U.S. persons with foreign financial accounts are required to file an FBAR (FinCEN Form 114) for each foreign financial account, if the aggregate value of their foreign accounts exceeds $10,000 during the year.
If you have multiple foreign bank accounts, you'll need to track the collective value of the accounts and see if the aggregate exceeds $10,000.
U.S. persons include U.S. citizens, U.S. green card holders, U.S. resident aliens, U.S. corporations, U.S. partnerships & U.S. trusts.
In this example, we cover a simple FBAR filing where John, a U.S. citizen, moves to the Cayman Islands and opens a bank account. He has one bank account that exceeded $10,000 and needs to file an FBAR.
FBARs cannot be paper filed! You must electronically file using an approved software provider, or file directly with the FinCEN BSA E-filing system which you can find at the link below:
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Remember, failing to timely file an FBAR can result in a $10,000 penalty or up to 1/2 of the value of the account!
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#FBAR #FinCEN #Form114 #ForeignBankAccount
