Foreign account? Things get serious on July 31: This data will be sent to the tax office

Do you have a foreign account? On July 31, 2025, 115 countries will report their account details to the German tax office. What exactly will be transmitted – and how you can check if you are affected.

Frankfurt am Main

June 9, 2025

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What entrepreneurs need to know about global account reporting

Background: Account abroad – and suddenly the tax office knows about it?

Once a year, things get serious: On July 31, 2025, banks worldwide will send information about foreign accounts to the Federal Central Tax Office (BZSt) in Bonn. The basis is the Financial Account Information Exchange Act (FKAustG) – and the list of participating countries is growing.

This year: 115 states . New to the list are Armenia, Moldova, Uganda, and Ukraine .

Who reports – and what exactly is transmitted?

Participating countries include:

• All EU countries

• Switzerland, Liechtenstein

• Türkiye, UAE, Great Britain

• Curacao, Panama, Cayman Islands

• China, Hong Kong, Singapore

Reported are:

• Name, address, date of birth, tax ID

• Account number and bank

• Balance as of December 31, 2024

• Account type (private or business)

• Closure of the account (if applicable)

The data refer to the period from January 1 to December 31, 2024 and are compared with previous years.

USA? Also there – just in a different way

The USA is not part of the official list of countries , but automatically exchanges data with Germany via the separate FATCA agreement .

Why is this so relevant for the tax office?

The tax office uses the foreign reports in particular for the previous year comparison :

• Has your account balance changed significantly?

• Were there any unexplained inflows or outflows?

• Are there any deviations from the declared income?

Such irregularities can lead to tax audits or tax investigations – often retroactively over several years.

How does your tax office find out about the data?

The process:

1. The foreign bank reports your data to the country's tax authorities.

2. It sends this to the Federal Central Tax Office in Bonn.

3. There, the responsible tax office in Germany will be identified based on your tax ID.

4. Your tax office will then receive specific information about your account.

Conclusion: Transparency increases – even with foreign accounts

Anyone who holds a foreign bank account as an entrepreneur, self-employed person or landlord should know:

• Your data will be transmitted automatically.

• The tax ID is the central anchor.

• Discrepancies lead to an audit.

TaxPro supports you with legally sound advice when it comes to foreign accounts, control notifications or possible voluntary disclosures.

👉 Protect yourself now before the tax office reacts.