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If you didn't tell a foreign (non-US) bank that you are a US citizen when you opened the account, do you have to file an FBAR report?

Updated: 4 days ago

If you didn't tell a foreign (non-US) bank that you are a US citizen when you opened the account, and never agreed for them to share your information with the US government/IRS, do you still have to file a yearly FBAR (Foreign Bank Account) report?



Most definitely.



While banks may not realize your US citizenship if you were born outside the US (place of birth is the biggest giveaway), and may not ask you to sign an agreement for automatic information sharing (FATCA reporting), you still have to file an FBAR report. 


US citizens with foreign accounts which were opened pre-2010 may have never been asked since the FATCA reporting laws only took effect at a later time.


While you technically aren't required to tell your bank that you're a US citizen unless they ask, it doesn't absolve you of FBAR reporting.



In addition, on your yearly US tax return you're required to answer whether you have any non US bank accounts. If yes, you must answer if you crossed the threshold for FBAR reporting. If you select "No" and lied, the penalties could be devastating.



Penalties for willful non-reporting FBAR reports are half the account balances or $100,000, whichever is greater. In addition, the penalty for filing a false tax return can be $100,000 and three years imprisonment.

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