FBAR officially known as FinCEN Form 114, is an annual information report required by the U.S. government to disclose financial accounts held outside the United States. It is used strictly for transparency to combat financial crimes and does not impose any tax on your foreign balances.

AVOID PENALTIES - Fines of up to $10 000

Who Must File: U.S. citizens, residents, and entities (corporations, partnerships, trusts) with a financial interest in, or signature authority over, foreign financial accounts.