U.S. persons having a financial interest in or signature authority over one or more foreign financial accounts, having an aggregate value exceeding $10,000 at any time during 2014 are generally required by the Bank Secrecy Act to report their interest in the account by electronically filing by June 30, 2015, a “Report of Foreign Bank and Financial Accounts” (FBAR).[i] Such accounts include bank accounts, brokerage accounts, direct ownership of foreign mutual funds, foreign-issued cash-value life insurance, held directly, indirectly or in trust.
