Over one thousand people with secret savings accounts abroad have admitted to having €552m stashed away, tax minister Frans Weekers said on Monday.

In total, 1,272 people have come forward to take advantage of an amnesty on secret savings this year, Weekers said. They will have to pay tax but will be spared a fine.

People have until July 1 next year to come forward.

Since the tax office began its efforts to recover illicit savings in 2009, some 11,000 people have ‘legalised’ their foreign money. They had a total of almost €4bn in foreign accounts, which now generates some €48m a year for the Dutch treasury, Weekers said.