Hi everyone!
My family from abroad (not in the EU) would like to transfer me a fund of 20k over to my bank account in France. Does this fund need to be declared for taxes? Or should they transfer a smaller amount to avoid taxes instead? Thank you for your help.
What is the money? A gift? Something else?
Thatās potentially more important than the amount, to a certain degree.
yes just a gift! to pay for living fees in general, family support.
Assuming that itās therefore not income of yours that is being transferred from overseas ( which would seem to be the case) you wouldnāt need to declare it as income on a French tax return.
However your French bank might want to better understand the source of the funds, for anti money laundering purposes, particularly if this is the first āmore than trivialā transaction into your account. This is very much bank specific in terms of how they respond. Generally when I anticipate a sizeable transfer in, I pre-warn Compliance in my bank and promise to provide proof of the origin of the funds if needed. It - usually!- prevents the funds being blocked by the bank.
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When I received money from the UK through an inheritance, l held the money which was pounds sterling with WISE.
You can open multiple currency accounts for free and only pay a small commission on transfer. Unlike french banks, all charges are made clear at the beginning.
The advantage is that you can decide to wait until the exchange rate is the best for you which is what I did.
I have a referral link but l donāt know if itās allowed here
Have the money sent in smaller dollops to avoid it being held up for questioning at some point in its journey. I think CA have a daily limit of 5k for transfers out.
Are you in Nigeria ?
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As from this year, I think the money received has to be declared on the Impots Declaration of Worldwide Incomeā¦ under the category of āgiftā (or some-such).
Iām sure (hopeful) that this will be further detailed/explained by the Impots people to assist everyone.
@quanphm777 Frankly, France wants people to identify where money goes/comes from to ensure that France can keep tabs on whatās what. Iām sure your local Tax Office will be most helpful! 
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Fair point Stella. I think though weāre both right - itās not income (which was my point) but youāre right, it may well be reportable as a gift, unless itās for a special occasion, is modest and could be categorised as intended to cover day to day living expenses (āpresent dāusageā) etc etc. The OP will need to check whether his/her facts fit the present dāusage critera.
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