If you're a US person with a Singapore Pte Ltd, you almost certainly owe both an FBAR (FinCEN 114) and a Form 8938 (FATCA). Many founders file one and miss the other - they're separate obligations with different thresholds, different agencies, and different penalties. This piece walks through what each form requires, when to file, what counts as a foreign account or asset, and how to fix things if you're behind.
Reminder of who's a "US person" for these rules: US citizens (including accidental Americans), green card holders (regardless of where you live), and US tax residents (anyone meeting the substantial presence test). If you're none of these, FBAR and Form 8938 don't apply to you.
FBAR (FinCEN 114) at a glance
FBAR is filed with the Financial Crimes Enforcement Network (FinCEN), not the IRS. It's separate from your tax return. The trigger is owning, or having signature authority over, foreign financial accounts whose aggregate maximum balance exceeded US$10,000 at any point during the calendar year.
Who must file:
- US citizens, green card holders, US tax residents
- US trusts and estates
- US entities (LLCs, corporations, partnerships) with foreign accounts
What counts as a foreign financial account:
- Singapore bank accounts (DBS, OCBC, UOB, Standard Chartered, etc.)
- Singapore brokerage accounts (DBS Vickers, Phillip Securities, IBKR Singapore entity, etc.)
- Singapore fintech wallets if held in your name (Wise, Revolut, Aspire, Airwallex)
- Singapore CPF accounts (yes, these count)
- Singapore Pte Ltd corporate accounts where you have signature authority
- Cash-value foreign life insurance policies
What doesn't count: US-based brokerage accounts even if they hold foreign securities, US-based bank accounts even if held in foreign currency, your Singapore Pte Ltd's shares themselves (those are reported on Form 8938, not FBAR).
Form 8938 (FATCA) at a glance
Form 8938 is filed WITH your annual Form 1040. It's an IRS form, not a FinCEN form. It exists because of FATCA (the 2010 Foreign Account Tax Compliance Act). The reporting scope is broader than FBAR but the threshold is higher.
Thresholds (vary by filing status and residence):
| Filing status | Living in US | Living abroad (Singapore) |
|---|---|---|
| Single / MFS | $50K end-of-year OR $75K any time | $200K end-of-year OR $300K any time |
| MFJ | $100K end-of-year OR $150K any time | $400K end-of-year OR $600K any time |
What counts as a "specified foreign financial asset":
- Everything that counts for FBAR
- Plus: Singapore Pte Ltd shares you hold directly (the equity itself, not just the bank accounts)
- Foreign mutual funds, foreign trusts, foreign pension interests beyond US-qualified plans
- Foreign-issued debt instruments held outside US accounts
- Interests in foreign entities that hold financial assets
FBAR vs Form 8938: the side-by-side
| Element | FBAR (FinCEN 114) | Form 8938 |
|---|---|---|
| Filed with | FinCEN (BSA E-Filing System) | IRS (with Form 1040) |
| Threshold (US resident) | $10K aggregate | $50K - $150K depending on status |
| Threshold (foreign resident) | $10K aggregate | $200K - $600K depending on status |
| Triggered by signature authority alone? | Yes | No - requires ownership |
| Reports Singapore Pte Ltd equity? | No (just accounts) | Yes |
| Deadline | April 15 (auto-extended to October 15) | Same as Form 1040 (April 15 or October 15 with extension) |
| Penalty (non-willful) | Up to $10K per violation | $10K + $10K per 30 days, max $50K |
| Penalty (willful) | Up to $100K or 50% of account balance | 40% understatement penalty + criminal charges possible |
When you file BOTH (most US founders)
Most US founders with a meaningful Singapore Pte Ltd cross both thresholds. A typical setup:
- Personal Singapore bank account: S$30K balance → already past FBAR threshold
- Singapore Pte Ltd corporate account: S$200K operating cash → personal FBAR (signature authority) + entity-level if you own >50%
- CPF balance: S$80K → adds to both FBAR and Form 8938 totals
- Singapore Pte Ltd equity: $500K valuation → triggers Form 8938 even if accounts alone wouldn't
You file both, separately, by the same deadline.
How to file FBAR (it's online and simple)
- Go to bsaefiling.fincen.treas.gov
- Create an account (one-time setup)
- Choose FinCEN Form 114
- For each account, enter: financial institution name, address, account number, type, maximum value during the year (in USD using Treasury year-end rate), whether you're owner or signature authority
- For corporate Singapore Pte Ltd accounts where you're a signatory: provide the Pte Ltd's name, address, and TIN (the Singapore UEN)
- Submit. Save the BSA Confirmation Number for your records.
FBAR is automatically extended to October 15 - no separate extension request needed.
How to file Form 8938 (with your 1040)
- Form 8938 is filed with your annual Form 1040 (or 1065/1120 for entities)
- Part I: deposit and custodial accounts (similar list to FBAR)
- Part II: other foreign financial assets (Singapore Pte Ltd equity goes here, with cost basis and FMV)
- Part III: summary of tax items related to those assets (interest, dividends, capital gains)
- Part IV: excepted assets (already reported on Form 5471, 8865, 3520, etc.)
You can avoid double-reporting: if your Singapore Pte Ltd is reported on Form 5471, the Pte Ltd's underlying assets don't need to be re-reported on 8938 - just the Pte Ltd interest itself.
Common mistakes
- Forgetting CPF. Singapore CPF is a foreign financial account for FBAR purposes. Almost all founders miss this in year 1.
- Reporting only personal accounts, not corporate. You must report the Singapore Pte Ltd's accounts on YOUR personal FBAR if you have signature authority.
- Using wrong exchange rate. Use the US Treasury year-end rate from fiscal.treasury.gov, not your Pte Ltd's accounting rate or Google rate.
- Reporting maximum balance incorrectly. FBAR wants the highest balance reached during the year, not the year-end balance. Check monthly statements.
- Filing FBAR but not Form 8938 (or vice versa). Two different forms with two different penalties.
- Missing the Pte Ltd equity on Form 8938. Even if you've never sold a share, the equity interest must be reported with FMV (you can use last 409A or last share-issuance price as a reasonable estimate).
Penalties (real and serious)
FBAR non-willful: Up to $10,000 per violation per year. Multiple unfiled FBARs = multiple penalties. The IRS can stack 6 years of penalties = up to $60,000.
FBAR willful: The greater of $100,000 or 50% of the account balance, per violation. The Bittner case (Supreme Court 2023) clarified that non-willful penalties are per-form, not per-account, but willful is still per-account. Criminal penalties can include up to 5 years imprisonment.
Form 8938: $10,000 initial penalty for failure to file, increasing by $10,000 per 30 days up to $50,000. Plus 40% understatement penalty on any tax attributable to undisclosed foreign assets.
If you're behind: Streamlined Filing Compliance
The IRS Streamlined Filing Compliance Procedures are the standard fix for non-willful past noncompliance.
Streamlined Foreign Offshore (you live abroad - in Singapore):
- File 6 years of FBARs through FinCEN
- File 3 years of amended returns with delinquent Forms 8938, 5471, etc.
- Pay any tax owed plus interest
- No penalties
Streamlined Domestic Offshore (you live in the US):
- Same filing requirements (6 years FBAR, 3 years amended returns)
- Pay any tax owed plus interest
- Plus a 5% miscellaneous offshore penalty on the highest aggregate value of unreported assets
If you have unreported income beyond just FBAR/8938 omissions, the Voluntary Disclosure Practice may be more appropriate. Both procedures require non-willfulness. Don't just start filing prospectively (that's "quiet disclosure" and doesn't protect you legally).
2026-specific updates
- The Corporate Transparency Act (CTA) beneficial ownership reporting through FinCEN BOI is now in effect for US entities. If you own a US LLC that holds a Singapore Pte Ltd, you have a BOI obligation - separate from FBAR but uses the same FinCEN portal.
- The IRS continues to expand FATCA matching. The data trail from Singapore banks to the IRS is now near-instantaneous via FATCA IGA reporting; pretending the IRS doesn't know about your Singapore accounts is no longer viable.
- FBAR penalties are inflation-adjusted. The 2026 max non-willful penalty is approximately $14,000 per violation (up from the original $10K).
Practical filing checklist
For the 2026 calendar year (filed in 2027), have ready by Jan 31, 2027:
- Year-end balance and max balance during 2026 for every Singapore account (personal + Pte Ltd corporate)
- CPF year-end statement
- Singapore Pte Ltd's annual financial statements (for Form 8938 valuation)
- Last 409A or share issuance price for the Pte Ltd
- US Treasury 2026 year-end SGD/USD rate (typically published mid-January)
- List of every Singapore institution: full legal name, address, account number, account type
How Karman supports this
Karman handles Singapore Pte Ltd setup, accounting, and ongoing corporate services. We can pull year-end statements (in SGD and USD), provide the CPF year-end balance, and generate a Form 8938 valuation memo for the Pte Ltd equity using the last share issuance price.
For the actual FBAR and Form 8938 filing, we work with US-based CPAs who specialize in expat and CFC compliance. If you're a Karman client, ask for an introduction. For broader US tax obligations, see our GILTI/NCTI guide and Form 5471 filing guide.
Official Sources
Frequently Asked Questions
Yes, in two ways. First, if you have signature authority over the Singapore Pte Ltd's bank account (almost always true if you're a director), that account must be reported on YOUR personal FBAR. Second, if you own more than 50% of the Pte Ltd, you also have a separate reporting obligation through the entity. Most US founders end up reporting both their personal Singapore accounts (DBS, Wise, Aspire held in their name) AND the Singapore Pte Ltd's corporate accounts. The $10K aggregate threshold is calculated across all foreign accounts you have any interest in or signature authority over.
Signature authority alone triggers FBAR. If you're a director of a friend's Singapore Pte Ltd and you can sign on the account, you must file FBAR even if you own zero equity. There's a narrow exception for officers of US-listed companies, but it doesn't apply to private Singapore Pte Ltds. Form 8938 is different - it's only triggered by ownership, not signature authority. So you may end up filing FBAR but not Form 8938 in some signature-only scenarios.
Yes, CPF (Central Provident Fund) accounts must be reported on FBAR. The IRS treats CPF as a foreign financial account. CPF balances also typically need to be reported on Form 8938 if you cross the threshold. The treatment of CPF earnings for US tax purposes is more complex - some practitioners treat CPF as a foreign trust requiring Form 3520/3520-A; others apply the foreign pension rules. Get specialist advice if your CPF balance is substantial.
For FBAR, use the US Treasury's year-end SGD/USD rate published at fiscal.treasury.gov. For Form 8938, the IRS allows you to use either the year-end Treasury rate or any other reasonable rate. Use the Treasury rate to be safe - the IRS publishes it specifically for these reporting purposes. For balance reporting, you report the highest balance in the account during the year (converted using the rate at that point) for FBAR; Form 8938 uses year-end values.
Probably not if you weren't willful and you fix it now. The IRS Streamlined Filing Compliance Procedures (Streamlined Foreign or Domestic Offshore) lets non-willful filers come into compliance by filing 6 years of FBARs and 3 years of amended returns, with no penalties for foreign residents and a 5% miscellaneous offshore penalty for domestic filers. The Delinquent FBAR Submission Procedure is a lighter alternative if you have no unreported income. Don't just start filing prospectively - that's quiet disclosure and doesn't protect you. Get a US tax attorney before submitting anything.