Tax guidelines and regulations for large money transfers around Europe

Tax guidelines and regulations for large money transfers in Europe.

Updated

Whatever your reasons for sending money around Europe, there’s a lot to consider. If your recipient lives in a country with a gift tax or if you’re sending money for business purposes, they may be required to pay taxes on the transfer.

We’ve gathered the tax info that goes along with moving large amounts of money to Europe.

How Europe regulates large remittances

Each country in Europe has its own gift tax, which is the tax your recipient pays when you gift money or property valued above a specified amount. Some countries exempt gifts from the burden of taxation altogether, while others consider the relationship of you to your gift beneficiary.

Here’s a general rundown of how European countries handle the gift tax at the time of writing.

CountryGift size exempt from taxation
AlbaniaNo gift tax
AndorraNo gift tax
ArmeniaNo gift tax
AustriaNo gift tax
AzerbaijanExempt from gift tax if received from family members
BelarusTax law provides exemption for inheritances and partial exemption for general gifts
Belgium3–30% of the gift amount
Bosnia and Herzegovina2–10% of the gift amount
Bulgaria0.4–0.8% on inheritances from family members and 3.3–6.6% for other beneficiaries
Croatia5% if gift is worth more than HRK50,000
CyprusNo gift tax
Czech Republic1–40% depending on degree of family relationship
DenmarkNo gift tax
EstoniaNo gift tax
Finland€1 to €4,999
France5–45% of gift amount, depending on degree of relationship
GeorgiaNo gift tax, though inheritance taxes depend on degree of relationship
GermanyRemote relatives or family typically pay higher taxes
GreeceVaries by relationship of giver to recipient
Hungary2–40% of gift amount, depending on degree of relationship
IcelandGifts for special occasions are exempt provided they’re “not of extraordinary value”
IrelandVaries by relationship of giver to recipient
ItalyUp to €1 million exempt for spouses, children and grandchildren
KazakhstanNo gift tax
LatviaNo gift tax
LiechtensteinNo gift tax
Lithuania€2,500 provided that gifts come from close relatives
Luxembourg0–48% of gift amount, depending on relationship to beneficiary
Macedonia2–5% of gift amount, depending on relationship to beneficiary
MaltaNo gift tax
MoldovaNo gift tax
MonacoRates vary depending on relationship to beneficiary
MontenegroNo gift tax
NetherlandsExempt up to €4,479, depending on relationship to beneficiary, or up to €22,379 once in a child’s lifetime
NorwayNo gift tax
PolandRates vary by relationship of giver to recipient
PortugalNo gift tax
RomaniaNo gift tax
RussiaNo gift tax
San MarinoUp to €1 million exempt for spouses, children and grandchildren
Serbia1.5–2.5%, depending on relationship to beneficiary
SlovakiaNo gift tax
Slovenia€5,000 for immediate successors
Spain7.65–34%, depending on value and relationship to beneficiary
SwedenNo gift tax
SwitzerlandNo gift tax
Turkey10–30%, depending on the gift’s value and relationship to beneficiary
UkraineNo gift tax
United KingdomNo gift tax
Vatican CityUp to €1 million exempt for spouses, children and grandchildren

Do I have to report large transfers out of Ireland?

You personally won’t have to report any amount of money you transfer as there’s no limit to the amount you transfer in or out of Ireland. However, transfers over €10,000 should be declared to the European Union authorities, which banks and money transfer specialists are likely to handle.

You usually won’t need to do anything on top of this, but it’s a good idea to keep all your records of the transfer just in case.

How will my recipient receive my remittance in Europe?

Your many options for sending money to Europe include bank-to-bank transfers, cash pick-ups and transfers to mobile wallets.

If your friends or family are picking up your money in person, they may need to show government-issued ID or a transaction confirmation number to prove they’re your intended recipient. For electronic transfers to their bank account, they won’t need to provide any additional information.

Confirm with your bank or independent money transfer provider the exact information your friends and family might need to receive your funds.

As with all money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.


DISCLAIMER: This article is general advice. It does not consider your own personal circumstances and may not be applicable to you. You should obtain professional advice and consider your own situation before acting on anything contained in our article.


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