Higher penalties if you own up to foreign bank accounts

Residents are meant to declare all foreign accounts – and income from such accounts – on their annual income tax declaration.

If you have not done so, you may own up to them (known as régulariser). In such cases tax is payable for recent years when the accounts were not declared, plus a percentage increase applied to the tax, plus fines (though the penalties are not as punitive when non-declared accounts are discovered by the tax office). This now includes a 35% increase (up from 30%), or 25% (up from 15%) for accounts gained ‘passively’ (such as through an inheritance).