What should you do when you find „black money“ in a German estate or only think you might have found?
Not only since the „Panama Papers“ were leaked to the media has it become a big topic how some people hide their assets and dodge taxes. But tax evasion is not limited to the really rich and mighty. Also „ordinary“ people might have some money hidden from the tax-office in a bank-safe or on an account in Switzerland or elsewhere.
What do you have to do when you „bump into“ a surprisingly high amount of cash in a bank-safe or in the papers of the deceased you find some clue that there might be some bank account abroad where money is hidden?
Your obligation is clear: You have to report it to the competent tax-office immediately. If you miss to do so you might be liable to tax-evasion or even tax-fraud.
Do take this obligation seriously. The problem might be solved by paying the dues and then you might have unexpected money left for yourself.
A good lawyer will tell you how to do the reporting.
If you have any similar problem or you have any question about German law of inheritance, do not hesitate to contact us here.