FBAR – Foreign Bank Accounts Reporting Obligation
Every US citizen/resident is required to provide an annual report of foreign financial accounts (outside the US),
if the accumulated balance exceeds $10,000 throughout the year.
Financial accounts include, but are not limited to:
- Banking
- Investments
- Pension funds
- Provident funds
- Insurance with a savings plan
- Bi-proxy accounts such as company accounts, partnership accounts, business accounts, or authorized signatory/POA accounts.
US citizens are required to report all financial accounts even if the financial institution is exempt from reporting.
Reporting is done via form 114 FINcen, filed to the Financial Crimes Enforcement Network of the Department of Treasury.
As of calendar year 2016, report dates have been synched with those of the individual tax return:
| Extension via Form 4868 | Automatic Extension | 1040 Report Date
| Individual |
| 15.10 | NONE | 15.04 | US citizen residing within the US |
| 15.10 | 15.06 | 15.04 | US citizen residing outside the US |