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Do I have to declare bank accounts held abroad?

May 2, 2023

You are a company director in France and you have bank accounts abroad, like with N26, Wise or Revolut? Did you know that you have an obligation to declare these accounts to the French tax authorities? We explain.

The obligation to declare foreign bank accounts

Since 2019, all French taxpayers are required to declare bank accounts they hold abroad, i.e. outside France.

This obligation applies to all types of bank accounts, whether personal or business. It also applies to life insurance policies and digital asset accounts.

When to report

Thus, accounts held in foreign banks, such as N26, Wise or Revolut, must be declared.

The declaration must be made every year.

It must be done no later than May 31 of the year following the year for which the return is to be filed.

What are the risks in the event of a breach?

If you do not comply with this obligation, you will first be fined 1,500 euros per undeclared bank account.

But, if the French tax authorities discover that you have failed to declare foreign bank accounts, you risk an additional fine of 10,000 euros.

For individuals, an income tax reminder may be issued over a period of 10 years for bank accounts that generate interest, dividends or capital gains, with an increase of up to 80%.

The PayPal exception

On the other hand, users of PayPal users in France are not subject to this obligation. This is provided that their PayPal account is backed by another bank account opened in France. This account must only be used for online payments or receipts of less than 10,000 euros.

How to declare foreign bank accounts

The declaration of foreign bank accounts is done online, on the website

If you are a professional, you must declare your foreign bank accounts in your annual income tax return.

If you are an individual, you must fill out a specific declaration, the n°3916 declaration. This declaration must be completed for each bank account held abroad.

The declaration n°3916

To make this declaration, you must check box 8UU in the online tax return and fill in form n° 3916/3916 bis, or download and print this form in case of paper declaration.

The information to be provided is:

  • The full name of the account holder;
  • The address of the account holder;
  • The country in which the account is held;
  • Name and address of the bank;
  • Bank account number.

However, the n°3916 return does not allow you to declare the income generated by these bank accounts held abroad. To declare this income as well, you must complete your classic income tax return.

Get help!

So, yes, being up to date with your tax obligations is not always easy. So, if you still have questions or if you have a doubt contact us !

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