1. Definition
FBAR (Report of Foreign Bank and Financial Accounts) requires U.S. persons to report foreign financial accounts when the aggregate value exceeded $10,000 at any time during the calendar year.
2. Who Must File
- U.S. citizens and resident aliens
- Entities (corporations, partnerships, LLCs, trusts) formed under U.S. laws
- Signature authority holders (no financial interest but authority exists)
3. Typical Reportable Accounts
- Bank, savings, time deposits, foreign brokerage accounts
- Mutual funds/pooled funds with a regular NAV
- Certain online wallets/exchanges depending on custody and account nature
4. Penalties (Overview)
Non-willful vs willful, recordkeeping expectations, and practical mitigation paths.