Question about 3520- I'm a little confused

[Cajlle]

Is form 3520 only filed if you receive monetary gifts from oversees exceeding X amount? Or are we required to file form 3520 if hold assets oversees exceeding X amount? Like for example a checking account. Do I fill out that form if I have over 50k as a single person in a foreign country? I'm just confused which form I'm supposed to fill out. Could someone help please?

[MinhT1]

As an individual, you are required to file form 3530 if you receive gifts or bequests of more than $100,000 from a foreign person.

See this IRS document.

If you hold foreign financial assets (such as a foreign bank account), you may be required to file Form 8938 and/or a FBAR.

See this IRS document.