|Amnesty for Foreign Bank Accounts Nets €450m for the Treasury|
Six thousand people with illicit savings accounts in foreign banks have registered a total of €3bn in assets with the Dutch tax authorities since September.
This has generated €450m for the treasury, junior finance minister Eric Wiebes is quoted as saying by Nos television. On average, people had €500,000 in their foreign savings accounts, of which €75,000 went to the treasury.
The finance ministry is currently running an amnesty for people with illicit cash abroad. From July they will be fined 30% of their foreign cash for tax evasion and from July 2015, 60%.
The amnesty has been so successful because countries such as Luxemburg and Switzerland are revising their bank secrecy laws. Liechtenstein is also planning to make changes, Nos television said.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on May 28, 2014