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.

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