Declaring your foreign accounts

Updated over a week ago

Hi there ๐Ÿ‘‹

We provide information about the 3916-BIS form to help you report your foreign accounts.

This year, the 3916 bis form for declaring foreign accounts has been improved for greater clarity. A digital asset exchange platform is referred to by default as a โ€œPSANโ€. This has nothing to do with the PSAN authorization obtained by a company on French soil.

PSAN simply means โ€œa company that manages digital assets for its customersโ€.

Even if the account has not obtained PSAN authorization, you must still declare it. Some companies that have obtained the PSAN on French soil must still be declared by entering the associated name or code in the list.

To access the form(s), follow this tutorial.

Step 1: Click on โ€œForm 3916-BISโ€

๐Ÿ’ก If you have not subscribed to one of our offerings, you will not have access to information from Waltio supported platforms.

In this case, you must go to the "My profile" page.

Then click on the profile corresponding to your activity.

Once this is done, you need to click the drop-down list below the formula and choose the corresponding offer.

๐Ÿ’ก You can find all the terms of our pricing model by clicking here, this is defined according to the number of transactions made during the current fiscal year. If you want to access only the data of the 3916-bis form, then choose the Crypto Owner formula.

Step 2: Click on the platform about which you want information.

You will then have access to the data of the form to achieve it.

๐Ÿ’ก It is advisable to log on to the tax site to fill out the necessary forms with the information available on Waltio.

๐Ÿ‘‰ Which accounts must be reported?

Accounts must be reported each year, even if they were reported the previous year. Thus, if you opened an account on January 2, 2023, you do not have to report it during this 2022 tax year, but you will have to report it during the 2024 tax year for 2023.

Similarly, if you close an account in 2023, you will have to report that account for the year 2022 as an open account and report it as closed for the year 2023.

๐Ÿ‘‰ What types of accounts should be reported?

Legally, the obligation to declare a digital asset account held, opened, closed and used abroad during the fiscal year in question applies to trading platforms that own your funds, i.e. it is not you who holds the private key to access your account. It is therefore a custodial account.

If you remain the owner of the funds with your own key (e.g. Ledger), the account is not affected by the reporting obligation, it is a non-custodial account.

Therefore, we invite you to consult the terms and conditions of the accounts/platforms you have doubts about in order to define whether they are custodial or not.

This should give you complete certainty ๐Ÿ˜Š

๐Ÿ’ก For the Cayman Islands, as this choice is not available via the form, we recommend indicating United Kingdom.

๐Ÿ’ก We've written an article to learn all about filing your crypto tax return.

๐Ÿ‘‰ You can also read our blog post about it.

If you have any other questions, do not hesitate to contact us via the chat just at the bottom right of your screen! ๐Ÿ’ฌ

The Waltio team

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