Filing Requirements
Report of Foreign Bank and Financial Account (FBAR).
Every US citizen who has a financial interest in or signature authority over a financial account in a foreign country must file an annual report if the aggregate balance in the accounts exceeds $10,000 at any time during the calendar year.
The form is called FinCEN Form 114
The Foreign Bank and Financial Account or FBAR must be received by 15 April each year following the year that the account holder meets the $10,000 threshold. However, if the FBAR is not received by that date an extension is automatically granted until 15 October.
The form is called FinCEN Form 114
The Foreign Bank and Financial Account or FBAR must be received by 15 April each year following the year that the account holder meets the $10,000 threshold. However, if the FBAR is not received by that date an extension is automatically granted until 15 October.
- The FBAR is a separate financial information filing that must be filed with FinCEN by the deadline.
- There are potentially severe penalties that could be levied for the failure to file an FBAR on time even if no tax is due. It is therefore worth ensuring that this not overlooked.