What is an FBAR?

An FBAR, or Foreign Bank Account Report, is an annual reporting form for certain U.S. persons with foreign financial accounts. The official form is FinCEN Form 114, and it is filed electronically with the Financial Crimes Enforcement Network.

You may need to file an FBAR if you are a U.S. citizen, Green Card holder, or U.S. tax resident and the combined value of your non-U.S. bank, investment, or other financial accounts exceeded $10,000 at any point during the calendar year.

The FBAR is separate from your U.S. tax return. It is generally due on April 15, with an automatic extension to October 15.

For many U.S. expats, the FBAR is one of the most important compliance forms to get right because missed filings can lead to significant penalties, even when no U.S. tax is owed.