Common use of Foreign Account Reporting Clause in Contracts

Foreign Account Reporting. French residents with foreign account balances in excess of €1 million (or equivalent) must report monthly to the Banque de France. In addition, French residents who hold foreign accounts (including foreign brokerage accounts which hold shares or cash) must file an informational return on an annual basis with their personal income tax returns.

Foreign Account Reporting. French residents with foreign account balances in excess of €1 million (or equivalent) must report monthly to the Banque de France. In addition, French residents who hold foreign accounts (including foreign brokerage accounts which hold shares or cash) must file an informational information return on an annual basis with their personal income tax returns.