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Neobanks and taxes: this big fine you risk if you do not declare your account –


Update of 04/27 with the new deadlines for 2021 taxes – Seduced by the strengths of neobanks, you succumbed by opening a free or premium account with N26, Orange Bank, Revolut, Nickel, Monese or Ma French Bank…? With their costs to the floor and their mobile applications user friendly, they have it all. Except that the customers of three of these establishments are forced to carry out an administrative process not very pleasant, under penalty of risking a fine.

Indeed, if you have set your sights on N26, Monese or Revolut, you have a foreign account, as evidenced by your bank identification number (IBAN) which begins with DE (for Deutschland) for the first and with GB (Great -Britain), for the other two. However, a tax rule requires that any account held abroad is declared to the tax service. And to depart from it by omitting to declare your accounts in these neobanks is done at your own risk!

Declare your N26, Monese or Revolut account for taxes: when and how?

It does not matter whether the main or secondary current account that you opened with N26, Monese or Revolut is weakly credited, or even zero, it must be declared to the tax authorities. And everything is a question of timing: the account must be brought to the attention of the tax authorities when filing the income tax return on impots.gouv.fr. In other words, right now.

You still have a few days to prepare for the exercise or correct your declaration if you have failed to declare your foreign account. Deadlines differ depending on your department of residence:

  • Wednesday May 26, 2021 at midnight for departments 01 to 19, as well as non-resident taxpayers in France;
  • Tuesday, June 1, 2021 for departments 20 to 54 (including Corsica);
  • Tuesday, June 8, 2021 for departments n ° 55 to 974/976.

Declaring your N26 and Revolut foreign accounts requires you to fill out a complementary form to the classic income tax return: the 3916.

Use form n ° 3916 which you can select directly when filing online by choosing appendix n ° 3916 entitled “Declaration by a resident of an account opened outside France”.

A dense and long document like an arm is displayed, which should not discourage you: if it is your personal account, you only have to fill in parts 1 and 4. You must include your identity and your contact details. as well as the name and address of the neobank, the number of the account (s) held and the date on which you opened them.

Note: once your account has been declared, you will not have to take the same exercise in the following years. You just have to confirm that you still have the account by validating the form without opening it at the very end of your declaration.

What are you risking if you do not declare your account?

Customers of N26, Monese and Revolut with administrative phobia might be tempted to shirk this obligation. They would be wrong! Because in the event of control by the tax services, the bill to be paid could quickly climb. The General Tax Code provides for a fine of € 1,500 in case of forgetting! And this can reach 10,000 € per undeclared bank account “when the offense relates to the non-declaration of a bank account held in a State or territory which has not concluded an administrative assistance agreement with France with a view to combating tax fraud and tax evasion allowing the ‘access to banking information “, indicates the Official Bulletin of Public Finances.

Please note, this € 1,500 fine is incurred per account and also per year of detention! Fortunately, the administration can only control until the end of the third year following that for which the tax is due. In other words, at worst, it can offload you € 4,500 if it catches you. But it can be more severe if the account has ever been credited with a large amount, for example after receiving an inheritance or selling real estate. In these cases, it is no longer a fine that you risk, but, at worst, an increase of 80% on the duties due on these sums. In other words, you will only have your eyes left to cry on!

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