Even if your income falls below the filing threshold, it's essential to note that you're still required to file an FBAR if the aggregate balance of your foreign accounts exceeded $10,000 at any time during the year. This applies to the total balance across all your foreign accounts.
Additionally, we recommend considering reporting for FATCA on your Federal Tax Return if your assets meet the filing threshold. Failure to file Form 8938 can result in a $10,000 penalty for those who are required to submit it. For single filers living outside the US, if your specified foreign assets amount to $200,000 or more on the last day of the year, or exceed $300,000 at any point during the year, filing is necessary. For married individuals filing jointly, the thresholds increase to $400,000 at year-end and $600,000 at any point during the year.
Find more about FBAR and FATCA form here: FBAR vs. Form 8938: Which Should You File?