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Foreign Bank Account Report – FBAR

FinCEN 114

What is FBAR?
When do I file?
What accounts do I have to declare?

What is the FBAR – Foreign Bank Account Report (FinCEN 114)?

 

It is a mandatory informative report of all financial accounts that US Persons (U.S. citizens, Green Card holders and resident aliens) or U.S. entities have outside the U.S.A.

Why do I have to file this report?

Its filing is mandatory. The fine is $ 10,000 per year for not filed or having done it incorrectly.

When is the submission deadline?

The deadline for filing the FinCEN 114 is the same as your 1040.

How is the filing made?

The informative report Foreign Bank and Financial Accounts (FinCEN 114) has to be filed electronically using the BSA E-Filing System.

To whom is the information report sent?

The FBAR has been filed since 1970, uninterruptedly, to the FinCEN – Financial Crimes Enforcement Network, which is part of the United States Department of the Treasury, dedicated to collecting and analyzing information on financial transactions to combat money laundering, financing terrorist and any other national or international financial crimes.

What accounts do I have to report?

FinCEN 114 must include all financial accounts both in Spain and in any other country other than the U.S.A. The list includes three sections: the accounts of which one is the owner, those that are shared and in which they have an authorized signature, even if the funds are not theirs, including the accounts of companies of which they are proxies and/or administrators.

Do I have to provide the name of the person or entity with whom I share the account or am I the authorized?

Yes, it is necessary to inform the names of the co-owners or authorizers, their addresses, degrees of kinship, and in the case of a U.S. citizen, the SSN must be included.

What accounts must be reported?

You must report current accounts, deposits, investment funds, securities, savings plans, life insurance and any other financial product.

 

Do I have to pay taxes?

No, it is simply an informative mandatory declaration.

Do I have to make two declarations if my spouse’s accounts are the same as mine?

 

The declaration is individual, but if the accounts are shared with the spouse, a single declaration can be filed if both spouses sign the following authorization that need to be signed and up load to the Clients Area: FinCEN 114 Authorization

What are the preparation and filing fees?

 

The fees for its presentation vary from €160, depending on the number of financial accounts included. Please check our fees’ page for more details

Please be sure that you upload all the information required listed in the following page: List of documents to your Client’s Area. Please fill up the Excel file that we have prepared for you: FBAR and 8938 Clients data

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