Prepare Now for the 2025 BE-10 Benchmark Survey (US Direct Investment Abroad)
2025 is a mandatory reporting year, and many investment advisers and fund managers may be required to file.
Who Must File?
Any US person must file if, at the end of the 2024 fiscal year, you:
- Were a US person (individual, partnership, trust, corporation, or fund)
- Directly or indirectly owned or controlled 10% or more of the voting interest in a non-US business, regardless of size or location.
This includes ownership through funds, special purpose vehicles (SPVs), feeder funds, or other structures that result in control of a foreign entity.
What’s Required?
Filers must submit one or more of the following forms, depending on the size and structure of their foreign affiliates:
- Form BE-10A: US reporter’s data
- Forms BE-10B, C, or D: Foreign affiliate data (based on asset/sales/net income thresholds)
- BE-10B – for larger affiliates (over $300m in assets/sales/net income)
- BE-10C – for mid-size affiliates (over $80m but under $300m)
- BE-10D – for smaller affiliates (under $80m)
Filing Deadlines:
The BE-10 survey must be filed by the following deadlines, depending on your reporting volume:
- May 30, 2025 – if reporting fewer than 50 foreign affiliates
- June 30, 2025 – if reporting 50 or more foreign affiliates.
Extensions may be available but must be requested in advance through BEA.
Why Advisers Should Act Now
Failure to file can result in significant penalties, underscoring the importance of timely compliance:
- Civil penalties of up to $59,114 per violation
- Criminal penalties for wilful noncompliance.
For more detailed information, you can access BEA’s benchmark survey here.
How Waystone Can Help
Waystone Compliance Solutions’ team of US compliance specialists has deep experience helping firms meet their regulatory filing obligations. Whether you need guidance on the BE-10 survey or broader regulatory support, our team is here to assist.
Our support includes:
- Determining whether your firm or its funds have a filing obligation
- Preparing and submitting the required forms
- Mitigating potential compliance risks associated with non-filing
To learn more or inquire about our US Compliance Solutions, please contact your usual Waystone representative or reach out to us below.