FBAR reporting and leaving USA

[TNA21]

When moving money from US bank accounts to foreign bank accounts, is it required to report the highest balance when you are no longer a US tax resident?

[WayneT]

Per Instructions for Form 8938  you must report the maximum value during the tax year of each specified foreign financial asset reported on Form 8938. There is no exception given if there was a transfer between reportable accounts.

Hope this helps.  Have a great day!

-Wayne

[KochuK]

Hi TNA21, it is my pleasure assisting you again.

Who Must File an FBAR:

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

Page 4 of https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf

United States person means United States citizens (including minor children); United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

https://www.fincen.gov/who-united-states-person 

Therefore, for calendar year 2021, you look at your foreign bank account(s) being a United States Person for the "Maximum account value."

Page 10 of 

https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf 

Hope this helps.