You must know the rules when it comes to paying tax in France says Jennie Poate, advisor at Beacon Global Wealth…
Declaring your bank account details in France
If you are tax resident in France, each year you must declare your bank accounts, investment policies and insurance contracts to the French tax authority.
You are obligated to declare every account that was opened, closed or used during the year. This includes ‘Assurance Vie’ policies which are not based in France, including Luxembourg and Eire.
The requirement doesn’t include accounts used to make payments for online purchases or deposits relating to sales of goods that are less than €10,000 a year for all accounts combined.
Penalties of up to €1500 per year per account may be given, and even taxation of presumed earnings of 40%. If you haven’t declared in the past then it is best to contact the tax office directly either through your online portal or at the tax office and explain that you made an error. Recently penalties have been more frequent due to information sharing between tax jurisdictions. If you have any doubt at all – check with your tax office!
A useful link in English explains your obligations and there is a specific CERFA form 3916 which you can download from the French Impot website:
If you would like a no-obligation, free consultation about your financial situation contact Jennie Poate, Head of Operations
www.beaconglobalwealth.com; jennie @ bgwealthmanagement.net
The information on these pages based on current regulations is intended only as an introduction only and is not designed to offer solutions or advice. Beacon Global Wealth management are not tax advisors or accountants. Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page.
The financial advisers trading under Beacon Wealth Management are members of Nexus Global (IFA Network). Nexus Global is a division within Blacktower Financial Management (International) Limited (BFMI).All approved individual members of Nexus Global are Appointed Representatives of BFMI. BFMI is licenced and regulated by the Gibraltar Financial Services Commission and bound by their rules under licence number FSC00805B