Foreign bank accounts and life insurance policies, what and how to report to the French tax authorities?
Income tax return 2020 for people having their abode in France : you should not forget to report your accounts opened, used, closed or simply held abroad during the year 2020 (form 3916), specifically when boxes 8UU and 8TT of the form 2042 have been pre-checked by the tax authorities, which means that they know!
This concerns accounts receiving securities, shares or cash and also the accounts helds in neobanks (eg Revolut, N26).
Objective: to avoid the € 1,500 fine per unreported account (or even € 10,000 depending on certain countries) or the 80% tax surcharge in the event of taxable income.
For accounts not reported in the previous years (up to 10 years backwards): an adjustment/regularisation is possible and to be analysed on a case-by-case basis, taking into account tax and criminal issues.
