FBAR + FATCA for US expats 2026: what you must file, when, and the penalties for getting it wrong

If you’re a US citizen with money in a foreign bank, you have annual disclosure obligations regardless of whether you owe any US tax. FBAR and FATCA penalize non-reporting harshly — $10,000 per missed filing minimum, more for willful violations. Here’s the 2026 expat playbook.

Last verified: May 26, 2026. Not tax advice — talk to a cross-border CPA.

FBAR (FinCEN Form 114)

Who: US citizens, US residents, US LLCs/corps with signature authority OR financial interest in foreign accounts.

Threshold: aggregate balance >$10,000 USD at ANY point during the calendar year, across all foreign accounts combined.

Deadline: April 15 with automatic extension to October 15. No formal extension request needed.

Filed where: FinCEN — Department of Treasury (NOT the IRS). Online at bsaefiling.fincen.treas.gov.

Accounts reported: bank, brokerage, mutual fund, life insurance with cash value, foreign retirement accounts (in some cases), foreign-held crypto exchange accounts (post-2024).

FATCA (Form 8938)

Who: US citizens, US residents, US tax-resident persons. Stricter scope than FBAR.

Threshold (single, living in US): >$50K end-of-year OR >$75K at any point during year

Threshold (single, living abroad): >$200K end-of-year OR >$300K at any point during year

Threshold (MFJ, living in US): >$100K EoY OR >$150K any point

Threshold (MFJ, living abroad): >$400K EoY OR >$600K any point

Deadline: filed with Form 1040 (typically April 15, June 15 with automatic 2-month expat extension, October 15 with Form 4868).

Filed where: attached to IRS Form 1040.

FBAR vs FATCA — what’s the difference?

• Different agencies: FBAR = FinCEN (Treasury). FATCA = IRS.
• Different forms: FBAR = FinCEN 114. FATCA = Form 8938.
• Different thresholds: FBAR is just $10K (very low). FATCA is much higher and varies by filing status + residence.
• Different deadlines: both nominally April 15, but FBAR is automatic-extended to Oct 15 while FATCA follows your 1040 deadline.
• Different penalties: FBAR non-willful $10K/year per violation; willful 50% of account balance or $100K+. FATCA $10K initial, up to $50K continued failure.

What counts as a ‘foreign financial account’?

• Reportable: bank accounts, brokerage, mutual funds, insurance products with cash value, foreign pension if you have signature authority, foreign crypto exchange accounts (since 2024)
• Generally NOT reportable on FBAR: direct real estate ownership (FATCA may differ), tangible assets (gold bars, art), social security accounts of foreign country
• Gray area: some foreign retirement accounts (especially employer-administered pensions you can’t access yet)

Common mistakes that trigger penalties

1. Forgetting an account. Banks send you statements; aggregate every account. If your Wise + Revolut + local Portuguese bank + EU brokerage hit $10K combined at any point, FBAR is required even if each individually was under.

2. Joint accounts. Both parties typically need to file FBAR — even if only one is the income source.

3. Treating signature authority as ‘not mine.’ If you’re a signatory on a foreign business account, you must file FBAR even if you’re not the beneficial owner.

4. Foreign-domiciled crypto exchanges. Post-2024 guidance treats them as reportable. If you used Binance, KuCoin, OKX, BitFlyer, etc., FBAR them.

5. Missing the IRS Streamlined Procedures. If you’re discovering you should have been filing FBAR for years — DON’T just start filing this year. Use Streamlined Filing Compliance Procedures (Streamlined Offshore or Streamlined Domestic) which lets you catch up with reduced/zero penalties if you’re non-willful. This is one of the few good IRS programs.

Penalties that actually get assessed

• FBAR non-willful: $10,000 per VIOLATION (could be per year, possibly per account per year — courts have differed)
• FBAR willful: $100,000 OR 50% of account balance, whichever is greater. The 50% can be devastating.
• FATCA failure-to-file: $10,000 initial; another $10K every 30 days continued failure; max $50,000
• FATCA also affects FEIE/FTC: non-filing of Form 8938 can void other expat benefits in audit

FAQ

What if I have a foreign-resident spouse?

Joint accounts with a non-US spouse are reportable on YOUR FBAR — your foreign spouse has no US filing obligation unless they have US-source income or chose to file jointly. Many cross-border couples file Married Filing Separately for this reason.

Are PayPal Singapore / Apple Pay foreign accounts?

PayPal in any country: reportable if balance triggered (most US-citizen PayPal accounts are linked to US bank — no foreign report needed). Apple Pay: not itself an account — backed by your underlying card. Underlying card might be reportable if a foreign card.

Streamlined Offshore Procedures — do I qualify?

If you’ve lived abroad for at least 1 of the last 3 tax years, were physically outside US for 330+ days at least one of those years, and your failure to file was non-willful — you can use Streamlined Offshore. File 3 prior years 1040+FBAR+8938 catch-up with no penalties. This is a hugely valuable program. Talk to an expat CPA before filing.

Related: FEIE 2026 · full visa comparison.

✓ Last verified: May 26, 2026. Tax + banking content is general information, not advice. Talk to a licensed cross-border CPA or attorney for your specific situation.