Financial Document Translation Services
We’ve blogged about the need for certified translations of foreign investment documents and other financial papers. When you first move to a foreign country, one of the first things you do is open a new bank account. That makes things a lot easier. At the same time, you probably keep an account at home as well. We’ve already discussed how the US approaches foreign bank accounts, there’s also the reverse problem of how your new home country will look at your US bank account(s) which, at the very minimum, is likely to incur interest while you are away.
For example, the European Commission realized that having a bank account in another country is a handy way of keeping the interest on those foreign bank accounts tax free. That is the reason behind the EU Savings Taxation Directive. All over the European Union a whole new reporting system is being set up to include the member states and some tax havens.
What this means is that you or your client may have recently received a letter from their local taxman asking that you disclose the balances of your US bank accounts. In order to file this report you will need to have your English-language bank documented professionally translated into the official language of the foreign country you now reside in.
In some countries, and in particular within the European Union, failure to report a foreign bank account may allow the tax authorities to go seven years back – and charge a penalty of 50 percent on top of the tax.
Contact out legal translation company for a language translation quote to obtain certified document translations of your multilingual financial and legal documents.