Your Money in Germany
How to manage your money when you move to Germany…
Relocating can be expensive. But there’s a lot you can do to make sure your money is spent wisely.
On the following pages you will find further details on:
- How to set up a bank account in Germany
- Registering with the tax authorities and determining your tax status
- Filing tax returns (Steuererklärungen) and reclaiming paid up taxes
- Preventing double taxation in your home country and in Germany
You should get your money matters sorted out as soon as possible: know when to move cash and where to bank it - particularly if you’re changing currencies.
In most cases, relocation costs can be deducted from your taxes, so ensure that you keep all receipts! The German tax system is complicated and many obligations need to be met. However, knowing the tax system and the allowed deductibles will save you money. Proper tax planning will prevent double taxation in your home country. You may need to take advice from a financial adviser to make sure everything is as it should be – find out if that’s the case before it’s too late!