Nelly has come out of the concentration camp needing a complete facial rebuild because of her injuries. The result leaves her looking similar, but different; different enough to fool her husband Johnny – "When Nelly crosses paths with Johannes (don't call him Johnny any more), he notices the resemblance, but has completely convinced himself that his wife must be dead. "She's dead. I know she's dead." It’s a trick of denial...However, his wife has an unclaimed fortune, and Johannes convinces Nelly to pretend to be who she actually is to claim it" – all quotes from Brian Tallerico, Roger.Ebert.com.
The plot twists and turns, leading Nelly, and us, round and round as she tries to claim her fortune and her character back. I won’t give away the ending, but Tallerico finishes by saying "I will never forget the end of Phoenix. Ever. Here’s hoping this incredible film gets to an audience so it can sear itself into your memory as well".