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.