TLDR: Tax residents in France must declare all foreign accounts, including Revolut, Wise, or N26, with no minimum thresholds. The obligation applies to accounts opened, held, used, or closed abroad, with penalties for omissions. The declaration is made simultaneously with the income tax return.
Who Must Declare the Foreign Account
The declaration obligation applies to all tax residents in France, including joint account holders. Every individual, association, or non-commercial company domiciled in France must report foreign account details. Joint holders are individually responsible and must declare the account as if they were the sole account holders. The obligation also extends to accounts held by passive non-financial entities controlled by French residents, excluding publicly traded companies with significant transaction volumes.
Which Accounts Must Be Declared
French regulations require the declaration of all foreign financial accounts, regardless of type. This includes deposit accounts, accounts linked to insurance contracts with surrender value or annuities, and digital asset portfolios held on foreign platforms. Accounts held by publicly traded companies are exempt, provided their securities are continuously traded on regulated markets.
How to Declare the Account
Foreign accounts must be declared simultaneously with the income or results tax return. Mandatory information includes the full name of the foreign financial institution, the account number, and the dates of opening, use, or closure. There are no minimum balance thresholds or exemptions for unused accounts.
Consequences of Omission
Failure to declare a foreign account exposes individuals to unfavorable legal presumptions. Funds in undeclared accounts are automatically considered taxable income and assets acquired free of charge, with potential application of inheritance or gift taxes if the origin of the funds is not justified. These presumptions also apply to incoming or outgoing transfers from the account.
Procedure and Deadlines
Foreign accounts must be declared simultaneously with the income or results tax return, with no need for separate forms. There are no specific deadlines beyond those for the income tax return.
Common Mistakes and How to Avoid Them
A common mistake is omitting the declaration of foreign accounts with minimal balances or unused accounts. It is important to remember that the declaration obligation applies to all foreign accounts, regardless of balance or usage. Additionally, joint holders must declare the account individually.