What type of accounts should be reported on FBAR and FATCA?

You may find the summary of foreign bank account subject to FBAR/FATCA reporting  in this table.

Account to be reported on FBAR (FinCEN 114)

  • Checking account held in a Non-US domiciled bank
  • Savings account held in a Non-US domiciled bank
  • Checking account held at a Non-US branch of a US domiciled bank
  • Savings account held at a Non-US branch of a US domiciled bank
  • Non-US financial account over which you have signature authority
  • Non-US securities or stock held in a foreign financial institution
  • Non-US accounts owned by a foreign entity in which you have least 50% financial interest
  • Non-US mutual funds (these may have additional filing requirements for PFIC 8621
  • Non-US accounts held by either a foreign or domestic trust with which you are associated
  • Foreign life insurance policy with cash value
  • Foreign annuity contract

Accounts or items to be reported on Form 8938:

  • Checking account held in a Non-US domiciled bank
  • Savings account held in a Non-US domiciled bank
  • Non-US mutual funds
  • Non-US financial accounts held by either a foreign or domestic trust with which you are associated
  • Non-US hedge funds
  • Non-US private equity funds
  • Non-US life insurance policy with cash value
  • Non-US annuity contract
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