US expats must report foreign bank accounts if the total value of those accounts exceeds certain thresholds.
The FBAR (Foreign Bank Account Report) is a filing requirement for US persons with foreign financial accounts.
You must file an FBAR if the combined value of your foreign accounts exceeds $10,000 at any point during the year.
Penalties for failing to file can be significant, especially if the omission is considered willful.
If you meet the threshold, you’ll need to file an FBAR in addition to your tax return.