You should file an FBAR if the total of all financial accounts combined exceed the $10,000 threshold. Even for one day! Keep in mind that you won’t be taxed on your foreign bank account because of this specific form. To find out which types of financial accounts have to be reported on the FBAR, check out our blog.
The deadline for filing the FBAR for US expats is October 15. We at MyExpatTaxes always ensure that our clients file an FBAR because of the penalties that come with not filing one. We prefer you be safer in this regard and file even though your accounts don’t reach the threshold.
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