@Adventine @seekingthetruth Any input on this scenario:
AIA Philam Life insurance policy in the Philippines with surrender cash value of less than $1,000 USD. I believe it is not required to report it to FBAR since it doesn't meet the treshold.
This year, it has a benefit payout of less than $10,000 (no payout in prior years) and the only feasible way to claim the benefit is via wire transfer from Phil AIA/Bank to the US Bank account. I believe this need to be reported in the income tax return but not in FBAR. Am I correct? And do I need to report it in succedding years even though there is no payout?
Thanks.