A lot of DKB-bank account holders have already become aware of this issue, when reading, „SVWZ+UEBERTRAG AWV-MELDEPFLICHT BEACHTEN HOTLINE BUNDESBANK. (0800) 1234-111“.
What can you do now?
First of all: Read this article without ruffle or excitement.
Generally, financial transactions to and from Germany are subject to reporting, if they
- are higher than 12,500 Euros
- an economic deal was the reason of payment
- and the recipient or sender of the money is an habitual resident in Germany.
What are these reports good for?
From the sum of all reports, the balance of payments of the Federal Republic of Germany is created (Source: § 11 (2) No. 2 AWG).
What are these reports not good for?
These reports are not used for the purpose of taxation. There is no crosslink to the tax office.
Do I always have to report, when I receive more than 12,500 Euros?
No. Based on the thematic cases of our web portal, one can distinguish between two groups:
Pure Account Transfer
If you have money on a foreign savings account and you want to transfer it back to Germany, then you are not subject to reporting.
Sale of Securities or Real Estate with consequent Account Transfer
However, if the money is due to the sale of securities, then a „underlying transaction“ was before the account transfer. In this case, you have to fill out form Z 10. At the hotline of the federal bank 0800-1234-111 (toll free number), people will gladly assist you.
Special Case: Reporting despite of a Domestic Transfer
The indication to a possible obligation to report also appears on account statements, even though it was a domestic transfer. For example, from a bank account of the Comdirect to a bank account at the DKB.
The customer data record at any German bank contains the information on whether one is a resident or non-resident, so someone with residence in Germany or not.
One emphasis of DeutschesKonto.org is to report on how to open a very good bank account and securities account in Germany as a non-resident. Some non-residents, who could be foreigners but also emigrated German citizens, maintain a bank account in Germany. Now, if you receive a payment from someone like this, then automatically this indication will be on the account statement.
No obligation to report for non-residents.
By the way, non-residents do not have such indications on their German account statements, as their banks have to take care of the reporting (however, some banks still show the indication automatically, which causes confusions). The law says that the obligation is always borne by the resident and in this constellation, this is the bank of the non-resident.
What happens when omitting the report?
The omitting of the report is an infringement, which can be punished by a fine of up to 30,000 Euros (§ 19 (5) No. 2 and (6) AWG).
However, the detection probability is quite low, as the bank does not send a report to the federal bank by itself and will not verify, whether you meet the legal obligations or not.
At international transfers (also SEPA-transfers), there is an obligation to report from 12,500 Euros, if it is just an account transfer without a legal transaction. The report is only for the statistical records of payments of the Federal Republic of Germany with the other country.
A forwarding of the information to the tax office and customs can be excluded (there is no legal basis).
Whoever omits the report commits an infringement, which can be punished with a fine of up to 30,000 Euros. However, the risk of detection is very low.
Do you have further questions about this subject? Please use the comments box and we will reply as soon as possible.