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Is a PayPal Account Regarded as an Offshore account

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A PayPal account is considered an account abroad or an offshore account and is subject to the reporting obligation. This decision has entered French jurisprudence recently for the first time.

A PayPal account is now regarded as an offshore account

 

 

A French taxpayer was condemned to a fine of 1,500 euros for not having declared his PayPal account to the tax authorities 

5 Million PayPal accounts in France!

The administrative court esteems that an account opened with the company PayPal Europe (headquarters located in Luxembourg) constitutes an account abroad and is thus subject to the reporting obligation.

 

What must be done? Must everyone declare their PayPal account as an account held abroad? In view of the concern caused by this decision of the Administrative Court of Pau, Bercy has responded by indicating that this was a special case of a person who had not complied with his reporting obligations. French taxpayers who use a dematerialized system of payment to make purchases or transactions in their everyday life have no reason to be worried that the tax administration will penalize them for this practice. On the other hand, if your account operates in a professional capacity and receives all or part of your revenue, you should declare it to the IRF as an account abroad. But as is so often the case, there is no definite line of conduct to follow. Nobody can tell you precisely at what time, from what amounts or for what uses your PayPal account will be considered a business account and should therefore be declared as an account abroad.

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