FBAR Reporting Requirements for Immigrants in the US

What Is FBAR?

FBAR stands for Foreign Bank Account Report. Officially it is FinCEN Form 114, filed with the Financial Crimes Enforcement Network - not the IRS. Despite the name, it covers more than just banks: brokerage accounts, mutual funds, and other foreign financial accounts all count.

Who Must File

You must file FBAR if all three of the following are true:

• You are a US person - this includes US citizens, green card holders, and resident aliens who passed the Substantial Presence Test (typically H-1B, L-1, O-1, and similar work visa holders after their first year)
• You have a financial interest in, or signature authority over, one or more foreign accounts
• The aggregate value of all those accounts exceeded $10,000 at any point during the calendar year

The $10,000 threshold applies to the combined total, not each account separately. Three accounts with $4,000 each add up to $12,000 - that triggers the filing requirement.

Non-resident aliens (for example, J-1 visa holders in their first two calendar years) generally do not file FBAR.

When to File

FBAR is due on April 15. If you miss that date, you receive an automatic extension to October 15 - no paperwork needed. Filing is done electronically through FinCEN's BSA E-Filing System at bsaefiling.fincen.treas.gov.

FBAR vs. FATCA (Form 8938)

FBAR and FATCA are separate and often apply at the same time:

If your foreign accounts exceeded $10,000, you likely need to file both.

Penalties

• Non-willful failure: up to $10,000 per violation per year
• Willful failure: up to the greater of $100,000 or 50% of the account balance per violation - plus possible criminal charges

If you missed prior years, the IRS Streamlined Filing Compliance Procedures let you catch up with reduced penalties for non-willful violations.

Not Sure If FBAR Applies to You?

Your immigration status, visa type, and account balances all affect the analysis. Start the free 5-minute diagnostic to get a personalized list of forms and deadlines based on your specific situation.