Taxes Consolidation Act 1997 section 895

Returns in relation to foreign accounts

Section 895 sets out the reporting obligations that apply when an Irish resident, or an intermediary acting on behalf of an Irish resident, opens a foreign account (being an account in which a deposit is held at a location outside the State).

• Intermediaries who act in connection with the opening of foreign accounts for Irish residents must file a return (Form 8B-B) with Revenue by the due date of their self-assessment return, specifying the resident's name, address, tax reference number, account details, opening date and deposit amount.
• Irish residents who open a foreign account (or cause one to be opened where they are the beneficial owner) are treated as chargeable persons for that year and must include the account details in their annual tax return.
• A penalty of €4,000 applies to an intermediary for each failure to file, for omitting a resident from the return, or for not verifying the information supplied; the same penalty applies to a resident who fails to provide or provides incorrect information to the intermediary.
• An individual who is not otherwise required to file a tax return (for income tax, CGT, stamp duty or CAT) is not obliged to report the opening of a foreign account where that account is subject to automatic exchange of information under FATCA, DAC2/CRS.