@NewTaxResident , Neiter FBAR nor FATCA has any tax implications. However, if either of these forms is required then ignoring the requirements can be VERY expensive -- onerous fines.
Also that while FBAR requires one to visit www.FinCen.gov to file online to file the form 114, FATCA form 8938 will be automatically filled out by TurboTax -- yes there is lot of work on the first time but thereafter it is kind of routine update. To add to this almost all banks world over share data with US treasury on ALL US residents. So I would strongly suggest not to ignore this.
I attach herewith an IRS page comparing and describing the requirements for each of these forms -->
Comparison of Form 8938 and FBAR requirements | Internal Revenue Service (irs.gov)
Is there more I can do for you ?
