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Tax guidelines and regulations for large money transfers into France
Learn what you should know about taxes when sending large sums to France.
Whether you’re helping out a loved one, paying your fees for studying abroad or putting down that payment for your Parisian pied-à-terre, getting your large money transfer to France is the easy part.
What comes after is something no one can avoid: the laws and legal paperwork that go along with transferring large amounts of money. Before you move your money out of the Philippines, get familiar with France’s remittance laws and regulations.
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How France regulates large remittances
Gift taxes are just one part of France’s complicated inheritance laws, which are generally based on your relationship to the beneficiary of your gifts of cash or property. In France, children and spouses are considered equal “protected heirs”, which limits how much you can legally give each.
It’s possible for your French family to receive one-off gifts of cash tax free. These amounts range from US$115,000 to children to about US$35,000 to grandchildren and US$18,000 to siblings.
Note that inheritance laws may not apply to remittances sent from another country. But given the complexity of these laws, which are deeply entrenched in legal requirements and exclusions, your loved ones will benefit from an expert in French laws when receiving large amounts of cash.
What are the penalties for not filing a large remittance?
French citizens are required to submit a déclaration des revenues each year. If your recipient fails to declare a large remittance on their tax returns, they could be on the hook for stiff financial penalties equal to 5% or more of the remittance amount. If the government determines that they’ve wilfully ignored the law, tax penalties can soar to a severe 50% or more.
French banks are required to record the source of large transfers and report any suspicious deposits to the government. Encourage your family and friends in France to declare any large remittance on their general tax returns.
Do I have to report large transfers out of the Philippines?
You personally won’t have to report any amount of money you transfer out of the Philippines. The bank or money transfer company you use will do this for you. They are required to report any suspicious transfers or transfers over ₱500,000 to the Anti Money Laundering Council
How will my loved ones receive my remittance in France?
Your options for sending money to France include bank-to-bank transfers, cash pickups and transfers to mobile wallets.
If picking up your money in person, your loved ones may need to submit government-issued ID or a transaction confirmation number to prove they’re your intended recipient. For electronic transfers, they may not need to submit any information at all.
Confirm with your bank or independent money transfer provider the exact information your friends and family might need to receive your funds.
As with all international money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.
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