U.S. TAX GUIDE IN IRELAND
Do US citizens in Ireland have to file an FBAR? 
Yes, if you’re a US citizen living in Ireland and your foreign accounts total more than US$10,000 at any point during the year, you must file an FBAR (Foreign Bank Account Report). This helps the US government monitor funds held abroad.
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What counts toward that US$10,000?
It’s not just your bank accounts. If you have savings, checking, investment accounts, or even some retirement accounts like pensions, you need to add them all up.
If the combined value exceeds US$10,000 at any time during the year, you’re required to file.
Which accounts need to be reported?
- Bank Accounts: Savings, checking, and deposit accounts held outside the US.
- Investment Accounts: Brokerage accounts, securities holdings, and certain types of mutual funds.
- Retirement Accounts: Depending on their structure, accounts like pensions might also need to be reported.
- Other Financial Accounts: This includes accounts like PayPal or Wise, as well as some insurance policies.
How do you figure out if you need to file?
Add up the highest balances of all your foreign accounts during the year.
If at any point the total exceeds US$10,000, you need to file an FBAR, even if some accounts have little money in them.
When is the FBAR due?
The FBAR is due by April 15 for the previous year, but there’s an automatic extension until October 15. This means you have a bit more time if you miss the April deadline.
What happens if you don’t file on time?
Penalties for missing the FBAR deadline can be serious:
- Non-Willful Penalty: Up to US$10,000 per violation if you didn’t know you had to file.
- Willful Penalty: If you intentionally didn’t file, you could face penalties as high as US$100,000 or 50% of the account balance—whichever is greater.
How do you actually file an FBAR?
You file the FBAR online using the BSA E-Filing System:
- Get Started: Visit the BSA E-Filing website.
- Fill Out FinCEN Form 114: You’ll need details like account numbers, the bank’s name, and the highest balance during the year.
- Review and Submit: Double-check all the details before submitting electronically.
Should you get professional help with your FBAR?
If your financial situation is simple, you might be able to file the FBAR yourself.
But if you have multiple accounts or are unsure about what to report, it’s a good idea to consult a tax professional who understands US-Ireland tax rules. This can help you avoid mistakes and penalties.
