otherwise US resident), who has a financial interest, signature, or other authority over any financial accounts, including banks, securities, or other types of financial accounts in a foreign country ( e.g. Bank accounts, Investment accounts, Mutual funds, Retirement accounts ), and if the aggregate value of these financial accounts exceed $10,000 at any time during the calendar year, must report that relationship each year, by filing TD F 90-22.1 with Department of the treasury, on or before June 30 of the succeeding year. There is no extension of time available for filing this report.           Penalties: Significant penalties may be imposed if you do file Form TDF-90.22.1.