The FBAR (FinCEN Form 114), in plain English
The FBAR is a yearly report of your foreign bank and financial accounts. It isn't a tax return and doesn't charge tax. But missing it carries some of the steepest penalties in U.S. tax law, which is why getting it right matters.
Living outside the U.S.? Find your country's guide.
1Who has to file
Any U.S. person, including citizens and green card holders wherever they live, who had a financial interest in or signature authority over foreign financial accounts whose combined highest balances were more than $10,000 at any time during the calendar year.
It's the total of all accounts, not each one.
Check yours with our FBAR threshold checker.
2Which accounts count
| Usually reported | Usually not reported |
|---|---|
| Checking and savings accounts | Real estate you own directly |
| Investment and brokerage accounts | Foreign shares held in a U.S. brokerage account |
| Many foreign pensions and retirement accounts | Cash or gold you hold physically |
| Life insurance with a cash value | Your share of a foreign social security system |
| Accounts you can sign on (a parent's, an employer's) | Crypto on a foreign exchange, for now (see below) |
| Joint accounts with a non-American spouse |
Crypto on a foreign exchange isn't reportable on the FBAR for now, as long as the account holds only crypto. FinCEN said in Notice 2020-2 that it plans to change that, so this may change. If the same account also holds cash or other assets, it's reportable. See crypto taxes for Americans abroad.
3How to file
- Find each account's highest balance during the year. A good-faith estimate from statements is acceptable.
- Convert to dollars using the U.S. Treasury's exchange rate for the last day of the year.
- File online through FinCEN's BSA E-Filing System. It's separate from your tax return and free.
Found a mistake in an FBAR you already filed, like a missing account or a wrong balance? You correct it with an amended FBAR.
4If you missed FBARs
You have options, and most people who come forward on their own don't pay FBAR penalties.
- Income reported, only FBARs missing: the Delinquent FBAR Submission Procedures, with a short statement explaining why they're late.
- Income also unreported, not willful: the Streamlined procedures, with six years of FBARs.
- Willful: voluntary disclosure.
What the penalties actually are, and every IRS catch-up option for expats, compared.
Guides by country
Local accounts, pensions and tax treaties change how these rules play out. Each guide below covers them for one country, with its tax year and filing dates.
- Argentina
- Australia
- Austria
- Belgium
- Brazil
- Canada
- Chile
- China
- Colombia
- Costa Rica
- Croatia
- Cyprus
- Denmark
- Dominican Republic
- Ecuador
- France
- Germany
- Greece
- Hong Kong
- India
- Ireland
- Israel
- Italy
- Japan
- Malaysia
- Malta
- Mexico
- Netherlands
- New Zealand
- Norway
- Panama
- Philippines
- Poland
- Portugal
- Saudi Arabia
- Singapore
- South Africa
- South Korea
- Spain
- Sweden
- Switzerland
- Taiwan
- Thailand
- UAE
- United Kingdom
- Vietnam
Live somewhere else? We help there too.
Common questions
Does my non-American spouse have to file?
No, only U.S. persons file. But if you're on a joint account with them, you report it on your FBAR.
Do I need to file an FBAR if I don't need to file a tax return?
Yes, the two have separate rules. Even if your income is below the tax filing threshold, the FBAR is required if your foreign accounts top $10,000.
When is the FBAR deadline?
April 15, with an automatic extension to October 15. You don't have to ask for the extension, and the FBAR is filed separately from your tax return.
How long do I keep records?
Five years from the FBAR due date. Keep statements showing each account's highest balance.
Behind on FBARs? We'll file them the safe way.
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Reviewed by Lewis Grunfeld, CPA. General information, not advice for your specific situation.