Do I need to declare my N26 account?

N26 is a German bank operating in Italy through an Italian branch since 26th March 2020 in order to offer its customers an account with an Italian IBAN.

Therefore, if you opened an N26 account after 26th March 2020 and reside in Italy, you’re the holder of an Italian N26 account and won’t need to submit any particular tax declaration. 

Please note that:

  • If you’ve an annual average account balance of €5,000 or above, and are subject to the ordinary stamp duty on your statements, we’ll automatically debit your account to the extent required by law. Alternatively, it will be at our expense according to any existing promotions. 
  • In addition to this, your account remains protected by the German Deposit Protection Fund up to €100,000. 

If you opened an N26 account before 26th March 2020 with an Italian address, your account is considered a foreign account. Opening an account abroad is entirely legal—you simply need to comply with the regulations of your country of residence and the country where the account is held.

  • For individuals residing in Italy, foreign accounts with an average annual balance of €5,000 or above must be declared to the Italian tax authorities. It’ll be necessary to fill out the dedicated Rw section of the tax return form and pay VAT, a fixed amount of €34.20. 
  • If your balance exceeds €15,000 even for just one day during the year, in addition to paying VAT, you’ll need to fill out the Rw section of the tax return form for the purposes of tax monitoring as required by law no.186/2014. 

For more detailed and personalized information, please refer to a tax expert.

Please note that the Italian tax authorities have the possibility to identify undeclared foreign current accounts and to trace the relevant transactions back to the holder (Directive 2011/16/EU).