FBAR must be filed by a US person that has a financial interest in or signatory authority over foreign financial accounts if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Note that this Form applies to accounts which are directly, indirectly and constructively owned; it further applies to situations where a US person has signatory or other authority over a foreign account.
It is important to understand that whether this Form needs to be filed often depends on the filer’s particular facts and circumstances. This is especially true when one deals with unconventional foreign “accounts”, such precious metals accounts, foreign life insurance accounts, et cetera.
FBAR must be filed by US individuals, US business entities and US trusts.