Non-US Bank Accounts (FBAR)

A U.S. expat may need to file an FBAR (Foreign Bank Account Report) to comply with the requirements under the Bank Secrecy Act (BSA). Here’s why it is necessary:

FBAR Requirement

U.S. citizens, residents, and entities (like corporations or trusts) must file an FBAR if they have a financial interest in or signature authority over foreign financial accounts and the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.

Who Needs to File?

You must file an FBAR if:

• You're a U.S. citizen (even if you live abroad) or a U.S. tax resident.
• You have foreign financial accounts (e.g., bank accounts, investment accounts, pension funds, or mutual funds).
• The total value of all your foreign accounts exceeds $10,000 (calculated as the combined highest balances of all accounts).

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