Over 1,500 Dutch declare foreign savings

16th July 2009, Comments 0 comments

The total amount of savings reported in the past six months was EUR 335 million.

The Hague – The number of Dutch who declared their savings in foreign banks to tax authorities have doubled to 1,500 in the past six months as compared to the last three years.

Since the beginning of 2009, a total of 1,565 people have declared their savings in foreign banks, says the Ministry of Finance. This is twice as many people as in the years 2006 to 2008.

On average, they had EUR 214,000 in savings, but some had up to EUR 5 million. The total amount of savings reported was EUR 335 million. Most of the bank accounts are with Swiss banks.

In June, Switzerland eased its banking secrecy for Dutch clients.

People who declare their secret bank accounts abroad will not be fined under the 2002 'repentance' ruling. If Dutch national declare money stashed abroad, they will have to pay an extra tax surcharge but will not face criminal prosecution.

Earlier this year, junior finance minister Jan Kees de Jager called for an increase in fines for people who deposit undeclared money in foreign banks. Instead of the current 100 percent of the undeclared amount, De Jager wants to triple the fine to 300 percent.

Radio Netherlands / Expatica

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