Abroad in America
As a non-US citizen living and working in the United States, you face many new challenges when it comes to learning and understanding a completely new financial and tax system. Pension plans, taxation of income (both here and abroad), and investments, along with retirement accounts and estate planning considerations, can seem overwhelming. This often leads to inaction and mistakes. The goal of this podcast is to help non-US citizens and cross-border families living and working in America implement effective strategies to take full advantage of the opportunities to create wealth offered to you in the United States, both while you are in America and even once you have left. Sit back and listen as you go behind the scenes with financial planner, author, and speaker Jimmy Miller to learn how to make your time in America as financially rewarding as possible. Be sure to subscribe so you don't miss out on any future episodes. Visit https://www.BaobabWealthAbroad.com for more information and free resources.
Abroad in America
Your Foreign Accounts and the US Rules You Can't Ignore
https://baobabwealth.com/foreigners-in-america/
In this episode of Abroad in America, host Jimmy Miller, founder of Baobab Wealth Abroad, tackles one of the most misunderstood, ignored, and frankly feared parts of being a foreign national working in the United States: the FBAR (Foreign Bank Account Report).
Jimmy breaks down what FBAR actually is, who has to file it, and why it exists—all in plain English, without the scare tactics. If you're an expat in the U.S. with bank accounts, investments, or pensions back home, this may be the most important episode you listen to all year.
You’ll learn how that seemingly harmless checking account you opened at 18, the joint account you share with your parents, or the savings account you keep just to pay grandma’s bills can all add up to FBAR reporting requirements—even if you never earn a cent of interest.
Jimmy also explains why the U.S. doesn’t just care about what you earn here, but about your worldwide accounts and income once you’re considered a “U.S. person” for tax purposes, and how global reporting rules mean those foreign accounts are anything but invisible.
In this episode, you’ll hear:
- What the FBAR (FinCEN Form 114) actually is and how it differs from your regular tax return
- The $10,000 rule: when your combined foreign account balances trigger a filing requirement—even for just one day
- Who is considered a “U.S. person” for tax purposes (citizens, green card holders, and expats who meet the substantial presence test)
- The kinds of accounts that do count for FBAR reporting—checking, savings, investments, some foreign pensions, and even joint or signature-only accounts
- What doesn’t count, like credit cards, loans, and U.S. accounts held at foreign branches
- How and where you file the FBAR, key deadlines, and why most people treat October 15th as the practical cutoff
- The difference between non-willful and willful penalties, and why voluntary correction can make a big difference
- A simple, reassuring perspective: this isn’t about punishing everyday expats—it’s about global compliance, and it’s manageable once you know the rules
Jimmy closes the episode with a reminder that being global comes with responsibilities, but you don’t have to navigate them alone. Understanding FBAR turns it from a scary acronym into just another part of “adulting” in America—right up there with figuring out health insurance and why the milk tastes different.
If you found this helpful, share it with a fellow expat, coworker, or friend who has financial ties back home and might not know about FBAR yet.
In the next episode, Jimmy dives into another major reporting issue for expats: your investments and retirement accounts back home, and how the IRS views many of them as PFICs (Passive Foreign Investment Companies)—a topic that can be just as confusing and frustrating as FBAR, but just as important to understand.
Until then: stay curious, stay compliant, and keep exploring.