[advise required] transferring savings from non-EU to Swedish bank - lost in lack of info online
Hello, we need your expert advice please, its about money transfer from abroad to Swedish bank account, my cousin is a new immigrant in Sweden, she got her residency in Sweden just few months back, they gave her and her family integration plan (eta ble ring) and registered in skatteverket, forsakringskassan, arbetsformedling, got their personal numbers and IDs... before coming to Sweden, she was living and working in different country (non-EU country, and not original homeland country) for over 9 years, she has bank account under her name and some life saving amount.. question is if she wants to transfer the amount to Swedish bank account, is it tax-able? given she has earned it while not in Sweden, not resident in Sweden, and she can show documents of employment, contract, and bank statements to clear and justify the source of found point.. now, If tax-able, what is the percentage? what is your advice? she don't want to keep them abroad since she is planning to settle in Sweden, maybe she can use them later to open small business or buy small apartment, and if transferable without taxes (as we guess, hopefully :) since it was gained from work outside of the EU while wasn't resident of EU that time) -- then is it going to affect her or her family's situation or the forsakringskassan benefits like barndrag, eta bler ing compinsations and job offiice services? language learning?
Can you help or point out in answering these queries please? she asked friends and old residents around in Sweden, they kept getting differenet answers and complicated feedbacks and irrelative stories.. so kept seeking for information online without lack so far.. doesn't know how to start. any advice or steps to follow in order to achieve this without taxes will be apprecaited, we all still think it doesn't make sense paying taxes to something was before being residence of the Sweden/EU.. or at least we hope so.. what you think? what is the rule for it.. amount ranges? numbers to call? link to read? if anyone can help in this we are really thankful.
Note, from reading several topics here in the forum, noticed many abbreviations, assumed SKV is skatteverket, what is HR? any idea how to know what those abbreviations stands for? its full of useful information but for new people to taxation concept can be furrestrating..
Thanks a lot in advance
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HR stands for Croatia, SKV for Skatteverket. Daniel will answer the rest, if he feels like it. Do note though that EU and Swedish money laundring rules were sharpened in 2017. So if it is hanky panky money, she probably should leave it alone or move to where her money is. Regarding Swedish welfare, to which I have contributed much, without taking, talk to socialen ! They should be able to tell you how various wealth impacts your social contributions. Insh Allah )))))
She doesn´t have to pay any tax if she just transfers the money from abroad to Sweden. I recommend she get in contact with the bank she wants to use in Sweden to talk if they need any papers from her because of the money laundry rules.
It is possible it will affect here money from Försäkringskassan but I recommend you ask them directly, only they will be able to answer those kind of questions.
Daniel Andersson är skattejurist hos Skattepunkten AB
thank you a lot for your answer Daniel, that is fair enough and it makes sense, she has all the official documents they can think of, more than a simple proof...
@matgus3: it is not hanky punky, whatever you mean it is, if is that kind of money we wouldn't ask here, many other places and actual people give free advise for this kind of questions... unfortunetly we reached to a time where the legal straight-forward ways is too complicated or unknown or rare to understand (we searched online for weeks now, and asked the bank several times, they keep saying just transfer the funds and later we will send you a letter asking for clarification! for taxes you need to ask skatteverket) --- but if punky hunky as matgus3 mentioned, people around gave us like 10 ways so far to deal with it... we didn't like the advices, simply got nothing wrong why to worry?
if anybody has similar situation is welcome to comment, and I'm happy to share what happens with us if it can help anybody else, just let me know..
I have transferred millions to Sweden and millions from Sweden and never been asked a question. If the funds are clean. nothing to worry about. Regarding Försäkringskassan, give them a call.
I can add that if the funds are currently kept within an OECD country, which means almost every nation on earth, the holdings are reported to SKV anyways, if Sweden is where she has her residency in. This according to CRS or Common Reporting Standards.
I moved to Sweden 5 years ago but the taxation law is different to understand if a person who come from non-EU country, like me. From Skatteverk home page, if your have an overseas life insurance policy which can generate profit then you have to pay "Avkatningsskatt". "Obegränsat skattskyldig" is also a different term for foreigners to understand. You have to report your overseas assets so long as you live in Sweden, no matter you have Swedish citizenship or not.
I do not understand why Skatteverk home page do not have English.
If I write anything is incorrect, please correct me. I am learning.
Merry Christmas to everyone.
You do not have to report assets howver they want you to report income. After CRS or common reporting standard, almost all OECD countries do this automatically - even nations such as Switzerland and Singapore with start this summer and then from Jan 1 2016 and forward. Actually, it is easier to name the few ones that do not report these days as they are a handful such as Trindidad and Tobago. Avkastningsskatt is an arbitrary tax that SE levies on domestic capital or life insurance products, currently ca 0.4 percent of asset value. I am not sure if this also applies to foreign insurance products - does it Daniel.
Regarding your friend, sounds like she is obegränsat skatteskyldig, meaning have an essential connection to Sweden, as she resides there and worries about Försäkringskassan. If so, Sweden wants to tax worldwide income according to Swedish law. Perhaps you should register and ask Daniel to help you or her out. Be sure though to specifically mention what you want to accomplish - such as compliance through ie a so called self correction.
If you are unlimited taxable in Sweden you pay the same taxes on foreign insurance as you do on the Swedish insurance, currently 0,4 percent of the asset value.
Daniel Andersson är skattejurist hos Skattepunkten AB