Who this is for: This guide is written for US citizens, green card holders and other US persons living in France who hold French bank accounts, assurance-vie policies or other foreign financial accounts. It explains the FBAR, when you have to file it, and what happens if you have not been filing.
If you are a US person living in France, your French bank almost certainly asked you about your US status when you opened your account. That is FATCA at work, and it is closely related to a separate obligation many Americans abroad do not realize they have: the FBAR. The FBAR is not a tax. It is an informational report, and failing to file it carries some of the steepest penalties in the US tax system, even when no tax is owed.
The good news is that the rule itself is simple, and for most people compliance is straightforward once they understand it. This guide walks through who must file, the threshold, which French accounts count, the deadline, the penalties, and what to do if you are behind.
What the FBAR actually is
FBAR stands for Report of Foreign Bank and Financial Accounts. It is filed electronically as FinCEN Form 114 with the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury. It is filed separately from your federal income tax return, through the BSA E-Filing System, not with the IRS.
The purpose is disclosure, not taxation. The US government uses the FBAR to see where US persons hold money outside the United States. You can owe zero US tax and still be required to file an FBAR.
Who has to file
You generally must file if you are a US person and the total value of your foreign financial accounts exceeded $10,000 at any point during the calendar year. A US person includes US citizens, green card holders (lawful permanent residents), and US tax residents, as well as US entities such as corporations, partnerships, LLCs and certain trusts and estates.
Living in France does not change this. The obligation applies to US persons wherever they live. It also applies whether or not the account produces income, and whether or not you filed a US tax return that year.
- Financial interest: you own the account, or you own the entity that owns it.
- Signature authority: you can control the disposition of funds even if the account is not yours, for example a French business account you manage or a relative’s account for which you are a mandataire. Signature-authority-only accounts are still reportable, though some narrow exceptions exist.
The $10,000 threshold, explained
The threshold is an aggregate, not per account, and it is triggered by the highest balance at any single moment in the year, not the year-end balance. Add up the maximum value of every foreign account during the year. If the combined figure passed $10,000 on even one day, you report all of your foreign accounts, including those well under $10,000.
A common example: you held roughly €6,000 in a current account and €5,000 in a livret. Neither account alone reaches $10,000, but together they exceed it, so both must be reported. Amounts in euros are converted to US dollars using the US Treasury year-end exchange rate.
Which French accounts count
Most French financial products a US person is likely to hold are reportable. The following are commonly reported:
- Compte courant and comptes sur livret (current and savings accounts), including Livret A, LDDS and similar.
- Assurance-vie policies. These are reportable foreign financial accounts, and they frequently also raise separate PFIC and Form 8938 issues, which are beyond the scope of this guide.
- Plan d’Épargne en Actions (PEA) and ordinary securities accounts (comptes-titres).
- Foreign pension and certain company savings arrangements may be reportable depending on their structure.
- Business accounts over which you have signature authority, and joint accounts you hold with a spouse or family member.
Note: Whether a specific product is reportable can depend on its exact legal structure. Assurance-vie in particular is nuanced and interacts with other US filings. Certain foreign retirement arrangements also need a separate analysis depending on their exact legal structure, both for the FBAR and for other US filings. Treat the list above as a starting point, not a final determination for your situation.
FBAR is not the same as Form 8938 (FATCA)
Many US persons in France must file both the FBAR and IRS Form 8938, and the two are easy to confuse. They have different agencies, thresholds and scope. Filing one does not satisfy the other.
FBAR (FinCEN 114) | Form 8938 (FATCA) | |
Filed with | FinCEN (Treasury), via BSA E-File | IRS, attached to Form 1040 |
Threshold | $10,000 aggregate, any day | From $50,000; higher for those living abroad (up to $600,000 for married couples abroad) |
Covers | Foreign financial accounts | A broader set of foreign financial assets, including some non-account assets |
Deadline | Apr 15, auto-extended to Oct 15 | With your income tax return |
Because the Form 8938 thresholds are much higher for Americans living abroad, some people in France will file an FBAR but not a Form 8938. Others will need both. The correct answer depends on your total balances and asset types.
Deadline and how to file
The FBAR for a given calendar year is due April 15 of the following year, with an automatic extension to October 15. You do not need to request the extension and there is no separate form for it.
Filing is done online through the BSA E-Filing System on FinCEN’s website. You report each account’s maximum value during the year, the institution and account number. There is no tax payment involved. Keep your records, as balances and institution details must be reported accurately.
Penalties, and why they matter
FBAR penalties are unusually severe for an informational form, which is why the obligation is worth taking seriously. The figures below are the current maximums and are adjusted annually for inflation, so treat them as indicative rather than fixed.
- Non-willful violations: a maximum of around $16,536 per report for 2025, adjusted annually. This applies where the failure was not intentional.
- Willful violations: the greater of roughly $165,353 or 50% of the account balance, and potential criminal exposure in the most serious cases.
A key point in the taxpayer’s favour: in Bittner v. United States (2023), the US Supreme Court held that the non-willful penalty applies per report (per year), not per account. Someone who failed to file for several years with multiple accounts faces a penalty tied to the number of missed forms, not the number of accounts. This substantially reduced exposure for non-willful cases, though willful conduct is treated very differently.
If you have not been filing
Many Americans in France discover the FBAR years after moving. If that is you, the situation is usually fixable, and the IRS offers dedicated programs for taxpayers whose failure was non-willful, most commonly the Streamlined Filing Compliance Procedures. These allow eligible people to catch up on past FBARs and tax returns, generally without the non-willful penalties, provided the omission was genuinely not intentional.
Do not simply file six years of late FBARs on your own without understanding which path fits your facts. The right approach depends on whether you also have unfiled tax returns and on how the omission is characterised. This is worth professional review before you act.
Common mistakes to avoid
- Assuming no tax means no filing. The FBAR is independent of whether you owe US tax.
- Forgetting assurance-vie, PEA or company savings accounts. These are easy to overlook and are commonly reportable.
- Ignoring accounts you only have signature authority over, such as a French business account.
- Using the wrong exchange rate. Convert year-end balances using the US Treasury rate.
- Confusing the FBAR with Form 8938. They are separate filings with separate rules.
- Filing late FBARs quietly when a formal program would protect you better.
How Expand CPA can help
Expand CPA is a Franco-American accounting and tax advisory firm with offices in Paris, New York and Tel Aviv. We regularly help US persons in France meet their FBAR and wider US reporting obligations, coordinate FBAR filing with Form 8938 and the French side of your tax picture, and guide clients who are behind through the Streamlined Filing Compliance Procedures. If you are unsure whether you should be filing, or you think you may be late, our team can review your situation and set out your options.
Disclaimer: Tax and reporting rules change frequently, and thresholds and penalty figures are adjusted over time. This article reflects the rules as generally understood at the time of writing and is provided for general information only. It is not tax or legal advice. Please consult a qualified adviser about your specific circumstances.
Frequently Asked Questions
Do I have to file an FBAR if I owe no US tax?
Yes. The FBAR is an information report and is required whenever your foreign accounts exceed the threshold, regardless of whether any US tax is due.
Does my French assurance-vie need to be reported?
In most cases yes. Assurance-vie is generally a reportable foreign financial account, and it can also raise separate PFIC and Form 8938 issues.
What if I have never filed an FBAR?
Eligible taxpayers can usually catch up through the IRS Streamlined Foreign Offshore Procedures, generally without penalties, provided the omission was non-willful.
