British Expats

British Expats (https://britishexpats.com/forum/)
-   Germany (https://britishexpats.com/forum/germany-134/)
-   -   Moving savings to Germany (https://britishexpats.com/forum/germany-134/moving-savings-germany-905787/)

AlexW777 Nov 13th 2017 10:26 am

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

scrubbedexpat0105 Nov 14th 2017 9:24 am

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?

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).


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.

That's correct. The insurance is against the bank going bust (not, for example, against your account being hacked).

Novocastrian Nov 16th 2017 8:25 pm

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

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.

calman014 Nov 18th 2017 6:30 pm

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.


All times are GMT. The time now is 10:23 am.

Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.