If you have a foreign bank account and you’ve never heard of FBAR — this video could save your financial life.
The US government can fine you over $16,000 per violation for failing to report a foreign bank account. If they determine the violation was willful, that fine jumps to $165,000 or 50% of your entire account balance — per violation, per year. Most Americans living abroad have no idea this requirement even exists. Not knowing is not a legal defense.
In this video I break down exactly what FBAR is, who has to file, what the deadlines are, what the penalties look like, and — most importantly — what you can do right now if you are already behind.
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