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Released: April 5, 2011 - U.S. Consulate Reminds American Citizens to Report Foreign Bank and Financial Accounts Over $10,000
 
U.S. Consulate General - Hamilton, Bermuda

U.S. citizens and U.S. residents, including legal permanent residents residing abroad, who own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, may be required to report the account annually to the Department of the Treasury.

Under the Bank Secrecy Act, each U.S. person must file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if:

  • The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
  • The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

 

A U.S. person is not prohibited from owning foreign accounts, but civil and criminal penalties may apply for failures to properly file FBARs when required. The information reported on an FBAR may be used for governmental purposes, including law enforcement and tax compliance purposes.

The annual due date for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is June 30. The IRS must receive the FBAR by, on, or before June 30. Unlike tax returns, the FBAR is considered filed on the day the IRS receives it. Postmarks are not considered evidence of timely filing.

Help in completing Form TD F 90-22.1 is available at (800) 800-2877, option 2. The form is available at www.irs.gov or by telephone at (800) 829-3676.  Send questions regarding the FBAR to FBARquestions@irs.gov.