Foreign Accounts and FBAR Requirements (VIDEO)

This is a short video directed to Americans who have foreign bank or other financial accounts.

For more information, check out these links:

IRS info on FBAR:

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

FinCEN’s BSA E-Filing System:

https://bsaefiling.fincen.treas.gov/main.html

The instructions and requirements are available in PDF form via this link:

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

Other Videos That Might Interest You

How to find and print your CURP
https://youtu.be/mcmKc9vrSIA

Can you afford to live in Mexico on just Social Security?
https://youtu.be/5pI3N6T6ht4

Why we moved to Mexico
https://youtu.be/cNpbh2qnh38

Top 10 Tips to Retire in Mexico
https://youtu.be/kBDEK3IOBT0

Can foreigners own property in Mexico?
https://youtu.be/ZODUhp8MSA0

Financing options when buying a property in Mexico
https://youtu.be/iTiEnEic3xo

Public healthcare options in Mexico
https://youtu.be/3sS763JOP6I

Private healthcare options in Mexico
https://youtu.be/UhMDV2Pp6IA

Legal residency options in Mexico
https://youtu.be/q-nDJy0t_SY

Can you still get Social Security if you live in Mexico?
https://youtu.be/Mnd8sUPYHt8

Is it legal to own a firearm in Mexico?
https://youtu.be/UqZAm5kx6E4

When and How to Transfer Your Money to Mexico to Get the Most Pesos
https://youtu.be/x8u_zGnba_c

Learning Spanish? Check out our free lessons on YouTube
https://www.youtube.com/channel/UCPb5icVxZvFpmORSjDKrrnw

Become a Patreon member to get access to our live Q&A sessions as well as our private Facebook group where you can ask us questions. For more information, click HERE.

About the Author

Qroo Paul
Paul Kurtzweil (Q-Roo Paul) was a deputy sheriff in Florida for 25 years before retiring at the rank of lieutenant in 2015. He and his wife moved to Mexico looking to maximize their retirement income. They later started a blog called Two Expats Mexico (qroo.us) to share their experiences as well as information about the logistical and legal aspects of retiring south of the border.

12 Comments on "Foreign Accounts and FBAR Requirements (VIDEO)"

  1. Hi Paul,
    Thanks for this FYI. Just to be clear, as long as the aggregate amount does not exceed the equivalent of 10,000 USD, there is no need to file, right? We have two bank accounts and they have not gone over 9,000 USD.

    I look forward to your reply.
    Kathy

    • Yes, it’s the aggregate value of ALL of your accounts. So if your accounts together never went over 10K during the calendar year, you do not have to file.

  2. Hi Paul,
    It’s always something, isn’t it? Aside from delivering useful (if depressing) information, you have found a way to make talking to one’s self socially acceptable! iBuen trabajo!

  3. Another great vid Paul. I was aware of this overall and have always kept my account below 10k, but once again you clarified the finer points in a way we can absorb into our melons! LOL.

  4. This brings up another question. My Navy pension and my SS and my wife’s SS are all deposited in a bank Stateside and we express send monies to our local accounts down here. Since we are not allowed to transfer more than $3000 per month per account, we rarely get close to having $10000 in any account. But what if you don’t spend all of last months deposits and it adds up to $10000, would you still have to report that? I’m guessing we would have to withdraw most of our money each month to avoid a build up of cash. Is that correct? So our savings account would be our mattress, more or less.

    • If the account exceeded $10,000 USD at any point, you would be required to file the form. The form is not a big deal. The government just wants to make sure you are hiding cash somewhere. Your Mexican bank is exchanging info with the IRS anyway, even if you don’t hit $10K.

  5. People, please realize that this is a REPORTING requirement and does not affect your tax liability in any way, shape or form. The report is easy to prepare & file and doesn’t require a professional. I’ve prepared & filed my own for 8 years, for multiple accounts in two countries.
    If you have further questions, I highly recommend the FB group, US Expat Tax Questions, moderated by a CPA.

  6. Oh my! I had no idea thank you so much!!

  7. Could you please tell me if the same applies to Canadian Long Stay visitors? When I asked several years ago, the rule was any property owned outside of Canada over $100,000.00 had to be declared with income tax. Other then that nothing more was discussed.
    Thank you in advance for your reply.

  8. Very entertaining and informative Paul! I would hope my US accountant keeps up with these things. Hmm… Thanks again!

  9. Henry Register | August 20, 2021 at 9:34 pm | Reply

    Really like the new videos. Very entertaining and always informative. I know you spend a lot of time researching and presenting all your information. I know I speak for all of us that follow you, that we appreciate your hat work.

    What can we do to help you continue to provide your valuable insight.?

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.