# FBAR Obligation for US Expats: What You Need to Know | Paperwork | Moving to Ireland > As a US citizen or green card holder living abroad, you have an obligation to report your foreign financial accounts to the U.S. government. The Foreign… Source: https://www.movingtoireland.co/guides/paperwork/fbar-obligation-for-us-expats-what-you-need-to-know/ Paperwork · Step 5 of 7 # FBAR Obligation for US Expats: What You Need to Know For US citizens 3 min read · Updated 13 September 2026 As a US citizen or green card holder living abroad, you have an obligation to report your foreign financial accounts to the U.S. government. The Foreign Bank and Financial Accounts Report (FBAR) is a way for the government to track these foreign accounts and ensure that U.S. taxpayers are reporting their foreign income and paying the appropriate taxes. Failing to file an FBAR can result in severe penalties, so it’s important to understand your FBAR obligation if you’re a U.S. expat. ## What is an FBAR? The FBAR is an annual report that is required for any U.S. person who has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value of $10,000 or more at any time during the calendar year. The FBAR is filed with the Financial Crimes Enforcement Network (FinCEN) and must be filed by June 30 of the year following the calendar year for which the report is required. For example, if you had foreign financial accounts with a total value of $10,000 or more during the calendar year 2022, your FBAR for that year must be filed by June 30, 2023. ## What types of accounts must be reported on the FBAR? The FBAR must include any foreign financial accounts that you have a financial interest in or signature authority over. This includes, but is not limited to, foreign bank accounts, investment accounts, mutual funds, and life insurance policies with cash value. It’s important to note that the FBAR is not a tax form, but rather a report of your foreign financial accounts to the U.S. government. ## Who must file an FBAR? U.S. citizens, U.S. residents, and entities (such as corporations and partnerships) that are formed in the U.S. or under U.S. law must file an FBAR if they have a financial interest in or signature authority over foreign financial accounts with an aggregate value of $10,000 or more at any time during the calendar year. This includes U.S. expats living abroad and U.S. residents with foreign financial accounts. ## What happens if I don’t file an FBAR? Failing to file an FBAR can result in severe penalties. If the failure to file is considered non-willful, you could face a fine of up to $10,000 per year. If the failure to file is considered willful, you could face a fine of up to $100,000 or 50% of the account balance, whichever is greater, per year. In some cases, you could also face criminal penalties, including imprisonment. ## How do I file an FBAR? The FBAR can be filed electronically through the [BSA E-Filing System website](http://www.bsaefiling.fincen.treas.gov/main.html). The process is straightforward and simple, and the website provides step-by-step instructions to help you complete the form. In addition, you may need to file additional forms, such as Form 8938, if you have a foreign financial asset with a value that exceeds the threshold established by the U.S. government. In conclusion, understanding your FBAR obligation is crucial if you’re a U.S. expat. Failing to file an FBAR can result in severe penalties, so it’s important to ensure that you’re reporting your foreign financial accounts accurately and on time. If you require any further assistance about the FBAR or your tax obligations as a U.S. expat, it’s a good idea to speak with a tax professional. * * * ## ★ Useful links **BSA E-Filing System website:** [https://bsaefiling.fincen.treas.gov/main.html](http://www.bsaefiling.fincen.treas.gov/main.html) ![](https://www.movingtoireland.co/apple-touch-icon.png) You have read 15% of this guide ## Keep reading in the Moving to Ireland app The rest of **FBAR Obligation for US Expats: What You Need to Know** — about 2 minutes more — is in the app, free to download, alongside 98 other guides and a checklist built around your own move. Still to come in this guide - What is an FBAR? - What types of accounts must be reported on the FBAR? - Who must file an FBAR? - What happens if I don’t file an FBAR? [Download free on the App Store](https://apps.apple.com/app/moving-to-ireland/id6446055261) iPhone and iPad · no account needed ## More on paperwork [All 7 guides in this section](https://www.movingtoireland.co/guides/paperwork/) - ### [Your top priority: Apply for PPS number](https://www.movingtoireland.co/guides/paperwork/your-1st-priority-apply-for-pps-number/) PPS (Personal Public Service) Number is an important document for anyone who moves to Ireland, as it serves as a unique identifier for accessing public… 3 min read - ### [Obtain Irish Residence Permit (IRP) card](https://www.movingtoireland.co/guides/paperwork/obtain-irp-card/) The Irish Residence Permit (IRP), formerly known as GNIB card, is a document that proves a non-European Union (EU) national's right to live and work in… 3 min read · For Non-EU citizens - ### [Open bank account](https://www.movingtoireland.co/guides/paperwork/open-bank-account/) If you're moving to Ireland and want to open a bank account, there are several steps you can follow: 3 min read - ### [The Foreign Earned Income Exclusion for US expats](https://www.movingtoireland.co/guides/paperwork/the-foreign-earned-income-exclusion-for-us-expat/) As you are a US citizen, you must file both your US taxes and your Republic of Ireland taxes, but may claim the Foreign Earned Income exclusion. 5 min read · For US citizens Keep going ## Get the full paperwork roadmap in the app Moving to Ireland turns 99 guides into a personal checklist. Tell it your passport, whether you have moved yet, and who is coming with you, and it lays out every step in order — from the visa to the bins. - Step-by-step checklist - Tailored to your passport - Pre-move & post-move - Family & pet sections [![Download Moving to Ireland on the App Store](https://www.movingtoireland.co/images/app-store-badge.svg)](https://apps.apple.com/app/moving-to-ireland/id6446055261) ★★★★★ 4.9 on the App Store [![Expats who settled in Ireland, two five-star App Store reviews, and the Moving to Ireland app showing its relocation checklist](https://www.movingtoireland.co/images/app-social-proof.webp)](https://apps.apple.com/app/moving-to-ireland/id6446055261)