Filing FBAR as a US expat abroad — 2022 Guide to fill out your yearly report for free!

The US requires their citizens to file taxes and an FBAR, even if they are no longer residents and live abroad. In addition, they require residents to file it if they have signification foreign holdings ($10,000 or more). This is important for the US government to know that people are

The FBAR is more straightforward than taxes and can be done by yourself in a matter of minutes (if you have 1 or 2 bank accounts). No lawyer, tax preparer, or accountant is necessary for most cases.

If the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported, you are required to fill out the FBAR.

The exchange rate is based on the 12th month (December) at the 31st day of that year, you can download the spreadsheet from the Treasury. There is lots of additional information that isn’t necessary. Make sure you are at the right date, then do a find all for your selected currency.

For people residing in Israel, I already did the work and this is the exchange rate (official) as of 12/31/2021. FBAR and taxes are reporting for the prior year, so even though it’s 2022… the report is only in relation to the 2021 fiscal year.