You must file if you are a citizen or US resident. You have a financial interest in or signature authority over an account belonging to the Fintech in a foreign country. That account is a Foreign Financial Account. The aggregate value of the account(s) exceeds $10,000 at any time during the calendar year. FBAR deadline to file is April 15. There is an automatic extension for October 15.
The Form 8938 was introduced as part of the Foreign Account Tax Compliance Act, which is referred to as FATCA. And similar to FBAR, FATCA’s purpose is to target tax noncompliance by U.S. taxpayers with foreign accounts and assets. FATCA focuses on reporting by U.S. taxpayers about certain specific foreign financial assets, which includes foreign financial accounts and other offshore assets, for example stock that a U.S. Fintech owns in a foreign company.
The Trump tax reform created an additional layer of tax reporting for U.S. Fintechs owning foreign companies: Repatriation tax. Taxation of global intangible low-taxed income (GILTI). Foreign derived intangible income (FDII). Dividends received deduction (DRD). Base Erosion and Anti-Abuse Tax.
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