A Foreign Bank Account Report (FBAR) is a form that must be filed with the Financial Crimes Enforcement Network (FinCEN) In order to report foreign financial accounts.
Who needs to file an FBAR?
If you are a US citizen with a foreign account balance of $10,000 or over , you will be required to file. The threshold is an aggregate amount. This means that if you have multiple bank accounts that total over the threshold, you will be required to file.
What is included in an FBAR?
An FBAR must report a number of things, which includes:
· Foreign mutual funds
· Financial accounts that are held at a foreign branch of a US bank
· Foreign-issued life insurance or annuity contact with a cash value
· Foreign stock or securities held in a financial account at a foreign financial institution.