Ecclestone had to confirm his name and address in Knightsbridge, central London, before pleading not guilty to a charge of fraud by false representation between July 13, 2013 and October 5, 2016.
Prosecutor Robert Simpson told the court: “This charge arises from a HM Revenue and Customs (HMRC) investigation into Mr Ecclestone’s finances.
“This would allow him to enter into a structured disclosure mechanism that would draw a line under all previous tax irregularities.
“During this investigation he was asked about trusts set up overseas that he was involved with.
“The Crown based this charge on the basis that he failed to declare a trust in Singapore with a bank account containing approximately US$650 million.”
Ecclestone was granted unconditional bail ahead of his next appearance at Southwark Crown Court on September 19 during the hearing, which lasted around five minutes.
The judge told him: “Given the value of the alleged fraud, if he is found guilty, this court will not have sufficient sentencing powers.”
According to the indictment, the business tycoon claimed to have “created only one trust that is for the benefit of your daughters.”
He is also said to have said “apart from the trust set up for your daughters, you are not the settlor or beneficiary of any trust in or outside the UK”.
Ecclestone, who has three grown-up daughters – Deborah, 67, Tamara, 38 and Petra, 33 – and young son Ace, is said to have made the statements “with intent to make profit, namely unspecified, for himself”.
The charge against the billionaire was cleared by the Crown Prosecution Service (CPS) last month following an investigation by HMRC, which said the investigation was “complex and worldwide”.
Crown Attorney General Andrew Penhale said at the time: “The CPS reviewed a file of evidence from HMRC and resolved to charge Bernard Ecclestone with fraud by misrepresentation in relation to his failure to declare to HMRC the existence of assets held overseas that believed to be worth more than £400 million.