In today’s globalised world, many individuals hold bank accounts outside their home country. Even among Slovenian residents, it has become increasingly common to use modern online banking services such as Wise, N26, and Revolut. These digital platforms make international transactions easier and cheaper, but they also come with certain reporting obligations that should not be overlooked.
Who Must Report Foreign Bank Accounts?
Under Slovenian law, every tax resident of the Republic of Slovenia must report any foreign payment account to the Financial Administration of the Republic of Slovenia (FURS). This obligation applies regardless of the account’s purpose or whether it is currently active.
Examples of accounts that must be reported include:
Bank or savings accounts opened abroad.
Online bank accounts such as Revolut, Wise, or N26 (if they have an IBAN and function as a payment account).
Joint accounts held with another person abroad.
However, foreign savings accounts, brokerage accounts, and prepaid cards generally do not need to be reported unless they also function as payment accounts.
If you are a foreign national living in Slovenia, this obligation applies only if you are considered a tax resident. If you are not a Slovenian tax resident, there is no requirement to report your foreign bank accounts. To understand the distinction between legal residency and tax residency, see our detailed article here: Legal Residency vs. Tax Residency in Slovenia.
How and When to Report
A newly opened foreign account must be reported within 8 days of opening. The process is handled electronically through the eDavki portal. With our assistance, clients can quickly and easily complete this step, ensuring that all details are properly submitted to FURS.
Penalties for Non-Compliance
Failing to report a foreign account can result in fines:
EUR 200 to 1,200 for individuals.
EUR 800 to 10,000 for sole traders.
EUR 1,200 to 30,000 for companies, depending on size.
FURS encourages individuals to voluntarily report their accounts before the authority receives this information through the automatic exchange of information between countries (under OECD and EU agreements). Reporting proactively may help avoid penalties.
Practical Tip for Expats and Digital Nomads
If you recently moved to Slovenia and are still using your online bank (for example, Revolut or Wise), it is advisable to review your tax residency status. Once you become a Slovenian tax resident, your foreign accounts must be reported. This process is straightforward and can prevent unnecessary issues with FURS later.
Conclusion
Having a foreign bank account is perfectly legal, but it must be declared correctly once you become a Slovenian tax resident. Transparent reporting not only ensures compliance but also helps avoid fines or tax complications in the future.
About us SIBIZ www.sibiz.eu is a Ljubljana-based advisory firm specialising in supporting foreign individuals, digital nomads, business professionals, companies, and corporations in Slovenia. We provide expert tax planning, accounting services, and compliance solutions to help our clients operate efficiently and transparently. Our advisory team also covers legal, real estate, and relocation services for complete support.
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