FBAR is required to be filed by U.S. citizens, permanent residents (green card holders) and resident aliens who own or had authority over a foreign (non U.S.) financial account, including a bank account and the combined value of the accounts exceeded $10,000 at any time during the calendar year. Penalties for non filing are significant. FBAR information must be submitted electronically by April 15th.
A U.S. taxpayer residing overseas is required to comply with IRS filing requirements for U.S. federal income tax returns and/or Reports of Foreign Bank and Financial Accounts (FBARs).