German offshore bank account

[dcisg]

hi all...

I still have my bank account in Germany but have been living in the UK now since 3 years. I use the German EURO account with Bitcoin Exchanges since it is a Bitcoin friendly bank.

My questions is - what happens if I transfer a large sum (20k+) from a Crypto exchange to this bank.
I am a UK tax resident. I know that every amount over 10k will be reported to "Bundesfinanzaufsicht" in Germany, BUT i am not liable to pay tax in Germany.

Will the German authorities report this to their U.K. counterparties ? (I would guess so to be honest...)

 

[Martin Everson]

Depends which address you have on the account - German or UK?

If German address they will tax you in Germany. If UK address it will be reported to UK and you will be expected to file taxes for it in UK.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Rachel Brown]

As far as I know up to 15k euros you'll be good aka no report, but if you go above they'll ask for more documents and of course exchange information with their colleagues.
Also don't transfer the whole 20+k in one transaction, I saw someone from germany on other forum I believe it was bitcointalk (hopefully its not a problem i mention it) and the guy explained he transfers first to Mr.Tango and then to his German bank, and small (for me they are not small) but for you guys in germany 2k euro seems to be small amount. So I would say below 2k euro per transaction for sure.

 

[bpbbloaob1]

If this thing works Common Reporting Standard - Wikipedia

Then yeah, you gonna be reported at the end of the year I think