I read the FINCEN website and FBAR filing rules. It seems children have their own responsibility to file a report. I take this to mean that if they have a regular Japanese bank account under their name, as long as they do not go over the $10,000 threshold, they do not need to file an FBAR. This is regardless if the parent has FBAR obligations. Is my understanding correct? Anything else I need to take into account?
by No-Disk1640