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Read moreIf you are a US citizen, green card holder or US tax resident with bank or investment accounts outside the United States, you may have to file a Report of Foreign Bank and Financial Accounts — commonly called the FBAR.
Who must file
A US person generally must file if the combined maximum value of all foreign financial accounts exceeded $10,000 at any time during the calendar year. The threshold applies to the total of all accounts, not each account separately.
What counts as a foreign financial account
- Bank checking and savings accounts
- Brokerage and securities accounts
- Certain foreign mutual funds and insurance policies with cash value
- Accounts where you have signature authority, even if the money is not yours
How and when to file
The FBAR is filed electronically with FinCEN (not with your tax return). It is due April 15, with an automatic extension to October 15.
FBAR vs. Form 8938
FATCA Form 8938 is a separate report attached to your income tax return, with different thresholds and rules. Many taxpayers must file both.
Penalties for failing to file can be substantial, but options exist for catching up. If you think you may have missed past filings, contact us for a confidential review.
