Here are the two new countries on the French tax blacklist: those who hold an account there risk a lot

This change could be costly for those affected.

This is a part of the tax return that's best not to be overlooked when it comes to tax. French people who hold an account abroad are required to declare it to the tax authorities. In fact, the Treasury is generally already aware of its existence. For about ten years now, extensive international cooperation has been established between banks and governments, allowing the French Treasury to collect a certain amount of information.

But not all countries are playing the game. On April 18, the tax administration updated its blacklist of non-cooperative states and territories in tax matters. This refers to countries where low tax rates are applied and which do not provide the tax authorities with information on French citizens who hold accounts there. Two have been added to this list.

Among the 12 targeted nations, Antigua and Barbuda and the Turks and Caicos Islands are the "new ones." These two small archipelagos, located in the Caribbean Sea, were removed from the blacklist in 2024, after plans for a convention with the European Union—and therefore France—were considered. This came to nothing, and the two nations were therefore placed back on the list.

Alongside them are the territory of Anguilla, the U.S. Virgin Islands, Vanuatu, Fiji, Guam, Palau, Samoa, American Samoa, Trinidad and Tobago, and also... Russia. These countries are on this list due to their lack of transparency and what is considered unfair competition in terms of taxation.

Beware the temptation to move your financial assets to one of these territories. Beyond €10,000 in transactions per year, it is mandatory to declare any account held abroad to the tax authorities, even in these tax havens. However, since this can lead to a thorough tax audit, many are tempted to keep quiet.

In this case, a very heavy fine can be imposed. It amounts to at least €10,000 per account per year of ownership if the tax authorities discover that you hold one in one of these countries. This also applies to life insurance policies opened in these countries. However, the French tax authorities can also tax up to 60% of the balance in the account and increase the amount of tax due by 80%! A rather dissuasive confiscatory effect.