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 informative report of all financial accounts that US Persons (U.S. citizens, Green Card holders and resident aliens) or U.S. entities have outside the U.S.A.
Why do I have to file this report?
Its filing is mandatory. The fine is $ 10,000 per year for not filed or having done it 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 informative report Foreign Bank and Financial Accounts (FinCEN 114) has to be filed electronically using the BSA E-Filing System.
To whom is the information report sent?
The FBAR has been filed since 1970, uninterruptedly, to 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 terrorist and any other national or international financial crimes.
What accounts do I have to report?
FinCEN 114 must include all financial accounts both in Spain and in any other country other than the U.S.A. The list includes three sections: the accounts of which one is the owner, those that are shared and in which they have an authorized signature, even if the funds are not theirs, including the 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?
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 must be included.
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 have to make two declarations if my spouse’s accounts are the same as 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 need to be signed and up load to the Clients Area: FinCEN 114 Authorization
What are the preparation and filing fees?
The fees for its presentation vary from €160, depending on the number of financial accounts included. Please check ourfees’ pagefor more details
Please be sure that you upload all the information required listed in the following page: List of documents to yourClient’s Area . Please fill up the Excel file that we have prepared for you: FBAR and 8938 Clients data
Blog
Portugal’s D7 Visa Gains Popularity Following Abolishment of Real Estate Investment Option From Golden Visa Program
The abolishment of real estate investment option from Portugal’s Golden Visa scheme has led a significant number of internationals to turn their eyes to the D7 visa, known as the Retirement Visa. Portugal’s real estate investment option, which was among most famous...
Lisbon still attractive for digital nomads
The Portuguese capital continues to occupy one of the top positions in the table that analyses 25 destinations worldwide. The “Savills Executive Nomad Index”, a ranking that analyses the 25 best destinations worldwide for Digital Nomads, places the city of Lisbon in...
FinCEN 114 FBAR 2024
The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers...
CONTACT
info@ustaxconsultants.es +34 915 194 392
Travesía de las Cañas, 2 – 28043 Madrid, Spain
Monday – Friday: 9am–2pm, Saturday & Sunday: Closed
El Peñayu, 15 – 33534 Piloña, Asturias, Spain
Naval Station Rota – Rota Gateway Mall – 11530 Rota, Spain
January to June. Mon. – Friday: 11m–6pm, Saturday & Sunday: Closed
info@ustaxconsultants.pt +351 211 380 833
KNOW2GROW R. Dr. Augusto José da Cunha, Loja 3C 1495-240 Algés. Portugal.
Sitio do Alportel 32A – Sao Bras de Alportel – Algarve 8150-014, Portugal.