What is the FATCA threshold for Americans living overseas?

Having foreign accounts over a certain threshold often necessitates additional form filing. Under FATCA regulations, if an individual has more than $50K in a foreign account, they must file Form 8938. Fortunately though, these thresholds are much higher for Americans living abroad – roughly $200K is needed to trigger the requirement filing as single (or $400,000 if married filing jointly). As such, if you do not have more than $200K in foreign accounts, FATCA is unlikely to impact you.

One other form you should know about is the FBAR. The FBAR is needed if you have more than $10K in foreign accounts. If this is the case, you would need to file the last 6 years to be considered caught up. We can file the FBAR for as little as $100 per year, and this covers reporting up to five accounts.