You are required to report all existing foreign financial accounts if your assets exceed certain thresholds:
❗ Important notes:
Property, precious metals, cash, and art should not be included in the list of your foreign bank accounts.
If you do not hold any foreign bank accounts, there is no requirement to prove the absence of such accounts.
If you closed one during the tax year, you must report the account and its final balance on FBAR (FinCEN Form 114) and FATCA (Form 8938). Refer to the Difference between FinCEN Form 114 and Form 8938 and the IRS comparison of FATCA and FBAR requirements for more information.