Where is the best place to open a bank account in Europe?

Hello the community,

I am thinking about opening a business bank account in another country outside of France.
I live in Paris and I work as a freelancer. The taxes on my salary are very expensive (around 85%). I would like to know if there are better options for bank accounts within Europe.

Thank you in advance for your help.



In France you are obliged to declare your personal foreign accounts so that the taxman knows where your money is. Having a bank account in another country doesn’t excuse the need to pay personal taxes in your country of residence, I am based in France and know only too well as an expat that the regs and scrutiny here are heavy compared to say the UK, although some of this may be changing.

The best way around it is generally to form a company in a country with generous deductions and low corporate tax rates (and preferably ‘small business’ accounting rules that reduce your accounts-filing requirements to only the annual totals), then run as many expenses through it as possible (even potentially your home rent) before paying yourself only a nominal salary/fee, thus reducing your tax obligation (in France this would have to be <30.000€).

The UK may not be the best, but it is pretty easy, but also Estonia I have gathered. There is no actual requirement for an incorporated company to have its bank in the same country or even currency. Although which bank will open you a business account is another matter, so you could in fact have a UK company with a French business account, however a TransferWise borderless ‘account’ is probably perfectly adequate.

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Many western countries have CFC laws

So even if you own a company in another country with low tax it will not change the amount of taxes you need to pay in Franace



Thank you @jacobjay and @benmcdonaldnz for your answers. It is very helpful!

85% income tax - this sounds pretty insane, man.
Are you at least getting adequate amount of services from government in return?

I’m trying the borderless account of TransferWise. They’re looking good

Yes. :slight_smile:

Great choice +1. The current pitfall is they don’t support debit cards atm (they’re experimenting it with a small group of users).