Have you properly declared your accounts domiciled abroad?

Have you opened, held, used (at least once) or closed (within a year) an account abroad from the metropolis, Monaco, the overseas departments, Saint-Barthélémy or Saint-Martin? Then you have to report it to the tax authorities. The reporting requirement applies whether you are an individual, an association or a non-commercial business, simply a beneficiary of a power of attorney or even a co-holder of an account.

What should be declared?

You must declare accounts opened abroad with a banking institution or any other body or person (notary, foreign exchange agent, etc.).

These include reporting the following accounts and investments:

• bank accounts;
• digital asset accounts;
• life insurance contracts (or capitalization contracts).

The digital asset accounts and the open life insurance contracts abroad must also be declared but according to different rules.

If the following 3 conditions are met, the reporting obligation is not mandatory:

• the account which is intended to make online payments for purchases or receipts relating to sales of goods;
• the opening of the account which involves the holding of another account opened in France and to which it is backed;
• the sum of the annual receipts credited to this account that relate to sales that you make and that do not exceed € 10,000.

You risk a fine of €1,500 per undeclared account. If the latter is located in a country that has not concluded a tax evasion and avoidance convention with France, the fine will be €10,000 per account.

How to declare?

The return is made at the same time as the overall return of income for the year. You have to do it every year.

When filing your income tax online, first check box 8UU on your tax return. It can be pre-checked if the organization has sent your tax details to the administration. Then use the single form no 3916-3916a (bank accounts, digital asset accounts, and life insurance contracts).

A single declaration must be made for the same account or contract opened by spouses, whether they are both holders of it or whether one or the other has a power of attorney in the account of the principal holder.

A statement must be made for each of the accounts, contracts and investments concerned.

If you opt for the paper declaration, you can download and print this form (and its leaflet) from the following link: Form No. 3916-3916 bis.

Identify foreigner accounts

We must distinguish between a neobank and an online bank.

An online bank is backed by a traditional bank.

A neobank is a 100% dematerialized payment institution only on mobile and often domiciled abroad.

You may have opened an account abroad without realizing it.