Who must file Form 8938
- US citizens, regardless of residence
- US green card holders (lawful permanent residents)
- US tax residents (substantial presence test)
- Resident aliens of US Virgin Islands, Guam, Puerto Rico, etc.
Who does NOT file Form 8938
- Non-resident aliens (most Wyoming LLC owners)
- Foreign individuals with US LLC ownership
- Foreign entities
If you become a US resident
If you relocate to the US and become a tax resident, Form 8938 may apply to your foreign financial assets (foreign bank accounts, foreign brokerage, ownership stakes in foreign companies). Thresholds vary by filing status and residence:
- Single, US resident: report if foreign assets exceed $50,000 at end of year or $75,000 anytime during year
- Married joint, US resident: $100,000 / $150,000
- US citizens abroad: higher thresholds ($200,000 / $300,000 single, $400,000 / $600,000 married joint)