Fbr Filer Status
Residency Requirements for Filing FBAR
Who is a Resident Alien?
A resident alien is an individual who is not a U.S. citizen but has been lawfully admitted for permanent residence in the United States. Resident aliens are considered U.S. residents for tax purposes, and they are required to file FBAR if they meet the reporting threshold.
To be considered a resident alien, an individual must have a green card (permanent resident card) and must have established residency in the United States. Residency is established by living in the United States for at least 183 days during the calendar year.
Who is a Non-Resident Alien?
A non-resident alien is an individual who is not a U.S. citizen or resident alien. Non-resident aliens are not required to file FBAR unless they meet certain criteria, such as having a U.S. bank account or receiving certain types of income from U.S. sources.
Special Rules for Foreign Trusts
Foreign trusts are subject to special FBAR reporting rules. A foreign trust is a trust that is not created or organized in the United States and is not administered in the United States. Foreign trusts are required to file FBAR if they have a U.S. grantor or beneficiary, or if they receive income from U.S. sources.
The FBAR reporting threshold for foreign trusts is lower than the threshold for individual filers. Foreign trusts are required to file FBAR if they have an aggregate value of $50,000 or more at any time during the calendar year.
Filing Deadlines and Penalties
The FBAR filing deadline is June 30th of the following year. If you file late, you may be subject to penalties. The penalties for late filing can be significant, so it is important to file on time.
If you have any questions about FBAR reporting, you should consult with a tax professional.
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