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 |
Re: Moving savings to Germany
Originally Posted by AlexW777
(Post 12380906)
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?
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).
Originally Posted by AlexW777
(Post 12380906)
In addition, my understanding is that money in a German bank account is insured up to 100,000 euros.
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Re: Moving savings to Germany
Originally Posted by AlexW777
(Post 12380906)
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 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. |
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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