Report of Foreign Bank and Financial Accounts (FBAR)
If you are a U.S. citizen or U.S. resident and have a financial interest or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other types of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
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Who Must File an FBAR
- United States person had a financial interest in or signature authority over at least one financial account located outside of the United States.