Even if the account in another country does not earn interest, it is the amount in the account that dictates reporting about the account.
U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and FinCEN Form 114, and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold.
The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCEN Form 114 which could mean both are required.
This is reporting about the account not paying tax.
If the total value is at or below $50,000 at the end of the tax year, there is no reporting requirement for the year on 8938, unless the total value was more than $75,000 at any time during the tax year.
The amount is $10,000 for Fincin 114.
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