Penalty for non-declaration of foreign bank accounts and life insurances

As a result of the international exchange of information, the tax authorities can trace more easily tax payers who did not declare foreign bank accounts and/or foreign life insurances.

People who did not declare their foreign bank accounts and/or foreign life insurances, may face a penalty of 50 EUR.

The foreign income will be taxed according to the applicable tax regime and, on top of this, a tax increase will be applied.

The tax authorities may also use the gathered information for further investigation.