Understand the FBAR threshold

If you are a U.S. citizen or Green Card holder living abroad, you may have heard about “FBAR filing requirements us expats.” The FBAR (Report of Foreign Bank and Financial Accounts) is necessary if the total value of your foreign financial accounts exceeds $10,000 at any point during the calendar year. This rule applies to accounts such as bank accounts, brokerage accounts, and mutual funds located outside the United States. Even if you only briefly cross that $10,000 threshold, you are required to file.

Key threshold details

  • You must aggregate the highest balances of all foreign accounts to see if you exceed $10,000.
  • Joint accounts and accounts with signature authority also count toward the total.
  • Spouses who share accounts can often file a single FBAR, but confirm eligibility to simplify your filing.

If you also earn foreign income, you may want to review the foreign earned income exclusion rules to see whether you qualify for additional tax benefits.

Know your deadlines

The FBAR filing deadline is April 15 each year, covering the previous calendar year’s finances. An automatic extension to October 15 applies, and you do not have to submit a separate request for this extension. However, keep in mind that this extension does not apply to your federal tax return—those deadlines can differ, so be sure to check your expat tax reporting deadlines.

Automatic extension details

  • April 15 is the initial deadline.
  • An automatic extension moves the deadline to October 15.
  • Additional extensions may apply in certain cases, such as natural disasters or unique signature authority situations.

File electronically through FinCEN

The FBAR must be filed online through the Financial Crimes Enforcement Network (FinCEN) BSA E-Filing System, which is separate from your regular U.S. tax return filing. You cannot attach the FBAR to your Form 1040. Paper filing is only allowed if you receive a special exemption, so make sure you are set up to file electronically.

E-filing essentials

  • Access the BSA E-Filing System directly and follow the step-by-step prompts.
  • Attorneys or CPAs need to register as BSA E-Filers if they file on your behalf.
  • Reach out to a tax professional if you are unsure about the filing platform or certain account details.

For an overview of other related forms you might encounter, see our US expat tax documentation guide.

Explore late filing options

If you discover you should have filed FBARs in previous years but did not, the IRS offers programs to help you become compliant. Non-willful violators can often submit overdue FBARs through the Delinquent FBAR Submission Procedures or the Streamlined Filing Compliance Procedures without facing severe penalties.

Amnesty program highlights

  • Delinquent FBAR Submission Procedures: For taxpayers who did not previously file but reported their foreign income on their U.S. returns and paid tax in full.
  • Streamlined Procedures: For those who failed to report income and pay taxes but can certify that the violation was due to “non-willful” misunderstanding.

Either way, you will want to move quickly to avoid higher penalties or potential criminal charges. Reviewing your full obligations is key—take a look at our expat tax reporting obligations for further guidance.

Maintain proper account records

The IRS recommends keeping foreign account records for five years from the due date of each FBAR. These records typically include account statements, names and addresses of financial institutions, and maximum account values during the year. If you only have signature authority over an employer’s account, you are usually exempt from keeping personal copies of these records.

Five-year recordkeeping tips

  • Keep electronic or paper copies of the FBAR you filed.
  • Store relevant bank statements or other documentation in a secure place.
  • Update records each year to avoid scrambling during tax season.

Avoid penalties by staying compliant

Failing to file an FBAR can result in civil or criminal penalties, depending on whether the violation is deemed non-willful or willful. Non-willful penalties can be up to $10,000 per form annually, while willful violations can balloon significantly. If the IRS has not yet contacted you about late filings, you can still file your delinquent FBARs voluntarily to reduce or eliminate potential fines.

Take the next step confidently

Meeting FBAR filing requirements can feel complicated at first, but taking immediate action helps you stay compliant and reduces your IRS risk. At American Pacific Tax, we focus on guiding U.S. expats through every step of the FBAR process—while also ensuring you are on top of other critical US expat tax compliance requirements. Our team helps you avoid common mistakes, prevent penalties, and coordinate your filings with other forms like IRS form 2555 instructions.

When you are ready, schedule a personalized compliance review. Our specialists will assess your foreign financial accounts, explain any additional filing obligations, and help you file promptly. By taking these steps now, you set yourself up for a smoother tax season and greater peace of mind.