FBAR questions: Americans in Europe
Accounts in several European countries, fintech banks, European pensions and why treaties don't remove the FBAR.
4 questions
- Do I add up accounts in different European countries for the FBAR?Yes, the $10,000 test covers all your foreign accounts together, wherever they are and whatever their currency.
- Do I report a European pension on the FBAR?Individual pension accounts in your name are normally reportable, but the answer for collective workplace pension funds is unsettled.
- Does a tax treaty or European tax residency exempt me from the FBAR?No, a tax treaty, foreign tax residency or owing no U.
- I'm moving back to the U.S. What happens to my European accounts on the FBAR?Report every European account on the FBAR for the year you move, including accounts you close, if your foreign accounts together exceeded $10,000.