Do I need to declare and pay taxes in the United States for the critical illness insurance and savings dividend insurance I bought in Hong Kong before immigrating to the United States?

Hello, first of all, the American overseas account tax law, which has been mentioned many times by domestic media, requires that "specific foreign financial assets" with a cumulative value of more than 50,000 US dollars be declared at the end of 20 1 1, but not all assets.

"Specific overseas financial assets" refers to bank deposits, stocks, bonds and other securities and equity assets such as unlisted company equity, excluding real estate, automobiles and other physical assets.

"Specific offshore financial assets" are not all "assets". In other words, if you are a citizen or permanent resident living in the United States, no matter how many houses, cars or jewelry you own outside the United States, as long as the cumulative value of your financial assets (such as bank accounts) at the end of 20 1 1 does not reach 50,000 dollars (and the amount exceeds 75,000 dollars on any day of the year), then you are not the declared object.

The cumulative value to be declared is also related to the taxpayer's residence. If you didn't live in the United States for the whole year of 20 1 1 but lived overseas, then your financial assets didn't reach $200,000 at the end of 20 1 1 (and the amount exceeded $300,000 every day of the year), so you don't need to declare it.