TLDR: Yes, you must declare any bank account held abroad if you are a tax resident in France. This obligation applies to all accounts opened, held, used, or closed abroad during the year, with no minimum thresholds. Failure to declare may result in penalties of up to €10,000 per undeclared account in countries without an administrative assistance agreement with France.
Declaration Obligation
If you are a tax resident in France, you must declare all bank accounts opened, held, used, or closed abroad during the year. This obligation applies to all types of accounts, regardless of balance or type (personal, joint, or where you are the economic beneficiary). The declaration must be made simultaneously with your income tax return.
Who Must Declare
The declaration obligation applies to:
- Individuals residing or domiciled in France.
- Non-commercial associations and companies established in France.
- Members of the tax household (spouse, PACS partner, dependent children).
- Economic beneficiaries or entitled parties to an account, even if not formal holders.
Each joint account holder is individually responsible for the declaration, even if only one resides in France.
Which Accounts Must Be Declared
All financial accounts opened, held, used, or closed abroad during the year must be declared, with no minimum thresholds. This includes:
- Current, deposit, or savings accounts with foreign banks or financial institutions.
- Joint accounts.
- Accounts for which you are the economic beneficiary.
- "Used" accounts, meaning those on which at least one credit or debit transaction was made during the year.
How and When to Declare
The declaration of foreign accounts must be submitted along with your income tax return. The information must be included in the main declaration, specifying the account details (e.g., IBAN, bank name, and address). There are no exemptions for accounts with low balances or in specific countries, unless an administrative assistance agreement is in place between France and the foreign state.
Penalties and Tax Consequences
Failure to declare a foreign account may result in penalties of up to €10,000 per undeclared account in countries without an administrative assistance agreement with France. Additionally, capital transfers made through undeclared accounts are considered taxable income unless proven otherwise.
Joint Accounts and Economic Beneficiaries
Each joint holder of a foreign account is individually required to declare it, even if only one resides in France. Economic beneficiaries, entitled parties, and agents holding an account on behalf of a beneficiary residing in France must also declare the account.