Revolut and N26 have become popular choices for many users, offering free or low-cost cards for worldwide transactions without fees. In a significant move, both neobanks now provide FR IBANs, making it easier for users to receive their salary and simplify income tax declarations in France.
Previously, accounts with Revolut and N26 were established abroad in Lithuania (LT) and Germany (DE) respectively. However, any foreign bank account must be declared to the French tax authorities to avoid fines ranging from 1,500 to 10,000 euros.
While the transition to FR IBANs at Revolut and N26 simplifies things for users, there is one crucial detail not to overlook – the closure of accounts opened abroad must also be declared. The process involves filling out an annex in the income tax return, ensuring compliance with legal requirements.
Revolut and N26 are actively guiding their customers through this process, emphasizing the importance of declaring the closure of accounts previously domiciled in foreign countries. For those who made the switch in 2023, the declaration must be made in 2024, bringing peace of mind for their income tax returns. As for those transitioning in 2024, they will need to declare the closure in 2025.
If you’re uncertain about your situation, it is advisable to seek assistance from your bank for guidance. Ultimately, ensuring compliance with tax regulations will help you avoid penalties and maintain financial peace of mind. Join a tech enthusiast community on Discord for mutual help and shared passion for the latest in technology.
