How to Fill Out FBAR (Foreign Bank Account Report) FinCEN Form 114

U.S. persons with foreign financial accounts are required to file an FBAR (FinCEN Form 114) for each foreign financial account, if the aggregate value of their foreign accounts exceeds $10,000 during the year.

If you have multiple foreign bank accounts, you'll need to track the collective value of the accounts and see if the aggregate exceeds $10,000.

U.S. persons include U.S. citizens, U.S. green card holders, U.S. resident aliens, U.S. corporations, U.S. partnerships & U.S. trusts.

In this example, we cover a simple FBAR filing where John, a U.S. citizen, moves to the Cayman Islands and opens a bank account. He has one bank account that exceeded $10,000 and needs to file an FBAR.

FBARs cannot be paper filed! You must electronically file using an approved software provider, or file directly with the FinCEN BSA E-filing system which you can find at the link below:
https://bsaefiling.fincen.treas.gov/N...

Remember, failing to timely file an FBAR can result in a $10,000 penalty or up to 1/2 of the value of the account!

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