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business13h ago
Who owns the billions in Germany's 'forgotten accounts'?
- Germany is debating a central online register to help heirs search for dormant assets, aiming to clarify who owns forgotten accounts.
- Experts say banks must keep dormant accounts indefinitely, with ownership never expiring under German law.
- Heirs face hurdles locating assets due to aging records, multiple accounts, and data protection constraints.
- Germany lacks a time limit to reclaim these funds, and the government can only claim money if heirs are declared under inheritance law.
- Past proposals to create a national registry have resurfaced but no new regulations have passed yet.
- Public opinion favors using recovered assets for social and humanitarian projects rather than letting banks keep them.
- Countries like the UK and Ireland differ in approach, transferring dormant funds to social causes or government programs after dormancy periods.
- In France and Switzerland, dormancy leads to state transfer or central databases with long grace periods for claims.
- Germany contrasts with other nations by keeping dormant assets and exploring heirs' access rather than transferring to state immediately.
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