Santander Bank Polish PFIC Investments | International Tax Lawyers Chicago Illinois

Hello and welcome to Sherayzen Video Blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.

Today, I’m continuing a series of blogs from Chicago, Illinois. Today I would like to discuss a difficult but very interesing subject of PFIC compliance concerning Polish investments. In particular, (I mean) those very popular former WBK bank (now it’s Santander Bank) investments in Polish mutual funds.

These investments are considered to be PFICs for US international tax compliance purposes. PFICs – Passive Foreign Investment Companies have very special and very unfavorable treatment in US international tax law. If you are a US Person who is doing these types of investments, you should be very careful because these investments have to be worth it. Why? PFIC tax compliance could cost you more than a potential gain that you can get from those PFIC investments, especially if we’re talking about small investments. The trouble that they can bring you could be enormous.

Not only are those investments reportable on FBAR and Form 8938 but you also have to consider the fact that you could/would be paying potentially tax at the highest marginal rate in existence on income related to gains from foreign mutual funds.

If you have any of these former WBK bank investments (now Santander bank investments) in Polish mutual funds you should contact me at (952) 500-8159 or email me at: [email protected]

Thank you for watching, until the next time.