Regularization of foreign assets, game over?

December 6th 2016

Since June 2013, the Finance Ministry has offered the possibility to taxpayers who have undeclared foreign assets, to regularise their situation with the option of mitigating the penalties and avoiding criminal proceedings for tax evasion.

As from January 1, 2017, the procedure for the automatic exchange of bank data with several countries shall enter into force and it is disputable whether the Administration shall continue to accept regularisation procedures as from this date.

Nonetheless, as far as we are aware, the persons providing details of their identity and their relevant bank asset references before the end of this year may perhaps be able to continue to benefit from this option even if the complete regularization file is only filed after such date.

Julien Charnay-Rousset