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Form TD F 90-22.1 (Rev. 1-2012)
Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (the
“FBAR”), is used to report a financial interest in or signature authority
over a foreign financial account. The FBAR must be received by the
Department of the Treasury on or before June 30th of the year
immediately following the calendar year being reported. The June 30th
filing date may not be extended.
Who Must File an FBAR. A United States person that has a financial
interest in or signature authority over foreign financial accounts must file
an FBAR if the aggregate value of the foreign financial accounts
exceeds $10,000 at any time during the calendar year. See General
Definitions, to determine who is a United States person.
Financial Account. A financial account includes, but is not limited to, a
securities, brokerage, savings, demand, checking, deposit, time deposit,
or other account maintained with a financial institution (or other person
performing the services of a financial institution). A financial account
also includes a commodity futures or options account, an insurance
policy with a cash value (such as a whole life insurance policy), an
annuity policy with a cash value, and shares in a mutual fund or similar
pooled fund (i.e., a fund that is available to the general public with a
regular net asset value determination and regular redemptions).
Foreign Financial Account. A foreign financial account is a financial
account located outside of the United States. For example, an account
maintained with a branch of a United States bank that is physically
located outside of the United States is a foreign financial account. An
account maintained with a branch of a foreign bank that is physically
located in the United States is not a foreign financial account.
Financial Interest. A United States person has a financial interest in a
foreign financial account for which:
(1) the United States person is the owner of record or holder of legal
title, regardless of whether the account is maintained for the benefit of
the United States person or for the benefit of another person; or
(2) the owner of record or holder of legal title is one of the following:
(a) An agent, nominee, attorney, or a person acting in some other
capacity on behalf of the United States person with respect to the
(b) A corporation in which the United States person owns directly or
indirectly: (i) more than 50 percent of the total value of shares of
stock or (ii) more than 50 percent of the voting power of all shares
(c) A partnership in which the United States person owns directly or
indirectly: (i) an interest in more than 50 percent of the partnership's
profits (e.g., distributive share of partnership income taking into
account any special allocation agreement) or (ii) an interest in more
than 50 percent of the partnership capital;
(d) A trust of which the United States person: (i) is the trust grantor
and (ii) has an ownership interest in the trust for United States
federal tax purposes. See 26 U.S.C. sections 671-679 to determine
if a grantor has an ownership interest in a trust;
(e) A trust in which the United States person has a greater than 50
percent present beneficial interest in the assets or income of the
trust for the calendar year; or
(f) Any other entity in which the United States person owns directly
or indirectly more than 50 percent of the voting power, total value of
equity interest or assets, or interest in profits.
Person. A person means an individual and legal entities including, but
not limited to, a limited liability company, corporation, partnership, trust,
Signature Authority. Signature authority is the authority of an individual
(alone or in conjunction with another individual) to control the disposition
of assets held in a foreign financial account by direct communication
(whether in writing or otherwise) to the bank or other financial institution
that maintains the financial account. See Exceptions, Signature
United States. For FBAR purposes, the United States includes the
States, the District of Columbia, all United States territories and
possessions (e.g., American Samoa, the Commonwealth of the Northern
Mariana Islands, the Commonwealth of Puerto Rico, Guam, and the
United States Virgin Islands), and the Indian lands as defined in the
Indian Gaming Regulatory Act. References to the laws of the United
States include the laws of the United States federal government and the
laws of all places listed in this definition.
United States Person. United States person means United States
citizens; United States residents; entities, including but not limited to,
corporations, partnerships, or limited liability companies created or
organized in the United States or under the laws of the United States;
and trusts or estates formed under the laws of the United States.
Note. The federal tax treatment of an entity does not determine whether
the entity has an FBAR filing requirement. For example, an entity that is
disregarded for purposes of Title 26 of the United States Code must file
an FBAR, if otherwise required to do so. Similarly, a trust for which the
trust income, deductions, or credits are taken into account by another
person for purposes of Title 26 of the United States Code must file an
FBAR, if otherwise required to do so.
United States Resident. A United States resident is an alien residing in
the United States. To determine if the filer is a resident of the United
States apply the residency tests in 26 U.S.C. section 7701(b). When
applying the residency tests, use the definition of United States in these
Certain Accounts Jointly Owned by Spouses. The spouse of an
individual who files an FBAR is not required to file a separate FBAR if
the following conditions are met: (1) all the financial accounts that the
non-filing spouse is required to report are jointly owned with the filing
spouse; (2) the filing spouse reports the jointly owned accounts on a
timely filed FBAR; and (3) both spouses sign the FBAR in Item 44. See
Explanations for Specific Items, Part III, Items 25-33. Otherwise, both
spouses are required to file separate FBARs, and each spouse must
report the entire value of the jointly owned accounts.
Consolidated FBAR. If a United States person that is an entity is
named in a consolidated FBAR filed by a greater than 50 percent owner,
such entity is not required to file a separate FBAR. See Explanations for
Specific Items, Part V.
Correspondent/Nostro Account. Correspondent or nostro accounts
(which are maintained by banks and used solely for bank-to-bank
settlements) are not required to be reported.
Governmental Entity. A foreign financial account of any governmental
entity of the United States (as defined above) is not required to be
reported by any person. For purposes of this form, governmental entity
includes a college or university that is an agency of, an instrumentality
of, owned by, or operated by a governmental entity. For purposes of this
form, governmental entity also includes an employee retirement or
welfare benefit plan of a governmental entity.
International Financial Institution. A foreign financial account of any
international financial institution (if the United States government is a
member) is not required to be reported by any person.
IRA Owners and Beneficiaries. An owner or beneficiary of an IRA is
not required to report a foreign financial account held in the IRA.
Participants in and Beneficiaries of Tax-Qualified Retirement Plans.
A participant in or beneficiary of a retirement plan described in Internal
Revenue Code section 401(a), 403(a), or 403(b) is not required to report
a foreign financial account held by or on behalf of the retirement plan.
Signature Authority. Individuals who have signature authority over, but
no financial interest in, a foreign financial account are not required to
report the account in the following situations:
(1) An officer or employee of a bank that is examined by the Office of
the Comptroller of the Currency, the Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance Corporation, the Office
of Thrift Supervision, or the National Credit Union Administration is not
required to report signature authority over a foreign financial account
owned or maintained by the bank.
(2) An officer or employee of a financial institution that is registered
with and examined by the Securities and Exchange Commission or
Commodity Futures Trading Commission is not required to report
signature authority over a foreign financial account owned or maintained
by the financial institution.