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I've recently moved to Germany, working as an expatriate. I have some investment money in my home country, which I would like to transfer it to here. However, I'm not really sure about the procedure.

  • Should I inform/declare the money to be transferred to anyone (e.g. my bank, tax office)?
  • What is the tax situation for the money that I'm receiving here?
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If the money already belongs to you (and you can prove it), I don't think the transfer would be relevant from a tax point of view. Some countries do have a wealth tax (and actually transfering the money into the country might alert the tax office of previously undeclared wealth) but that's not the case (anymore) in Germany.

Furthermore, if we are talking about tens of thousands of euros, the transaction might be flagged by the bank and reported to the relevant financial intelligence unit. Based on a quick Google search, it seems that in Germany banks have to perform some due dilligence and keep a record of your identity (but not necessarily report it) for any transaction above €15000 so I guess it would make sense to approach them beforehand.

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As I know it strongly depends on your home country laws (in my country in this case I have to inform goverment(!!) about my foren bank account and other operations with my money) and on particular bank position (not sure). If you don't recieve any other answers, I would reccoment you first to ask your bank manager (it wouldn't be bad for you any way and it is a chance to recieve valid information in your case.

  • Thank you for the advice. I will definitely ask my bank manager, but thought I'd ask the community first in order to get a better idea about the situation. – Armin Sam Nov 1 '16 at 10:29

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