FOREIGN BANK ACCOUNT REPORTS
The US Department of Treasury requires all US Persons who live in or outside the United States to file the Foreign Bank Accounts Report – FBAR if you have a financial interest and or signature authority in any bank account with any foreign financial institution outside USA and the aggregate balance of the accounts was $10,000 or more at any giving day during the tax year.
The FBAR should be filed electronically with the US Treasury Department on or before April 15 of each year. The 2 months automatic extension for the US Citizens living abroad applied to the FBAR – June 15. Effective 2017 October 15th extension is applied to FBAR.
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