@classicore7 that is generally correct. Each year stands on its own i.e. each year you test the balance in the foreign accounts ( total of all accounts ) for requirement/ need to file FBAR and/or FATCA ( form 8938 ) forms. Note that exchange rate fluctuations may affect your requirement to file. Hence my view is when in doubt, just file the forms -- they have no tax impact anyways.
Is there more I can do for you ?
