Report of Foreign Bank and Financial Accounts (FBAR): Who Qualifies and What You Get
Learn if your offshore accounts require reporting and what you need to do to stay compliant with federal financial laws.
The Report of Foreign Bank and Financial Accounts (FBAR) is a mandatory filing used to help the government prevent money laundering and other financial crimes.
Who it's for
This requirement applies to US persons who hold more than $10,000 in total across all their foreign financial accounts at any time during the calendar year.
What you get
By filing this report, you stay in compliance with anti-money laundering laws. It is a way to fulfill your legal obligation regarding your international holdings.
What it costs you
There is no fee to file, but it does require your time and careful record-keeping. You must track all of your offshore exchange balances every year to ensure your total stays accurate for the filing.
The catch to know
Many people mistakenly assume that cryptocurrency wallets do not need to be included in these reports. However, guidance regarding digital assets is evolving, so you should stay informed on the latest rules.
How to apply
- Gather your records for all foreign financial accounts held during the year.
- Calculate the highest balance reached in those accounts during the year.
- Complete the required reporting form online.
- Submit your information through the official portal: https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html