Under FATCA, U.S. persons (including individuals, corporations, partnerships, trusts, and estates) are required to report certain foreign financial assets on Form 8938 (Statement of Specified Foreign Financial Assets) if the aggregate value exceeds certain thresholds. For tax year 2025, the thresholds are $200,000 for unmarried taxpayers and $400,000 for married taxpayers filing jointly (https://www.irs.gov/pub/irs-drop/rp-24-40.pdf). Form 8938 must be attached to the taxpayer’s annual income tax return.