FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:
- $200,000 on the last day of the year
- Or $300,000 at any point during the year
Married filing jointly:
- $400,000 on the last day of the year
- Or $600,000 at any point during the year
Specified foreign assets include (but are not limited to):
- Any financial account maintained by a foreign financial institution
- Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
- Stock or securities issued by someone other than a US person
- Any interest in a foreign entity
- Any financial instrument or contract that has as an issuer or counter-party that is other than a US person
Specified foreign assets would include your foreign bank accounts, but not assets such as your home.
The fee to file Form 8938 includes reporting of up to 5 accounts. If there are more than 5 accounts to report, there is an additional fee of $50 for each additional 5 account block.