We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Brit living in Germany - how to save?
Nibs_THomas
Posts: 3 Newbie
I'm british and a UK taxpayer, retired and living in Germany. I will be returning to the UK in 2 or 3 years. Because I don't live in the UK, I cannot add to or open up new savings accounts, ISAs etc. Does anyone know how I can invest approx £50k now so that it can earn me some interest for when I come home? (This is my first post, so do forgive me if this query is not appropriate in this forum- thanks!
0
Comments
-
Can you not save in Germany?0
-
0
-
If you live in Germany why are you paying tax in the UK?“So we beat on, boats against the current, borne back ceaselessly into the past.”0
-
. . because all our income is paid in Britain and taxed at source.0
-
That's unlikely to be relevant. You ought to check the tax rules in Germany - if you are resident there you'll probably find you should be paying tax there. As far as interest goes, you should find that it is not taxed at source in the UK and you are not taxable on the interest in the UK.. because all our income is paid in Britain and taxed at source.
And beware of interest which is tax-free in the UK (such as National Savings certificates), because it may be taxable in Germany.0 -
That's unlikely to be relevant. You ought to check the tax rules in Germany - if you are resident there you'll probably find you should be paying tax there. As far as interest goes, you should find that it is not taxed at source in the UK and you are not taxable on the interest in the UK.
And beware of interest which is tax-free in the UK (such as National Savings certificates), because it may be taxable in Germany.
Yep a look at the Germany UK tax treaty is required to figure out where income is taxed. If the OP has done that then I apologize, but Germany is their primary tax authority and most income will be taxed there, unless it's stuff like UK Government pensions etc.
For that reason I would advise the OP to make sure their Germany taxes are correct and to put money they will need in a couple of years in a guaranteed German savings type account“So we beat on, boats against the current, borne back ceaselessly into the past.”0 -
Thank you for this advice. We do pay taxes here in Germany. My bank manager says that interest on savings is very low here, which is one reason for looking to the UK - the other reason is that our money to invest is in the UK and I don't want to lose money by transferring it here, and then again back to the UK when we return.bostonerimus wrote: »Yep a look at the Germany UK tax treaty is required to figure out where income is taxed. If the OP has done that then I apologize, but Germany is their primary tax authority and most income will be taxed there, unless it's stuff like UK Government pensions etc.
For that reason I would advise the OP to make sure their Germany taxes are correct and to put money they will need in a couple of years in a guaranteed German savings type account0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards