What is FBAR and who needs to file it?

FBAR stands for FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). US persons — including citizens, green card holders, and resident aliens (H-1B, L-1, and others who meet the Substantial Presence Test) — must file an FBAR if the aggregate value of all foreign financial accounts exceeded $10,000 at any point during the calendar year. This includes bank accounts, brokerage accounts, mutual funds, and certain other financial accounts held outside the US. The deadline is April 15 with an automatic extension to October 15. The penalties for willful non-filing start at $10,000 per year per account. Use the FBAR Checker at wealthserene.com/immigrant-finance/fbar-checker to determine your filing obligation.