Do foreign pensions and retirement accounts go on an FBAR?

1. Is there an account outside the United States, such as a bank, securities, investment or cash-value insurance account? If the plan statement shows an account in your name with an account number and a market value, treat it as a foreign financial account. A right to a future benefit with no account behind it is the harder case; see the examples below.⁠^{[1]Source 1}⁠^{[2]Source 2}

2. Who holds the account? If you are the owner of record or hold legal title, you have a financial interest. If a trust or entity holds it, you have a financial interest only if the regulation's tests are met, for example a present beneficial interest in more than 50% of a trust's assets or income. Separately, if you can move assets by instructing the institution directly, you have signature authority.⁠^{[2]Source 2}⁠^{[6]Source 6}

3. Does an exception apply? The FBAR exceptions cover participants in U.S. tax-qualified retirement plans and owners of U.S. IRAs. They do not cover foreign plans.⁠^{[2]Source 2}⁠^{[6]Source 6}

4. If it is a reportable foreign account, apply the combined $10,000 FBAR test across it and your other foreign accounts for that reporting year. Use the year's maximum value, which can be higher than the year-end balance.⁠^{[1]Source 1}⁠^{[2]Source 2}

• Foreign retirement or brokerage account in your name: apply the ordinary ownership test. IRS guidance treats foreign plans like this as normally reportable.⁠^{[2]Source 2}
• Foreign employer trust or defined-benefit plan: check whether your statement shows an individual account with a value. If it shows only an accrued benefit from a pooled fund, see the workplace pension questions below.⁠^{[2]Source 2}⁠^{[6]Source 6}
• Foreign government social security-type benefits: not reported on the FBAR.⁠^{[5]Source 5}

Check your annual statement or ask the plan provider: Is there a named account in your name? Is there an account number and a market value? Does a trustee own the assets for the plan as a whole? Do you have rights over specific assets, or only a benefit calculated from salary and service? An individual account with a value points to a reportable account. A benefit formula paid from a pooled fund is the case the rules address least clearly.⁠^{[1]Source 1}⁠^{[2]Source 2}⁠^{[6]Source 6}

Withdrawal restrictions don't change whether an account is reportable: an account locked until retirement is still reported if it otherwise qualifies. Belonging to an employer's collective plan doesn't on its own make the plan's investment accounts yours; the trust and entity tests decide that.⁠^{[2]Source 2}⁠^{[6]Source 6}

Individual foreign retirement investment account: an account in your name with a foreign provider, holding funds and shares. IRS guidance treats foreign plans like this as normally reportable; apply the threshold test.⁠^{[1]Source 1}⁠^{[2]Source 2}

Workplace defined-benefit scheme: you expect a pension based on salary and service, and the employer's trustee owns pooled investments. You don't report the trust's assets as your own account. Whether you have a reportable interest in the trust turns on the regulation's trust tests, such as a present beneficial interest in more than 50% of its assets or income.⁠^{[2]Source 2}⁠^{[6]Source 6}

Foreign state social security: a right to future benefits from a foreign government's social security-type program is not reported on the FBAR or on Form 8938.⁠^{[5]Source 5}

FBAR and Form 8938 are different forms. An interest in a foreign pension or deferred compensation plan is reported on Form 8938 if you meet its threshold, even where the FBAR position is unclear. Foreign social security-type benefits go on neither form.⁠^{[4]Source 4}⁠^{[5]Source 5}

Income tax on pension distributions, treaty positions and foreign trust reporting are separate questions that can need specialist advice. A tax treaty position doesn't change whether you are a U.S. resident for FBAR purposes.⁠^{[2]Source 2}⁠^{[3]Source 3}

Retain the pension's governing plan summary, latest participant statement, institution location, account title and number (if any), trust/custodian information, rights to direct investments or withdraw, and any evidence of specific exceptions. Recordkeeping guidance explains what to retain once an FBAR account is established.⁠^{[1]Source 1}⁠^{[2]Source 2}