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What is FBAR?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

What happens if you do not file FBAR?

Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation. But if your violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account for each violation—and each year you didn’t file is a separate violation.

Who needs to file FBAR?

The FBAR must be filed by US residents, green card holders, and citizens if the aggregate of their bank and financial accounts exceeded $10,000 at any time during 2011