Reporting foreign accounts, policies and trusts in France
French residents may have to report foreign bank accounts, investment accounts, insurance policies, digital-asset accounts and trusts even when no French tax is due on them.
Article 1649 A requires disclosure of reportable accounts opened, held, used or closed abroad during the year. A zero balance does not by itself remove the obligation. The standard fine under article 1736 IV is €1,500 per account and year. The increased penalty depends on the statutory test for an agreement allowing access to banking information, not simply the list of non-cooperative states. An extended reassessment period also has its own conditions and exceptions.
Four separate reporting obligations
- Bank and investment accounts held outside France: article 1649 A, with the fine at article 1736 IV. Online banks and investment platforms are accounts for this purpose, whatever they call themselves.
- Life assurance and capitalisation contracts taken out with a provider established outside France: article 1649 AA, a separate obligation from the account rules above: declaring a policy under the wrong article leaves the real obligation unmet.
- Digital asset accounts held on platforms established abroad: article 1649 bis C, with its own penalty scale at paragraph X of article 1736. This obligation is frequently missed because the holder does not think of an exchange as a bank.
- Trusts: article 1649 AB places a reporting duty on the administrator where the settlor or a beneficiary is French resident, or where a French asset is in the trust. The duty falls on the administrator, but the consequences reach the family.
Reporting and tax are separate obligations
A reporting penalty can apply even where no income tax was lost. The amount and years concerned must nevertheless be assessed under the relevant rules and limitation periods. The ten-year reassessment rule for some omissions should not be used as an automatic ten-year calculation of every account fine. Where tax is reassessed on sums held in an undeclared foreign account, article 1729-0 A applies an 80% surcharge on the tax reassessed instead of the fine, and not below the amount of the fine.
The accounts people forget
Include old current accounts, brokerage accounts, savings products and accounts closed during the year in the review. Payment and digital-asset platforms also need examination. Their legal form, location and any applicable exception determine the reporting requirement; a familiar brand name does not answer the question.
If you have already missed a year
Make a complete list of the arrangements and identify the years concerned. Then determine the forms, income corrections and supporting documents required. The consequences depend on the omission and procedure; acting voluntarily does not guarantee a particular penalty outcome. A tax professional can assist where the history or amounts make the correction complex.
The inventory to build once
Every bank and brokerage account outside France, live or dormant. Every account opened or closed during the year. Every life assurance or capitalisation policy with a foreign provider. Every digital asset account, on every platform. Every trust in which you are settlor or beneficiary, with the administrator’s contact details. Keep it as a standing list and update it annually, because the obligation is annual and memory is not.
References cited
Frequently asked questions
Do I have to declare an account with no money in it?
A zero balance does not by itself remove the duty to report an account covered by article 1649 A. An account closed during the year can also remain reportable for that year. Check whether an exception applies and distinguish the account disclosure from reporting its income.
Is a foreign life assurance policy declared like a bank account?
They fall under different provisions and reporting sections. Bank accounts are addressed by article 1649 A, while foreign life assurance and capitalisation contracts are addressed by article 1649 AA. Identify the arrangement and complete the relevant information; if it was classified incorrectly, examine a correction.
What about my crypto held on a foreign exchange?
It is separately reportable. Article 1649 bis C of the French tax code covers accounts of digital assets held with a platform established abroad, and paragraph X of article 1736 sets its own penalty scale. This obligation is easily missed because holders may not regard an exchange as an account-keeping institution and the rule is more recent than those for bank accounts. The account is reportable whether or not you disposed of anything during the year.
I have not declared for several years. What should I do?
Reconstruct the inventory and the relevant years, including any income omitted. Check the correction procedure, limitation periods and potential penalties for each category. A voluntary approach may matter, but the result should not be promised without examining the circumstances.
Does declaring an account mean I will be taxed on it?
Not by itself. Account disclosure and the taxation of income are separate questions. A reportable account may generate no taxable income; where it does, the income and treaty treatment must also be considered.
ÉTHIQUE ET PATRIMOINE, a French simplified joint-stock company (SAS), registered office at 41 rue Saint-Ferdinand, 75017 Paris, France, Paris Trade Register no. 803 414 796, VAT no. FR 40 803 414 796, registered with ORIAS under number no. 24001817 (www.orias.fr) — Financial investment adviser (CIF) no. 18002418, member of ANACOFI-CIF, a professional association approved by the Autorité des marchés financiers, and Anacofi-Courtage for its brokerage activity. Presence: Paris, Montpellier, London, Singapore, Hong Kong, Bangkok, Shanghai and Dubai.
Review my reporting position
Book a callWritten by Stéphane Molère, President of Éthique et Patrimoine — page last reviewed on 2026-09-15 — reference date for the rules: 2026-09-07.