FBAR for Non-US Citizens, Resident Aliens & Citizens Abroad
FBAR for Non-US Citizens, Resident Aliens & Citizens Abroad: One common misconception about the FBAR (Foreign Bank and Financial Account Reporting) aka FinCEN Form 114, is that is only required for US Citizens or foreign nationals who are residents of the United States, but that is false. The FBAR is required to be filed by any U.S. person who meets the threshold requirement for having to file the FBAR.
Let’s go through some of the basics of FBAR Filing for individuals. Noting, there may be additional FBAR reporting requirements depending on whether the person is filing the FBAR as part of an estate, trust, or business that needs to report foreign accounts to the IRS.
Let’s review FBAR for Non-US Citizens, Resident Aliens & Citizens Abroad
Resident Alien & FBAR
A common misconception is that only US citizens or legal permanent residents (aka Green Card Holders) are required to file the FBAR.
In fact, a resident alien who is not a legal permanent resident but meets the substantial presence test will still have to file the annual FBAR in any year they made the threshold requirement for filing.
Non-U.S. Citizen FBAR Filing
Even when a person is a non-US Citizen, the individual may still have an FBAR filing requirement under the following circumstances:
- They are a legal permanent resident; or
- foreign national who meets the IRS Substantial Presence Test
Even when the legal permanent resident or foreign national who meets the substantial presence test resides outside of the United States (presuming in the latter scenario they still meet substantial presence) FBAR filing is required.
U.S. Citizen Abroad & FBAR
Whether or not a US citizen resides in the United States or abroad does not matter for FBAR filing and reporting requirements.
In other words, a US citizen is required to file the FBAR when they meet the reporting requirement whether or not they reside in the United States or abroad.
Our FBAR Lawyers Represent Clients Worldwide
Our FBAR Lawyer team specializes exclusively in international tax, and specifically IRS offshore disclosure and FBAR amnesty for Non-US Citizens, Resident Aliens & Citizens abroad
Contact our firm today for assistance with getting compliant.