What is an FBAR?
It is a Report of Foreign Bank and Financial Account Form (FInCen 114) of the Financial Crimes Enforcement of the U.S. Department of the Treasury.
Who has to file?
An FBAR must be filed by any U.S. person ( A U.S. citizen or Green Card holder). The FBAR must be filed every year in which the person has a total of more than $10,000 in foreign accounts. It doesn’t matter if the money is in one account with $10,000 dollars or several accounts each with smaller amounts, you have to report them all. Even if you are a joint owner of an account with money that doesn’t belong to you, you need to file!
What if I never filed before?
Please speak to a U.S. Benefits expert to find out how to avoid penalties or fines and to be part of the current “Voluntary Disclosure” program of the U.S. Government. DON’T just start filing on your own. This could result in significant penalties.
If you need to file don’t worry – we will send you detailed instructions on how to do it yourself with or without our assistance. Fill out the details below to get your answer; amounts can be approximate.
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If your total was at least 36,000 NIS (on any given day of 2017) you are required by US Law to file an FBAR for 2017.
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