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 informational report on all financial accounts that U.S. Persons (U.S. Citizens, Green Card holders and Resident Aliens) or U.S. entities maintain outside the U.S.
Why do I have to file this report?
Filing is mandatory. The fine is $10,000 per year for failing to file or for filing 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 Foreign Bank and Financial Accounts (FinCEN 114) report must be filed electronically via the BSA E-Filing System.
To whom is the information report sent?
The FBAR has been filed since 1970, uninterruptedly, with 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 terrorism, and any other national or international financial crimes.
What accounts do I have to report?
FinCEN 114 must include all financial accounts in Spain and in any other country other than the U.S.A. The list includes three sections: the accounts they own, shared accounts and accounts with an authorized signature, even if the funds are not theirs, and 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 user?
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.
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 need to make two declarations if my spouse’s accounts are identical to 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 needs to be signed and uploaded to the Clients Area: FinCEN 114 Authorization
What are the preparation and filing fees?
The presentation fees range vary from €129, 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 out the Excel file that we have prepared for you: FBAR and 8938 Clients data
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