What is the difference between FATCA and FBAR reporting?

FATCA (Form 8938) is filed with the IRS tax return; FBAR (FinCEN 114) is filed separately with FinCEN. FATCA thresholds are higher (USD 50,000– for in-US residents, USD 200,000+ for overseas). FBAR applies to aggregate foreign accounts exceeding USD 10,000 at any time during the year.

What are the penalties for FATCA non-compliance by foreign financial institutions?

FFIs that fail to comply with FATCA face 30% withholding on US-source income and gross proceeds from US asset sales. The US has signed IGAs (intergovernmental agreements) with over 110 countries making compliance the norm, effectively excluding non-compliant institutions from US capital markets access.

FATCA Reporting Threshold per Account

Determine FATCA reporting obligations for foreign financial institutions based on US account holder balances: individual accounts above USD 50,000 and entity accounts above USD 250,000 trigger mandatory reporting to the IRS.

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Frequently Asked Questions

What is the difference between FATCA and FBAR reporting?

What are the penalties for FATCA non-compliance by foreign financial institutions?