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Old Nov 13th 2017, 11:26 am   #1
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Default Moving savings to Germany

Hello all,

I am emigrating to Berlin in December. I work for a money transfer company and have secured a cost-price FX transfer of my savings to a German bank account, which I intend to do ASAP given that Sterling is probably a little overpriced in the medium term.

My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account? My intention is to save the money for 6-12 months before using it to buy a property in Germany.

In addition, my understanding is that money in a German bank account is insured up to 100,000 euros. Does anybody have any information to contradict this?


Thanks,

Alex
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Old Nov 14th 2017, 10:24 am   #2
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Default Re: Moving savings to Germany

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Originally Posted by AlexW777 View Post
My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account?
There's no tax on moving it there or keeping it there, if that's what you mean. In principle any interest earned on it is taxable as income earned in Germany.

The German bank may ask you to prove where you are tax resident (banks, including UK banks such as my own, are increasingly requiring such proof from non-residents).

Quote:
Originally Posted by AlexW777 View Post
In addition, my understanding is that money in a German bank account is insured up to 100,000 euros.
That's correct. The insurance is against the bank going bust (not, for example, against your account being hacked).
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Old Nov 16th 2017, 9:25 pm   #3
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Default Re: Moving savings to Germany

Quote:
Originally Posted by AlexW777 View Post
Hello all,

I am emigrating to Berlin in December. I work for a money transfer company and have secured a cost-price FX transfer of my savings to a German bank account, which I intend to do ASAP given that Sterling is probably a little overpriced in the medium term.

My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account? My intention is to save the money for 6-12 months before using it to buy a property in Germany.

In addition, my understanding is that money in a German bank account is insured up to 100,000 euros. Does anybody have any information to contradict this?


Thanks,

Alex
Welome.

No tax involved. But If you intend to buy a home in Germany I assume you have a great deal more than 100,000 euro.

If you are particularly paranoid, use several banks.
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Last edited by Novocastrian; Nov 16th 2017 at 9:29 pm.
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Old Nov 18th 2017, 7:30 pm   #4
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Default Re: Moving savings to Germany

There should be no problem, but DO inform your German Bank beforehand so they know that it's a genuine transfer of funds and what it's for. All international transfers are subject to monitoring theses days.
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