Rules of the Report of Foreign Bank and Financial Accounts (FBAR)

The main point of this article is to emphasize the importance of filing FBAR! US tax residents need to file income tax for their world-wide income each year. In addition, form FinCEN 114 of FBAR must be submitted in accordance with the US Bank Secrecy Act if the value of overseas financial accounts totals over USD10,000. As long as the overseas financial accounts meet the following two conditions simultaneously, they must be honestly declared to the US Treasury Department:

1. An overseas account having financial benefits, signing rights, and other rights (available).
2. The total value of all overseas financial accounts exceeds USD10,000 at any time of the year.