FBAR form 114 filing requirements from iRS
A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes.
But, you don’t need to report foreign financial accounts that are:
Correspondent/Nostro accounts,
Owned by a governmental entity,
Owned by an international financial institution,
Maintained on a United States military banking facility,
Held in an individual retirement account (IRA) you own or are beneficiary of,
Held in a retirement plan of which you’re a participant or beneficiary, or
Part of a trust of which you’re a beneficiary, if a U.S. person (trust, trustee of the trust or agent of the trust) files an FBAR reporting these accounts.
You don’t need to file an FBAR for the calendar year if:
All your foreign financial accounts are reported on a consolidated FBAR.
All your foreign financial accounts are jointly-owned with your spouse and:
You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed FBAR.
form 8938 per IRS
Who Must File
Unless an exception applies, you must file Form 8938 if you are a specified individual that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.
Specified Individual
You are a specified individual if you are
one of the following.
• A U.S. citizen.
• A resident alien of the United States
for any part of the tax year (but see
Reporting Period, later).
• A nonresident alien who makes an
election to be treated as a resident alien
for purposes of filing a joint income tax
return.
• A nonresident alien who is a bona
fide resident of American Samoa or
Puerto Rico. See Pub. 570, Tax Guide
for Individuals With Income From U.S.
Possessions, for a definition of bona
fide resident.
for your filing threshold see page 3 of form 8938 instructions
https://www.irs.gov/pub/irs-pdf/i8938.pdf
