What is the FBAR and when do I have to file one?

The FBAR (FinCEN Form 114, Report of Foreign Bank and Financial Accounts) is required if the combined value of all your foreign financial accounts exceeded $10,000 at any point during the year — even for a single day, and even if no single account ever held that much. It's an aggregate test: if you had three Indian accounts at $4,000 each, you're over the line. The FBAR is filed electronically through FinCEN's BSA E-Filing system, separately from your tax return, and it reports balances and account details, not income. It applies to U.S. citizens, green-card holders, and resident aliens. The form is informational — filing it doesn't create a tax bill — but skipping it carries steep penalties. If you've ever held an NRE, NRO, or PPF account back home, check whether your combined peak balance crossed $10,000. See wealthserene.com/for/immigrant-nri.