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Taxes for money transfered from abroad

Big sum of money to buy a flat - how to make it?

ibeff
post 20.Dec.2012, 03:34 PM
Post #1
Joined: 4.Dec.2012

Hi,
Please excuse me if you discussed this already, I just want to make it very clear one more time. Our family is going to stay in Sweden for more than 4 years (job contract), and we would like to buy a flat in order not to suffer from second-hand renting contracts, etc. We have about 160.000 Euro total in bank accounts in Germany, Italy (because we worked in those countries) and Russia (because my Russian parents are eager to loan us their money). The question now is how to transfer such a huge sum to Sweden without losing much money. I have no idea how to deal with Swedish tax office, and what if they want us to pay taxes (my husband and me, we both have personnummers, but the money were earned before we moved to Sweden)? Do you have any suggestions if we lose much in taxes and where to get information about this? How much will Nordea (for example) charge for exchange from Euro to Kronas? Did any of you do such a transfer? Did you have problems, bad surprises from tax office in Sweden? I will be the most grateful for advices of experienced people!
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Bender B Rodriquez
post 20.Dec.2012, 08:48 PM
Post #2
Joined: 25.Mar.2006

There is not tax on the money since you didn't earn it in Sweden, and since you probably moved to Sweden quite recently the tax office will not bother you.
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Taxalien
post 21.Dec.2012, 12:14 AM
Post #3
Joined: 24.Dec.2009

Mr Bender. You are totally wrong. It is taxable. Every transfer to Sweden will be taxed based on the gain or loss made since the currency was acquired.

However since the Swedish krona is strong it will probably equate to a capital gains loss.

It is taxed at 30% (standard capital gains rules apply).

http://translate.google.com/translate?sl=a...tml&act=url

However note that translation is very poor.

QUOTE
Vid avyttring av utländsk valuta och av fordringar i utländsk valuta ska kapitalvinstbeskattning ske. Bestämmelserna omfattar alla typer av fordringar t.ex. obligationer, förlagsbevis, inlåningskonton i utländsk bank (bankböcker), privata skuldebrev/reverser samt sedlar och mynt i utländsk valuta. Även konvertibler, vinstandelsbevis och kapitalandelsbevis omfattas av bestämmelserna om de är utgivna i utländsk valuta, till skillnad från de som är utgivna i svenska kronor som beskattas på samma sätt som delägarrätter (aktier m.m.).

Även kursvinster och kursförluster på skulder i utländsk valuta är skattepliktiga respektive avdragsgilla i inkomstslaget kapital.

The only excemption from taxation is for leftover foreign exchange currency acquired due to travelling abroad that is exchanged back to Swedish currency provided that the visit was not longer than six months.
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grusja
post 21.Dec.2012, 02:19 AM
Post #4
Joined: 21.Dec.2012

QUOTE (ibeff @ 20.Dec.2012, 02:34 PM) *
Russia (because my Russian parents are eager to loan us their money).

Gifts are not taxable in Sweden, just make sure your parents register a notarial deed of gift. Swedbank Russia had the lowest transfer fee a couple of years ago but I'm pretty sure they decided to slow down on working with private clients. Might be worth checking anyway.
PM me if you have any questions.
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redblue
post 21.Dec.2012, 02:58 AM
Post #5
Joined: 27.Jul.2007

Since you just moved to Sweden, there will be no tax consequences at all. Just transfer it to your Swedish bank account.
If you have any questions, call skattemyndigheten (tax office) +46 8 564 851 60.
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Yorkshireman
post 21.Dec.2012, 03:21 AM
Post #6
Joined: 22.Nov.2011

QUOTE (Taxalien @ 21.Dec.2012, 12:14 AM) *
Mr Bender. You are totally wrong. It is taxable. Every transfer to Sweden will be taxed based on the gain or loss made since the currency was acquired.However since the Swedis ... (show full quote)

@Taxalien, Your are wrong. to register a gain or loss for currency exchange you have to exchange the currency from one currency, to another, then back again. There is NO loss if you are exchanging currency 1 way. ie. Euro to SEK., if you did Euro -> SEK -> Euro, and there was a rate change in between, then You can count it as capital loss/gain. (with the exception of holiday/travel money)
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Bender B Rodriquez
post 21.Dec.2012, 04:13 AM
Post #7
Joined: 25.Mar.2006

QUOTE (Taxalien @ 21.Dec.2012, 01:14 AM) *
Mr Bender. You are totally wrong. It is taxable. Every transfer to Sweden will be taxed based on the gain or loss made since the currency was acquired.However since the Swedis ... (show full quote)

AFAIK this only applies if you were "obegränsat skattskyldig" during your stay abroad or if you were "begränsat skattskyldig" but did not fulfill the 10-year abroad rule for capital gains, i.e. you were once tax resident in Sweden and then move abroad for a period of less than 10-years.

For people who were never tax resident in Sweden in the first place I have never heard Skatteverket apply this rule since it is completely unenforceable; in that case they would need to have all the financial transactions that person has made for several years, if not their whole life.

If one looks in the International Handbook issued by Skatteverket is seems that the exemption you mentioned is for "obegränsat skattskyldiga".
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Bender B Rodriquez
post 21.Dec.2012, 04:19 AM
Post #8
Joined: 25.Mar.2006

QUOTE (Yorkshireman @ 21.Dec.2012, 04:21 AM) *
@Taxalien, Your are wrong. to register a gain or loss for currency exchange you have to exchange the currency from one currency, to another, then back again. There is NO loss ... (show full quote)

He is correct in the sense that you can make a taxable currency gain even if you only do one exchange.

For example, if you temporarily work abroad and get paid in USD to a US account and then later transfer the money to your Swedish account, then the capital gain is calculated as the difference in the SEK/USD rate between the date of payment and the day you make the transfer.
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as8
post 21.Dec.2012, 05:18 AM
Post #9
Location: Malmö
Joined: 17.Oct.2010

I did the same thing and it is not taxable. The transfer did show up on the tax statement asking for an explanation, and my accountant instructed me to write that it was a savings transfer. As it is not income, it is not subject to income tax.

as8
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Essingen
post 21.Dec.2012, 10:45 AM
Post #10
Joined: 2.Nov.2008

Do the currency conversion in Sweden rather than abroad, i.e. transfer euro and get Nordea to convert to SEK.
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Pursuivant
post 21.Dec.2012, 12:54 PM
Post #11
Joined: 12.Aug.2008

One thing to keep in mind is the EU money laundering rules. You better go and speak with your bank before money starts appearing or you might have it seized and then you have to prove its not Russian mafia money, not them.
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