what is the difference between fatca and fbar 
the fbar and fatca reporting requirements are similar but there are several significant differences some assets should be disclosed on one form but not the other and some must be disclosed on both the report of foreign bank and financial accounts or fbar is a form required by the irs for expatriates and other citizens with certain foreign bank accounts fbars also must be filed on behalf of trusts estates and domestic entities with interests in foreign financial accounts fatca applies to individual citizens residents and non resident aliens residents and entities in u s territories must file fbars but don t need to file fatca forms the fatca requires disclosure of foreign stocks and securities partnership interests hedge funds and other private equity funds fbars are required for assets held in foreign branches of u s banks accounts where the owner has signatory authority and indirect ownership interests or beneficial interests 124