Legal Alert - New Requirement to File BE-10: Benchmark Survey of U.S. Direct Investment Abroad
by Carlene Y. Lowry, Mark A. Ziemba, Roger A. Grad and William A. Kastin
Any U.S. person with a foreign affiliate is required to file the 2014 Form BE 10, Benchmark Survey of U.S. Direct Investment Abroad by June 30, 2015 or face civil penalties between $2,500 and $25,000. Further, a willful failure to file can result in a separate criminal penalty of not more than $10,000 and imprisonment for not more than one year. This penalty structure applies to U.S. persons holding investments and to officers, directors, employees or agents who knowingly participate in such failures. The requirement to file Form BE-10 has caught many persons by surprise because the Form was previously only required to be filed upon request. The original filing date of the 2014 Form was May 29, 2015, but was extended to June 30, 2015 for first time filers.