Do I need to file the FBAR?
All US citizens (and greencard holders) need to file a FinCen Form 114 (aka FBAR) if they a own or hold a foreign financial account, or accounts, that have at least $10,000 in total at any time during the year. Foreign financial accounts can include:
- Foreign bank accounts (both checking and savings)
- Bank accounts held with a foreign branch of a US bank
- Overseas mutual funds and pension funds
- Stocks and securities held in a financial account at a foreign financial institution
- Foreign issued life insurance or annuity contracts with cash value.
E-file your expat taxes in as quick as 10 minutes!
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