FBAR (FinCEN 114) — Foreign Bank Account Report

FBAR (FinCEN 114) — Foreign Bank Account Report

FBAR (Foreign Bank Account Report) is the annual report every “US person” must file with FinCEN (Financial Crimes Enforcement Network) if they have foreign bank accounts whose combined balances exceeded $10,000 USD at any point during the year.

Who must file FBAR?

Any “US Person” with financial interest or signature authority over foreign accounts > $10,000 aggregated:

• US citizens (even if living outside US)
• Permanent residents (green card holders) — regardless of where they live
• Tax residents under Substantial Presence Test
• Corporations, partnerships, trusts organized under US laws

What counts as “foreign account”?

Any financial account at an institution outside the US:

• ✅ Bank accounts (checking, savings)
• ✅ Investment accounts (brokerage at foreign bank)
• ✅ Mutual funds at foreign bank
• ✅ Foreign retirement accounts (some cases, not all)
• ✅ Accounts with signature authority (even if not yours — e.g., company account)
• ✅ Insurance with cash value at foreign insurer

❌ NOT included: real estate, gold/crypto in self-custody, accounts at US military bases

The $10,000 threshold

It’s the AGGREGATE amount of ALL your foreign accounts at any point in the year:

• Example 1: One account with max balance of $11,000 → MUST file FBAR
• Example 2: Three accounts each with max $4,000 → $12,000 aggregated → MUST file
• Example 3: Five accounts each with max $1,500 → $7,500 aggregated → NOT required

Important: it’s the maximum balance at ANY POINT in the year, not year-end balance.

How to file FBAR

Official platform: BSA E-Filing System

• URL: https://bsaefiling.fincen.gov/
• FREE — no fee
• Electronically only — no paper accepted since 2013
• Form is FinCEN 114 (also called “FBAR”)

Information needed per account

• Financial institution name
• Full institution address
• Account number
• Account type (bank, brokerage, etc.)
• Maximum balance during the year in USD
• Whether sole owner, joint owner, or signature authority only

Deadlines

• Due date: April 15 of following year
• Automatic extension: until October 15 (automatic since 2017, no request needed)

Penalties for NOT filing

Severe:

• Non-willful: up to $16,536 per violation. The statute sets $10,000, and Treasury adjusts it for inflation — the current figure in the penalty table at 31 CFR 1010.821 is $16,536 for penalties assessed on or after January 17, 2025 (90 FR 5630). The table is re-run for inflation, so check it before relying on any figure.
• Willful: the greater of $165,353 (the statutory $100,000, adjusted under the same table) or 50% of the account balance — per violation, per year

In Bittner v. United States (decided February 28, 2023) the Supreme Court held that the non-willful penalty “accrues on a per-report, not a per-account, basis” — one report, not one per account. A reasonable-cause exception also exists.

If you’ve never filed FBAR — Streamlined Procedures

If unaware of FBAR obligation and have multiple years unfiled, Streamlined Filing Compliance Procedures exists:

• File 6 years of back FBARs
• File 3 years of amended tax returns (Form 1040X)
• Pay back taxes + interest

There are two streamlined tracks and only one of them is penalty-free:

• Streamlined Foreign Offshore — you meet the IRS non-residency test: back taxes and interest, no penalty.
• Streamlined Domestic Offshore — you live in the US: back taxes and interest plus a Title 26 miscellaneous offshore penalty that the IRS sets at “5 percent of the highest aggregate balance/value of the taxpayer’s foreign financial assets” over the covered period.

Available only if non-filing was non-willful. Consult tax attorney or EA with international experience.

FBAR vs FATCA — same?

No. Two different requirements:

Many people must file BOTH.

Related information

• FATCA (Form 8938)
• Foreign Earned Income Exclusion (FEIE)

Official source: FinCEN FBAR

Last verified: 2026-09-10.

General procedural information for educational purposes. Not legal, tax, or immigration advice. Laws and fees change — verify with the issuing agency before taking action. For case-specific guidance, consult a licensed immigration attorney or other appropriate professional.

Related procedural information

• USCIS Form I-407 — abandonment of LPR status — formal renunciation procedure
• IRS tax obligations as a US citizen abroad — citizens file regardless of residence
• Social Security totalization agreements — avoiding double SS coverage
• Find an international tax attorney — for renunciation and exit-tax cases
• Consulate of your destination country — pre-departure documentation