@MJ Sally , instead of my paraphrasing, here is the "horse's mouth " version from the IRS -->
Summary of FATCA reporting for U.S taxpayers | Internal Revenue Service
As I said earlier there is NO Tax Consequence in filing FBAR and FATCA forms --- when in doubt just file the thing. Your foreign banks / financial institutions, all are required to report details of holders ( with SSN or ITIN ) accounts. I am sensing ( perhaps wrongly ) that there is some reticence in exposing your affairs to the IRS -- they already probably have a lot of that anyways ( through govt. to govt money laundering regs & KYI intiatives) .
That is of course my personal opinion.
Is there more I can do for you ?
