GT News

Taxes, accounting, law and more. All the key news for your business.

Daniela Riegel | October 6, 2022

Czech tax residents had over 848 billion in foreign accounts

Share article:

The General Financial Directorate (GFD) recently published information on the number of Czech tax residents – individuals with accounts abroad and their monetary value as of 31 December 2020. As of that date, 462,717 individuals had accounts abroad, including 7,636 in tax havens. The balance on these accounts amounted to CZK 848,174,489,899, of which CZK 46,733,311,538 was attributable to accounts in tax havens. These are rather surprising amounts. In particular, the GFD considers the following jurisdictions to be tax havens: Andorra, Antigua and Barbuda, Aruba, Barbados, Belize, Brazil, Colombia, Cook Islands, Costa Rica, Curacao, Faroe Islands, Gibraltar, Greenland, Grenada, Guernsey, Hong Kong, Isle of Man, Jersey, Korea, Lebanon, Lichtenstein, Macao (China), Mauritius, Monaco, Montserrat, Niue, Panama, Samoa, San Marino, Saudi Arabia, Seychelles, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Vanuatu.

This information was obtained by the Czech tax administration under the CRS, which is obligatory for foreign financial institutions, where Czech tax residents have an account abroad.   

Author: Daniela Riegel, Jiří Zoubek