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Do I have to report money held overseas?

When most people think of an offshore bank account, they think of a well-dressed businessman conducting a shady deal in a dark, smoke-filled room. But, as a Greek immigrant, you bank overseas as a regular part of your business or personal life. You want to report your earnings as a way to maintain legitimate business interests and your ability to travel internationally. How do you ensure that income is reported accurately and in accordance with the law?

Reporting foreign bank and financial accounts

According to the Internal Revenue Service (IRS), everyone doing business in the U.S. who has more than $10,000 in overseas bank accounts must file with the government. The amount you hold overseas must be converted into U.S. dollars for this reporting. This process is completed by filing a Foreign Bank Account Reports (FBAR), which is due by April 15 of the following year, the same day that income tax returns are due. 

Survey: Economic pessimism very high in Greece

How do Greeks, generally, feel about the economic future of their country? A recent Pew Research Center survey points to economic pessimism levels being incredibly high in Greece.

The survey asked individuals from 32 different countries various questions regarding the level of economic optimism they had. This includes individuals from Greece.

Study: Younger Greeks putting off marriage

A recent study indicates that marriage levels are rather low among younger Greeks.

The study, from In4Youth, involved a survey of young Greek adults. Of the surveyed individuals between the ages of 25 and 29, less than one in ten were married. Of the respondents in the 30 to 34 age range, just a bit over a third (around 36 percent), were married.

Pace of hotel room growth rather slow lately in Greece

There are various routes Greek Americans who wish to invest in Greek hotels could go. They could invest in a preexisting Greek hotel. Or, they could get involved in a hotel development project in Greece.

There are certain things that can be very impactful for prospective investors in Greek hotels whatever investment route they are looking at. One is what kind of growth the hotel market in Greece is seeing.

Regional differences in Greece when it comes to tourism

Greece has many different regions, with each having its unique aspects. So, when a Greek American is considering buying a property or starting a business in Greece, there are many things about the region the business/property is located in that it can be important for them to be aware of.

This includes what kind of tourist traffic/revenue the region in question draws in. In some instances, a region’s tourist traffic level could greatly impact how achievable the goals a person has for a business they want to start or property they want to buy in the region are. Certain types of businesses, like those closely connected to the tourism industry, might heavily depend on solid tourist traffic and travel revenues to succeed. Also, certain uses of a property might be better suited to more tourism-heavy areas.

Will Greece see a big increase in Chinese visitors in upcoming years?

Greek Americans can own a wide range of different types of businesses in Greece. This includes companies in the tourist industry.

Tourism is a very big industry in Greece. In 2016, over a fourth of the nation’s gross domestic product came from tourism. So, there are a range of different business opportunities and potential business transactions that could arise for Greek Americans in Greece in relation to tourism.

Greece’s GDP dropped in 2017’s opening quarter

Greece’s economy has been no stranger to recession conditions in recent years. Recent data indicates that 2017’s first quarter saw another drop in GDP in Greece.

Specifically, there was a 0.1 percent decrease in GDP that quarter as compared to the closing quarter of 2016. This is the second consecutive quarter in which GDP has gone down in the country (there was a 1.2 percent drop in the prior quarter).

Greece back in recession. What does this mean for my estate?

The Greek government-debt crisis has been an ongoing international issue for nearly a decade. Recent turmoil has led to another wave of emigrants, mostly young people, who seek to establish themselves elsewhere outside the country.

This activity has created a network of formerly Greek nationals and families spread out across the United States and the world. How do loved ones stay connected?

Estate planning when one owns property in Greece

A person can have all manner of wishes and goals when it comes to what happens with the property they own when they pass away. Estate planning can help with trying to ensure such wishes are followed and such goals are achieved. Now, there is not one standard type of estate plan. Rather, there are a wide range of documents such a plan could contain, with each class of estate planning document having its own particular ways it can be customized.

What approach would be best suited for a person when it comes to their estate plan, given their goals, can be affected by many things. This includes whether they have property in another country.

More Americans expected to visit Greece this year

Individuals here in America can have various interactions with Greece. Some visit Greece, such as going there on vacation.

Recent estimates from the Hellenic American Chamber of Tourism predict that this year will see a jump in Americans visiting Greece.

Hahalis & Kounoupis, P.C. - Greek Law Group
Phone: 610-628-1336
Toll Free: 877-509-4333
Fax: 610-691-8418

U.S. Offices:
20 East Broad Street 
Bethlehem, PA 18018
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New Jersey
1015 New Durham Road
Edison, NJ 08817
(By appointment only)
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Greece Offices:
18 Valaoritou Street
4th Floor
Athens, 10671
(By appointment only)
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10 Ermou Street
Thessaloniki, 54625
(By appointment only)
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Hahalis & Kounoupis, P.C. - Greek Law Group