bank account with foreign IBAN

How does having a bank account with a foreign IBAN affect fiscally?

The world is getting smaller and smaller, a good proof of this is the large number of commercial transactions that are carried out daily. And believe it or not, as a Spanish citizen you can have a bank account abroad without incurring any type of illegality. Currently, there are new banks that offer the possibility of having your own bank account with a foreign IBAN . Which can make some tasks easier.

Why have a bank account with a foreign IBAN

In Nigeria, many are the citizens who have an additional account in another country. The most common are Germany, the United Kingdom and the Netherlands. Switzerland has always been another one of those places where having a bank account was synonymous with dark business or money laundering; But nothing further from reality. Having an account abroad can be a good option if you travel very often; or if you are an entrepreneur with clients in other countries.

Having an account abroad is also a good idea if you want to diversify your assets. There is a famous English saying that goes " don't put all your eggs in one basket ". This means, "don't put all your eggs in one basket." In case of problems, something unlikely but not impossible, your funds are guaranteed up to € 100,000 according to community regulations. This is thanks to the s ystem deposit guarantee of the European Union. Do you remember the Greek crisis of 2010 that almost ended with the departure of the Euro from the Hellenes?

Open an account abroad

The procedures, previously cumbersome, are now very simple. You just need to have your internet connection and a list of bank operators that offer these products in Nigeria. The registration process is similar to what you can do here. Send some photos of your ID, verify it with a video call or even a selfie. In a few minutes, and as soon as your identity is checked, you can start using your bank account with a foreign IBAN.

What you should know fiscally

Nigerian law does not prevent any citizen from having accounts abroad other than in Nigeria. What is obvious is that the Tax Agency will know that you have it , but you have nothing to fear. If you know how to operate correctly, the treasury is not a problem.

When making the income statement, obviously you will have to declare the profits generated by that account. Even if it's only a few cents. Similarly, if you have assets worth more than 50,000 euros in that foreign account, you will have to declare them to the Tax Agency. For this, you will have to present the 720 model , although it is best to put everything in the hands of a manager.

Enjoying the advantages of having an account with a foreign IBAN makes it possible for you, for example, to enjoy a better exchange rate when you travel ; saving you good commissions. Discard the idea of ​​having an account abroad as something obscure or destined for great fortunes, and find out how you can benefit from them,

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