Showing posts from June 23, 2022

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Filing FBAR as a US expat abroad - 2022 Guide to fill out your yearly report for free!

What is the FBAR?  It is the Report of Foreign Bank & Financial Accounts. The FBAR has been around since 1970; and it is in the hands of the Federal Crimes Enforcement Network. While many people associate the FBAR with taxes and the IRS, it is a separate entity and process altogether. The only major connection is the deadline happens to be on the same date.  Do I need to file the FBAR?  The US requires their citizens to file taxes and an FBAR, even if they are no longer reside there (you live abroad). In addition, the government requires residents to file it if they have signification foreign holdings ( $10,000 or more). Their justification is so the US government to know that people are not involved in any financial fraud abroad.  When you are a US citizen and sign up for a bank account in a foreign country (with a US tax treaty), 99% of the time they will also have you fill out a W9, bring your US identification and store your social security number. These countries often collab