Do I need to file FBAR while living in the UAE?

Yes, if you have foreign bank accounts with the total highest balance exceeding $10,000 at any point in the year, you must file an FBAR. This is the combined total balance of all your bank accounts, not individual.

When is the FBAR deadline?

FBAR forms are due by April 15, but there’s an automatic extension to October 15. Remember, FBAR is a reporting requirement and doesn’t involve paying taxes on the balance.

How do joint or company accounts affect FBAR?

You must report joint accounts if you have control over them, as well as any company accounts where you have signature authority.

What are the key points to remember about FBAR filing?

  • Deadlines and Requirements: Ensure you know the filing deadlines and requirements.
  • Separate from Tax Returns: FBAR is for reporting account balances and is separate from your tax return.
  • Seek Professional Advice: Consult a tax professional for complex situations to ensure compliance.

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