If you are living in the US and have an interest or signature authority in a foreign account outside of the US with a total of $10,000 or more at any point during the past year then you must file an FBAR Report. The penalty for non-disclosure can be $10,000 per instance of non-compliance for each year non-filed or 50% of the total balance in your foreign account. Call me if you need help starting this process or to find out if this applies to you.
