[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” use_background_color_gradient=”on” background_color_gradient_type=”circular” background_color_gradient_direction_radial=”top” background_color_gradient_stops=”#ddd668 0%|#7c7426 100%” background_color_gradient_start=”#ddd668″ background_color_gradient_end=”#7c7426″ background_image=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Fondo-slide-1.jpg” custom_padding=”5px||120px||false|” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”209px|||||” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.4″ _module_preset=”default” text_font=”|700|||||||” text_text_color=”#010050″ text_font_size=”20px” text_line_height=”30px” header_font=”|700|||||||” header_text_color=”#A21C25″ header_font_size=”72px” header_4_text_color=”#292457″ header_4_font_size=”22px” background_layout=”dark” global_colors_info=”{}”]<\/p>\n
Foreign Bank Account Report – FBAR<\/b><\/p>\nFinCEN 114<\/b><\/h1>\n
What is FBAR?
<\/b>When do I file?
<\/b>What accounts do I have to declare?<\/b><\/p>\n
[\/et_pb_text][et_pb_button button_url=”https:\/\/outlook.office365.com\/owa\/calendar\/USTaxConsultantsPortugal@13.40.57.130\/bookings\/” button_text=”Book your free consultation” button_alignment=”left” _builder_version=”4.19.4″ _module_preset=”default” custom_button=”on” button_text_color=”#FFFFFF” button_bg_color=”#bd1521″ button_border_color=”RGBA(255,255,255,0)” button_font=”|||on|||||” custom_margin=”30px||30px||true|false” custom_padding=”9px|30px|9px|30px|true|true” animation_style=”slide” animation_direction=”top” animation_delay=”200ms” animation_intensity_slide=”13%” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-2.jpg” title_text=”Foto-slide-2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_font_size=”15px” header_3_font_size=”27px” global_colors_info=”{}”]<\/p>\n
<\/p>\n
It is a mandatory informative report of all financial accounts that US Persons (U.S. citizens, Green Card holders and resident aliens) or U.S. entities have outside the U.S.A.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” use_background_color_gradient=”on” background_color_gradient_type=”circular” background_color_gradient_direction_radial=”bottom left” background_color_gradient_stops=”#B3C0D0 10%|#EFF1F6 100%” background_color_gradient_start=”#B3C0D0″ background_color_gradient_start_position=”10%” background_color_gradient_end=”#EFF1F6″ background_image=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Fondo-slide-3.jpg” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-3-1.jpg” title_text=”Foto-slide-3-1″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_font=”||||||||” text_text_color=”#000000″ text_font_size=”15px” global_colors_info=”{}”]<\/p>\n
Its filing is mandatory. The fine is $ 10,000 per year for not filed or having done it incorrectly.<\/p>\n
[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-3-2.jpg” title_text=”Foto-slide-3-2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_text_color=”#000000″ text_font_size=”15px” global_colors_info=”{}”]<\/p>\n
The deadline for filing the FinCEN 114 is the same as your 1040.<\/p>\n
[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-3-3.jpg” title_text=”Foto-slide-3-3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_text_color=”#000000″ text_font_size=”15px” link_text_color=”#0c71c3″ global_colors_info=”{}”]<\/p>\n
The informative report Foreign Bank and Financial Accounts (FinCEN 114) has to be filed electronically using the BSA E-Filing System<\/a>.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-4-1.jpg” title_text=”Foto-slide-4-1″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n The FBAR has been filed since 1970, uninterruptedly, to the FinCEN – Financial Crimes Enforcement Network, which is part of the United States Department of the Treasury, dedicated to collecting and analyzing information on financial transactions to combat money laundering, financing terrorist and any other national or international financial crimes.<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-4-2.jpg” title_text=”Foto-slide-4-2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n FinCEN 114 must include all financial accounts both in Spain and in any other country other than the U.S.A. The list includes three sections: the accounts of which one is the owner, those that are shared and in which they have an authorized signature, even if the funds are not theirs, including the accounts of companies of which they are proxies and\/or administrators.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_image=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Fondo-slide-5.jpg” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_font_size=”15px” header_3_font_size=”27px” text_orientation=”center” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-5.jpg” title_text=”Foto-slide-5″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_font_size=”15px” header_3_font_size=”27px” global_colors_info=”{}”]<\/p>\n Yes, it is necessary to inform the names of the co-owners or authorizers, their addresses, degrees of kinship, and in the case of a U.S. citizen, the SSN must be included.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-6.jpg” title_text=”Foto-slide-6″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_font_size=”15px” header_3_font_size=”27px” global_colors_info=”{}”]<\/p>\n <\/strong><\/p>\n You must report current accounts, deposits, investment funds, securities, savings plans, life insurance and any other financial product.<\/p>\n <\/p>\n <\/b><\/p>\n No, it is simply an informative mandatory declaration.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” background_image=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Fondo-slide-7.jpg” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” text_text_color=”#000000″ text_font_size=”15px” link_text_color=”#0C71C3″ global_colors_info=”{}”]<\/p>\n <\/p>\n The declaration is individual, but if the accounts are shared with the spouse, a single declaration can be filed if both spouses sign the following authorization that need to be signed and up load to the Clients Area: FinCEN 114 Authorization<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-7.jpg” title_text=”Foto-slide-7″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/ustaxconsultants.pt\/wp-content\/uploads\/2021\/10\/Foto-slide-8.jpg” title_text=”Foto-slide-8″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.4″ _module_preset=”default” text_font_size=”15px” link_text_color=”#0C71C3″ header_3_font=”|700|||||||” header_3_font_size=”25px” custom_margin=”|-3px||-1px||” link_option_url_new_window=”on” global_colors_info=”{}”]<\/p>\n <\/p>\n The fees for its presentation vary from \u20ac160, depending on the number of financial accounts included. Please check ourfees’ page<\/a><\/strong><\/span>for more details<\/p>\n Please be sure that you upload all the information required listed in the following page:<\/strong> List of documents<\/a><\/span> to your<\/strong>Client\u2019s Area<\/a><\/strong><\/span> .<\/strong><\/span> Please fill up the Excel file that we have prepared for you: FBAR and 8938 Clients data<\/a><\/strong><\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_2_font=”|700|||||||” header_2_text_align=”center” header_2_font_size=”25px” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_blog fullwidth=”off” posts_number=”3″ show_author=”off” show_pagination=”off” _builder_version=”4.16″ _module_preset=”default” header_font=”|600|||||||” header_text_color=”#000000″ meta_text_color=”#000000″ border_width_all=”0px” border_color_all=”RGBA(255,255,255,0)” global_colors_info=”{}”][\/et_pb_blog][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_color=”#77DFDD” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_2_font=”|700|||||||” header_2_font_size=”38px” text_orientation=”center” background_layout=”dark” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_code _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]To whom is the information report sent?<\/strong><\/h3>\n
What accounts do I have to report?<\/strong><\/h3>\n
Do I have to provide the name of the person or entity with whom I share the account or am I the authorized?<\/strong><\/h3>\n
What accounts must be reported?<\/strong><\/h3>\n
Do I have to pay taxes?<\/b><\/h3>\n
Do I have to make two declarations if my spouse’s accounts are the same as mine?<\/strong><\/h3>\n
What are the preparation and filing fees?<\/b><\/h3>\n
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