The Foreign Bank Account Report, or FBAR, is a filing requirement for Americans must fill out if they have more than $10,000 in bank accounts outside of the United States at any time during the year.Although it has existed since 1970, but its enforcement has intensified over recent years as these days the US has increased its focus towards retrieving taxes from US citizens’ money and their investments in abroad.
The FBAR (form 114) FinCEN Form 114 must be filed online while keeping the following information relating to the declared accounts for six years following filing: