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Should I bring my extra cash to Sweden?

Can skatteverket check your bank account.

coool
post 10.Feb.2010, 06:58 PM
Post #1
Joined: 10.Feb.2010

Hi,
I will be coming to sweden for work shortly. I have some extra money (earned in my home country) approx 100-200K swedish krons. I am wondering if i should bring the money to sweden or keep it in home country(i m planning to be in sweden for 5,6 years or may be little more)

1). If I keep the money in a swedish bank acoount, do i still have to declare it to the skatteverket and will they tax me on that money also?

2. Do skatteverket have access to your bank account (checking your account balance)? e.g. what if i do not declare the money to them.

3. What is the better way to invest the money? how much the banks interest rate is? and what about any bonds or shares etc? (i think in case of investment i have to pay the taxes right?)

thanks
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Renfeh Hguh
post 10.Feb.2010, 07:08 PM
Post #2
Location: Stockholm
Joined: 1.May.2005

There is no tax on the money, only on the interest you may earn which should be declared.
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kaze
post 10.Feb.2010, 07:18 PM
Post #3
Joined: 22.Mar.2008

What is your home country?
With European bank accounts at least there's very little problems in using a foreign bank card in this country. Sometimes your bank will charge you a euro or two for withdrawel but otherwise its fine to just leave it in.

And Swedish banks are pretty lame for savings.
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coool
post 10.Feb.2010, 07:29 PM
Post #4
Joined: 10.Feb.2010

I am a non-EU citizen, no european bank account.

I will bring the money as cash (in euros or dollars) then convert to sek and deposit in a swedish bank account.
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Rick Methven
post 10.Feb.2010, 08:10 PM
Post #5
Location: Linköping
Joined: 30.Nov.2005

Get a credit/charge card on your home account and leave the cash where it is. If you can get an international/internet bank account you can also transfer the money as and when needed. bringing in more than €5,000 in cash could lead to investigations for cash laundering.

Also you will be unable to open a Swedish bank account until you have got a Residents Permit and a Prsonal Number
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gplusa
post 10.Feb.2010, 08:30 PM
Post #6
Location: Luleå
Joined: 4.Sep.2009

We transferred money into my 80 year old mother in law's Swedish bank account, prior to moving. Then held her at gunpoint while we withdrew the lot when we arrived. At the end of the year she got a letter from Skatteverket asking why her bank balance had suddenly gone up by 1 million kronor, and then back down again a few months later. She explained the situation and never heard anything more. But I've heard the argument that she could have been asked to pay tax on the money, as it was income.
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HALE
post 10.Feb.2010, 09:05 PM
Post #7
Joined: 7.Oct.2006

Leave it in an account in your bank in your own country.
Put most of it in a term deposit
Enable Internet Banking with your bank
Have a card that allows you to withdraw cash at an ATM overseas. (ie here)

and yes, the swedish bank look in your account every year and give you a paper
at the end to tell you what you have and don't have and what they will take.
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Bender B Rodriquez
post 10.Feb.2010, 09:42 PM
Post #8
Joined: 25.Mar.2006

Since you lived abroad and earned your money rightfully you will not pay any tax on them.
All banks are required to report international transfers greater than 150000 per year to Skatteverket.
This is to prevent people who live in Sweden from avoiding tax, but as long as you were not eglible to pay Swedish tax when making the money, Skatteverket will touch your money.
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dahlin
post 10.Feb.2010, 10:19 PM
Post #9
Joined: 18.Jul.2009

QUOTE (Bender B Rodriquez @ 10.Feb.2010, 08:42 PM) *
Since you lived abroad and earned your money rightfully you will not pay any tax on them.

Tax on it - money is an uncountable noun in English smile.gif hope you don't mind me pointing this out - your English is usually 99.99% perfect
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Bender B Rodriquez
post 10.Feb.2010, 10:36 PM
Post #10
Joined: 25.Mar.2006

No worries. You learn something new everyday...
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Bender B Rodriquez
post 10.Feb.2010, 10:39 PM
Post #11
Joined: 25.Mar.2006

QUOTE (Bender B Rodriquez @ 10.Feb.2010, 09:42 PM) *
Since you lived abroad and earned your money rightfully you will not pay any tax on them.All banks are required to report international transfers greater than 150000 per year ... (show full quote)

The last sentence should of course be: "Skatteverket will not touch your money."
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Furu
post 10.Feb.2010, 11:41 PM
Post #12
Joined: 16.Jan.2008

QUOTE (coool @ 10.Feb.2010, 06:58 PM) *
how much the banks interest rate is? and what about any bonds or shares etc? (i think in case of investment i have to pay the taxes right?). thanks

The best savings you get in Sweden is around 2.5% - 30% tax.

Profits from Shares are taxed at 30%.

Dividends from Bonds are taxed at 30%.

Bonds and Shares are same as anywhere else in the world, just the tax rate changes based on which country you live in.

Bringing in more than 10,000 EUR or equivalent in Cash into EU must be declared to customs at the point of entry.
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Sexton
post 10.Feb.2010, 11:44 PM
Post #13
Joined: 10.Oct.2007

[quote name='Rick Methven' date='10.Feb.2010, 09:10 PM' post='502021'
Also you will be unable to open a Swedish bank account until you have got a Residents Permit and a Prsonal Number
[/quote]

This is not true opened an acount at Swedbank in five minutes with nothing but a british passport and they used the bank's address because we didn't have one.
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jack sprat
post 11.Feb.2010, 12:06 AM
Post #14
Joined: 15.Sep.2006

QUOTE (Bender B Rodriquez @ 10.Feb.2010, 11:39 PM) *
The last sentence should of course be: "Skatteverket will not touch your money."

Not so sure about that,...they can and will access your account and dip their sticky fingers in if they so wish,... as I found out when my return to Sweden was unavoidably delayed one year.

Recommend you keep it in your home country or even bury it in the back garden, for what the interest rates are worth these days.
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benraph
post 11.Feb.2010, 06:39 AM
Post #15
Joined: 4.Apr.2009

As long as it was earned legally in your original country, they will not touch it. I transferred in over 250,000 Kr, last year, and opened an account with S.E.B. with just a British passport, I did have an address, and they even gave me a Visa debit card.

If you have an income from overseas, then this is different and i would advise you to leave it in an overseas bank and withdraw it through an overseas debit card over here.

I hope this helps.
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