Report to the Bundesbank! You must pay attention to this!
1. obligation to report cash transactions
The Bundesbank in Germany requires that money transactions that exceed a certain amount are reported. This threshold is 12,500 euros per transaction. If you receive money from abroad or transfer money abroad and the amount of this transaction exceeds this limit, you must report this to the Bundesbank. This also applies to accounts with PayPal and Wise, for example.
2. what do you have to state in the notification
When reporting to the Bundesbank, you must provide details of the transaction, including the amount, the country of origin or destination of the money and the purpose of use. It is important to provide accurate and correct information.
3. the deadline for notification
The report to the Bundesbank must be submitted by the seventh calendar day of the month following the month in which the transaction took place. This deadline is important to ensure timely submission.
4. what happens if the deadline for reporting is missed
If you violate the reporting obligation by not reporting transactions or not reporting them on time, you risk a fine of up to 30,000 euros.
You risk this penalty per violation. In other words, for every unreported transaction. In addition, this penalty can be imposed up to three years after the respective transaction.
5. difference between private individuals and companies
The reporting obligation applies to both private individuals and companies, but the rules may vary depending on the status. Companies must report regularly, even if no transactions have taken place.
6. how can you make the notification
You can make the report both by telephone and online. The Bundesbank provides a reporting portal that can be used to report transactions. Private individuals can also report by telephone, while companies usually do this via the online portal. When reporting via the online portal, you will receive a password after registering, which is important for logging into the Bundesbank’s reporting portal.
Please note that you should allow a few days for the application, as you will receive an application form after registering in the portal, which you must sign and return to the Bundesbank.
8. notification on working days
It is advisable to submit the report on a working day and not at night or at the weekend, as the Bundesbank’s reporting portal is not available at certain times.
Compliance with these reporting obligations is crucial to avoid legal problems and penalties. If you are unsure whether a transaction needs to be reported, you can ask your tax advisor or ask us for advice.
You can book a telephone consultation at any time here: Do you need an individual initial consultation?
9 I missed the deadline / I have not reported transactions in the past
You’ve probably been wondering what you can do if you’ve missed the deadline or haven’t reported transactions in previous years.
You urgently need legal support for this. Wondering why?
That is quite clear! In these cases, you must submit a subsequent declaration. However, this is not possible without further ado, as a voluntary declaration is necessary in this case.
This must be individual and clearly emphasize why you will avoid this mistake in the future.
If you find yourself in this situation, we strongly recommend an initial consultation to clarify the options and need for action with you.
