@Snorkel , assuming that you are still in need of an answer , FBAR ( form 114 at www.FinCen.gov ) and FATCA ( form 8938 along with your tax return ) are REQUIRED for US persons ( US Citizen/Resident / Resident for Tax purposes ). There are no tax consequences of having monies in a foreign bank ( reported on FBAR form ) or specified financial assets in foreign banks etc. ( FATCA form ). However, non compliance with these regs. may result in quite honorous penalties. When in doubt it is advisable to file. Also note that that while foreign banks and other financial entities regularly report of accounts held by US persons ( i.e. with SSN and ITIN ) but old accounts owned by a local person with no US reporting addresses may not get reported and therefore FinCen and IRS both require you to report these accounts . The reporting bar for FABR is any owned or signature authority accounts with $10,000 or over during the year must be reported.
Please see this from the IRS on FATCA form 8938-->https://www.irs.gov/businesses/corporations/do-i-need-to-file-form-8938-statement-of-specified-forei...
Also note that once you pass the substantial presence test and therefore become a Resident for tax purposes, you are taxed on world income including passive items like interest/dividend/rent etc from foreign holdings.
Does this answer your query or do you need more help ?
