If you have foreign bank accounts, investments, or trusts with a total value of over $10,000 at any point in the year, U.S. law requires you to file FinCEN Form 114 (FBAR).
You are required to file FinCEN Form 114 if you hold signature authority or financial interest in foreign accounts—including bank accounts, mutual funds, or unit trusts—with an aggregate value exceeding $10,000 at any point during the calendar year.
If your foreign assets exceed certain limits, you may also need to file IRS Form 8938 (FATCA).
You must file FATCA if:
Over $50,000 at year-end or $75,000 anytime during the year.
Over $100,000 at year-end or $150,000 anytime.
Over $200,000 at year-end or $300,000 anytime.
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