Offshore account in France: everything you need to know

Offshore accounts, legality, foreign account declaration requirements, the EU’s blacklist and greylist, cooperative and recommended countries for opening an offshore account, opening conditions, benefits, transfer procedures… In this guide, we’ll explain everything you need to know about offshore accounts.

By the end, you’ll know whether this is truly an opportunity worth exploring.

With a Wise account, you can transfer funds to certain offshore accounts at the mid-market exchange rate. You can hold 40+ currencies and send money to 140+ destinations.

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What is an offshore account?

An offshore account is a bank account opened with a financial institution located outside your country of residence.

For example, when you open a Wise account as a French resident, you receive a Belgian IBAN with personalized bank details.

Technically, this could be considered an offshore account!

However, the country where the account is held must generally be regarded as a tax haven for it to be classified as an “offshore account.”

How is a tax haven defined?

The concept of a tax haven is subjective. A country is only considered a tax haven because another country — or a group of countries — designates it as such.

Typically, tax havens are characterized by:

• Very low or no taxation on income or profits.
• Financial regulations offering high levels of confidentiality.

Is it legal to have an offshore account?

Yes — provided you comply with the law.

In principle, you can open an offshore account (inside or outside the European Union) and make international transfers, as long as you meet your tax declaration obligations in France.

Offshore account: must you declare a foreign account?

Yes.
According to Article 1649 A of the French General Tax Code, any French resident — individual or legal entity — that opens, holds, or closes one or more accounts abroad during the fiscal year must declare them to the tax authorities.

If the total transactions exceed €10,000 per year, you are obliged to declare the foreign bank account.

This includes offshore accounts linked to a bank account opened in France.

You must declare each account opened, used, or closed during the year using forms 3916 / 3916 bis (if not already prefilled by the tax authorities).¹

Who can open an offshore account?

In principle, anyone can open an offshore account — individuals with significant assets, companies, or freelancers who want to manage funds abroad. However, tax obligations must always be respected.

Benefits of an offshore account

Opening an offshore account can provide access to certain tax advantages, international investment opportunities, or multi-currency banking services.

Non-cooperative offshore countries: criteria used by the EU

The European Union evaluates countries based on the following criteria:

• Transparency. Compliance with international standards and bilateral agreements on information exchange.
  Example: refusal to share relevant banking information.

• Fair tax competition. Absence of harmful or discriminatory tax practices that distort competition.

• Implementation of BEPS measures. Cooperation in fighting base erosion and profit shifting (BEPS).

List of non-cooperative offshore countries

Blacklist

Blacklist of non-cooperative jurisdictions for tax purposes (European Council, February 18, 2025)	American Samoa, Anguilla, Fiji, Guam, Palau, Panama, Russia, Samoa, Trinidad and Tobago, US Virgin Islands, Vanuatu

Greylist

Greylist	Antigua and Barbuda, Belize, British Virgin Islands, Brunei, Eswatini, Seychelles, Turkey, Vietnam

Countries where you can open an offshore account

Below are countries and territories considered transparent by the EU where you can legally open an offshore account and benefit from financial advantages.

In Europe

Some European countries and territories are not considered non-cooperative tax jurisdictions.
They may therefore be interesting options for opening an offshore account.

Examples include:

• Monaco
• Andorra
• Liechtenstein
• Cyprus
• Ireland
• Luxembourg
• Malta
• Netherlands
• Switzerland

Note: These countries are not on the EU’s black or grey lists. However, some organizations — such as Oxfam — have criticized this classification.

Outside Europe

Here are examples of countries and territories outside Europe that are cooperative (not on the blacklist or greylist):

• Singapore
• Hong Kong
• United Arab Emirates
• Bermuda
• Bahrain
• Barbados
• Taiwan
• Gibraltar
• Jersey
• Morocco

How to transfer money to an offshore account

To transfer funds to an offshore account, you can open a Wise account and make an EUR transfer from your French bank account to your Wise balance.

It’s free-to-open for individuals. For businesses, there’s a one-time setup fee of €50 (no monthly or annual subscription). Learn more here.

• Create a balance in one of the 40+ available currencies.
• Then transfer funds from your EUR account to your foreign currency balance.

Wise applies the mid-market exchange rate, with transparent fees displayed before confirmation. These depend on the amount, currency, and destination.

Can the French tax authorities know about your foreign account?

Yes.
When a tax treaty exists between France and the country where your offshore account is located, the French tax authorities can be informed of its existence and balance.
See international agreements concluded with France.

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FAQ: Offshore account in France

What are unseizable bank accounts?

If your bank account is subject to seizure, the bank must leave a minimum amount available — known as the solde bancaire insaisissable (SBI, or unseizable bank balance).

SBI in 2023: €646.52.²

The bank keeps at least this amount available to you, depending on your balance:

If your balance is ≤ €646.52	Your account remains untouched.
If your balance is ≥ €646.52	The unseizable portion (social benefits, family allowances, etc.) plus €646.52 must remain available.

How to benefit from the unseizable bank balance (SBI)?

No action is needed — this is automatic.
Banks are legally required to leave at least €646.52 accessible to affected customers and to notify them in writing.

What investments are unseizable?

In principle, all non-redeemable life insurance contracts are unseizable.
A contract is considered “non-redeemable” if the beneficiaries have accepted their designation and the policyholder has waived the right to redeem the sums paid.

💡 You can get 8+ currency account numbers with Wise.

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Sources:

1. Declaration of foreign bank account
2. SBI

Last verified on September 26, 2025.

This article is a translation of the original article published in French and was translated within 365 days of publication. While the content has been translated for accessibility, the data and sources referenced have not been updated since the original publication date.