Do foreign savings accounts have to be declared on French tax forms?

Reader Question: Do I need to declare my savings accounts abroad? I have not done so for many years, if I do need to declare them will I still be fined despite it being an honest mistake? 

Non-French bank accounts must be declared when completing income tax declarations in spring. 

They are filed using the 3916/3916 bis sections when completing the declaration (either online, or you can print the form separately and attach to your paper return if you file your taxes this way). 

The accounts of this type that must be declared, according to the tax authorities, are “All bank accounts, life insurance policies and digital assets contracts opened, held, used or closed… during the year.” 

This includes savings accounts, as well as “accounts opened with banks, investment service providers, public administrations or individuals such as notaries or money changers that receive deposits in securities, shares or cash on a regular basis,” the authorities add.

‘Used’ means any interaction with the account, including withdrawing or sending money from it. However, note that even ‘holding’ an account means it must be declared, whether you used it or not.

You can read more about declaring such accounts in our article below. 

Read more: Key errors foreigners may make with French tax declarations

Jointly-held bank accounts must also be declared. 

Unfortunately, this is one of the sections that cannot be changed after the deadlines each spring. Some other sections of the form can be altered until the end of the year.

What should I do if I have not been declaring? 

Failure to declare non-French accounts to the authorities can result in a fine of €1,500 per account, per year, rising to €10,000 for accounts in nations that do not have an anti-tax evasion treaty with France. 

An increase in information sharing between tax jurisdictions has led to more undeclared foreign account holders being tracked down. 

More recently, France’s administrative court clarified the rules for accounts used which were not originally opened in a user’s name (they must also be declared)

Read more: Foreign bank accounts: French court clarifies rules after US account case

If you reach out to the French tax authorities – via an appointment at your local tax office or a message in your personal space on the French tax site – they may be lenient, as you have admitted the error and can show it is a genuine mistake.