FBAR — what it is and who must file
If you have foreign accounts with a combined balance over $10,000 — you must file an FBAR. We explain who, when, and how.
What is FBAR?
FBAR (Foreign Bank Account Report) is an annual report of foreign financial accounts filed through FinCEN (Financial Crimes Enforcement Network), not the IRS.
The official form name is **FinCEN 114**.
Who must file an FBAR?
You must file an FBAR if:
1. You are a **US citizen, resident, or Green Card holder**
2. You have **financial accounts outside the US** (bank, brokerage, retirement)
3. The **combined balance** of all foreign accounts **exceeded $10,000 on any day of the year**
Important: $10,000 is the aggregate threshold across all accounts, not per account.
Filing deadline
What happens if you don't file?
Penalties for non-willful violations — **up to $10,000 per year**. For willful violations — **up to $100,000 or 50% of the account balance** (whichever is greater).
The IRS actively gathers information about foreign accounts through FATCA — banks worldwide are required to report accounts held by US residents.
How do you file an FBAR?
FBAR is filed **online** through BSA E-Filing: bsaefiling.fincen.treas.gov
You need to provide:
Takeaway
If you have accounts in Ukrainian, Russian, or any other foreign banks — you most likely must file an FBAR. It's not scary, but timeliness matters.
Questions? Message me on Telegram and we'll go over your situation.
