DISCLOSURE OF OFFSHORE BANK ACCOUNT

DISCLOSURE OF OFFSHORE BANK ACCOUNT

DISCLOSE AN OVERSEAS BANK ACCOUNT DISCLOSURE OF OFFSHORE BANK ACCOUNT

The disclosure of an offshore bank account abroad is a procedure by which an account holder with a bank outside his country discloses to the tax authorities to have an account which he uses to carry out banking transactions.

The disclosure of an offshore bank account abroad is a measure imposed by the majority of countries since a tax declaration must include all income and assets even those generated outside the country of the taxpayer.

Disclosing an overseas bank account is not obvious to many given the uncertainties expressed by many account holders, so many jurisdictions require taxpayers to declare all their overseas accounts and failure to do so will result in fines and in some cases heavy criminal penalties.

Declaring a bank account abroad is always accompanied by hesitation despite the feeling of guilt, and the holders of these accounts ask themselves the following questions:

  • Should an account abroad be declared even if it is not active?
  • How to declare an account abroad?
  • Are accounts with direct and online banks affected?
  • What do we risk if we do not declare the account?
  • Does the taxman have access to all the bank accounts in the world?

DO I HAVE TO DISCLOSE AN ACCOUNT ABROAD EVEN IF IT IS NOT FUNDED OR IS CLOSED?

Yes, all overseas bank accounts must be declared even if they are not active, and even if they were closed years ago.

HOW TO DISCLOSE AN OFFSHORE BANK ACCOUNT?

Disclosing an offshore bank account should be not done spontaneously, but during the tax declaration which provides for an appendix for the disclosure of an account abroad.

IS AN OVERSEAS ACCOUNT ABROAD WITH A DIRECT OR ONLINE BANK ALSO A MATTER OF CONCERN ?

Yes, all accounts abroad are a matter of concern, even those online which may have been opened for purchases abroad, including Paypal.

WHAT ARE THE RISKS OF NOT DISCLOSING AN OVERSEAS BANK ACCOUNT OR OFFSHORE ACCOUNT?

If case an offshore bank account is not disclosed, there is no problem, only if we get caught and the account holder will face convictions depending on the seriousness of the facts and in Europe, the fines are established on a simple scheme: 1500 Euros per undeclared account and per undeclared year depending on the resulting tax fraud.

Also, the applied fines will depend on the type of country the accounts are held, for example when it comes to bank accounts opened with cooperative jurisdictions such as the European Union or Switzerland, or when the accounts are in “blacklist” countries, and in this case the fine is heavier.

DOES THE TAXMAN HASVE ACCESS TO OVESEAS BANK ACCOUNTS?

The answer is yes. The tax authorities have access to all bank accounts in the world, at least in the countries where an agreement has been signed and this is valid for 98% of the countries in the world.

Systems for exchanging information between countries have recently been greatly extended, at least within the European Union where it is practically impossible to conceal an account within European territory.

Without account holders realizing, thousands of exchanges of banking information take place every day and affect all account holders abroad, especially since the events with the Panama papers.

Accounts abroad can still be opened discreetly in certain countries that have not signed an agreement and thus make it possible to give good times to those who opt for this option.

OVERSEAS BANK ACCOUNT   OFFSHORE BANK ACCOUNT   ANONYMOUS BANK ACCOUNT   FOR US CITIZEN   DECLARING AN ACCOUNT   GERMANY   FOR BRITISH CITIZEN   FOR EXPATRIATE   NO MINIMUM DEPOSIT   FOR RETIREE   FOR STUDENT   IBAN NUMBER   PANAMA    LUXEMBOURG   SWITZERLAND   ANDORRA   ANGUILLA   ANTIGUA   BAHAMAS   ARUBA   BAHRAIN BERMUDA   VIRGING ISLANDS   CAYMAN ISLANDS   COOK ISLANDS   CYPRUS   DOMINICA   GIBRALTAR   GRENADA   GUERNSEY   ISLE OF MAN   JERSEY   MALTA   MARSHALL ISLANDS   MONTSERRAT   NAURU   CURAÇAO   ST. KITTS & NEVIS    NIUE   SAMOA   SAN MARINO    SEYCHELLES   ST. LUCIA    ST. VINCENT GRENADINES    TURKS CAICOS   U.S VIRGIN ISLANDS    VANUATU    MAURITIUS   AUSTRALIA   SOUTH-AFRICA   UK   MONACO   DUBAI   BELIZE   IRS   LIECHTENSTEIN   DISCLOSURE OF ACCOUNT   LIST OFFSHORE BANKS   FOR INDIVIDUAL   FOR BUSINESS   ONLINE ACCOUNT   SINGAPORE   LIST OF TAX HAVENS   FOREX TRADING ACCOUNT   BITCOIN OFFSHORE ACCOUNT   IS IT LEGAL ?   ADVANTAGES   INCONVENIENTS   LOAN AGAINST INHERITANCE   TYPES OF ACCOUNTS   COMPTE OFFSHORE   COMPTE ANONYME   POUR FRANÇAIS   DÉCLARATION COMPTE   ALLEMAGNE   SINGAPOUR   POUR SANS PAPIER   EXPATRIÉ   FRONTALIER   RETRAITÉ   ÉTUDIANT   POUR FONCTIONNAIRE   PANAMA    POURQUOI OUVRIR UN COMPTE?   EST-CE LÉGAL   AVANTAGES   INCONVÉNIENTS   TYPES DE COMPTES   LISTE DES PARADIS FISCAUX   COMPTE FICP    INTERDIT BANCAIRE   AVEC POURSUITES   POUR FICHÉ BNB   COMPTE LUXEMBOURG   SUISSE   ANDORRE   ÎLE MAURICE   ESPAGNE   ITALIE   COMPTE BELGIQUE   LIECHTENSTEIN   COMPTE SANS RIBA   LISTE DES BANQUES OFFSHORE   PRÊT SUR HÉRITAGE   COMPTE LONDRES   POUR PARTICULIER   POUR ENTREPRISE   EN LIGNE   POUR NON RÉSIDENT   MONACO   FRANCE POUR NON-RÉSIDENT