FBAR and FATCA are U.S. laws related to the reporting of foreign financial accounts. They primarily apply to U.S. taxpayers, including U.S. citizens, Green Card holders, and certain residents or entities.

FBAR stands for:

Foreign Bank Account Report

Officially known as FinCEN Form 114.

U.S. citizens, residents, or entities (like corporations, partnerships, LLCs, trusts). If they have foreign accounts that total more than $10,000 (even for one day)

FATCA stands for:

Foreign Account Tax Compliance Act

U.S. taxpayers who own specified foreign financial assets that exceed certain thresholds:

For individuals living in the U.S.:

• Single/Unmarried: Total value more than $50,000 (end of year) or any time during year.
• Married filing jointly: more than $100,000 end of year or any time during year.

Due on Tax Day (April 15 or extended to October 15).