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$10,000 in Foreign Account Triggers FBAR Report

" FBAR is an acronym for the Foreign Bank Account Report. This is an annual report filed with the United States Treasury for Americans to report the existence of foreign bank accounts and other financial accounts held abroad. Treasury Department Form 90-22.1, Report of Foreign Bank and Financial Accounts, is required if you have $10,000 or more held in a foreign account at any time during the year. For more details, see Reporting Foreign Bank Accounts."


Big penalties if you fail to report.

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