Tax guidelines and regulations for large money transfers into Europe
Here's what to consider when immigrating, funding a business or studying abroad requires a large transfer.
Whatever your reasons for sending money to Europe, there’s a lot to consider. While international money transfer specialists have taken the headache out of getting your money to Italy, the UK and countries in-between, you may be on the hook for taxes on large transfers into the eurozone or out of the Philippines.
We’ve gathered the tax info that goes along with moving large amounts of money to Europe.
Compare providers for sending money to Europe from the Philippines
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.
|Country||Gift size exempt from taxation
|Albania||No gift tax|
|Andorra||No gift tax|
|Armenia||No gift tax|
|Austria||No gift tax|
|Azerbaijan||Exempt from gift tax if received from family members|
|Belarus||Tax law provides exemption for inheritances and partial exemption for general gifts|
|Belgium||3–30% of the gift amount|
|Bosnia and Herzegovina||2–10% of the gift amount|
|Bulgaria||0.4–0.8% on inheritances from family members and 3.3–6.6% for other beneficiaries|
|Croatia||5% if gift is worth more than HRK50,000|
|Cyprus||No gift tax|
|Czech Republic||1–40% depending on degree of family relationship|
|Denmark||No gift tax|
|Estonia||No gift tax|
|Finland||€1 to €4,999|
|France||5–45% of gift amount, depending on degree of relationship|
|Georgia||No gift tax, though inheritance taxes depend on degree of relationship|
|Germany||Remote relatives or family typically pay higher taxes|
|Greece||Varies by relationship of giver to recipient|
|Hungary||2–40% of gift amount, depending on degree of relationship|
|Iceland||Gifts for special occasions are exempt provided they’re “not of extraordinary value”|
|Ireland||Varies by relationship of giver to recipient|
|Italy||Up to €1 million exempt for spouses, children and grandchildren|
|Kazakhstan||No gift tax|
|Latvia||No gift tax|
|Liechtenstein||No gift tax|
|Lithuania||€2,500 provided that gifts come from close relatives|
|Luxembourg||0–48% of gift amount, depending on relationship to beneficiary|
|Macedonia||2–5% of gift amount, depending on relationship to beneficiary|
|Malta||No gift tax|
|Moldova||No gift tax|
|Monaco||Rates vary depending on relationship to beneficiary|
|Montenegro||No gift tax|
|Netherlands||Exempt up to €4,479, depending on relationship to beneficiary, or up to €22,379 once in a child’s lifetime|
|Norway||No gift tax|
|Poland||Rates vary by relationship of giver to recipient|
|Portugal||No gift tax|
|Romania||No gift tax|
|Russia||No gift tax|
|San Marino||Up to €1 million exempt for spouses, children and grandchildren|
|Serbia||1.5–2.5%, depending on relationship to beneficiary|
|Slovakia||No gift tax|
|Slovenia||€5,000 for immediate successors|
|Spain||7.65–34%, depending on value and relationship to beneficiary|
|Sweden||No gift tax|
|Switzerland||No gift tax|
|Turkey||10–30%, depending on the gift’s value and relationship to beneficiary|
|Ukraine||No gift tax|
|United Kingdom||No gift tax|
|Vatican City||Up to €1 million exempt for spouses, children and grandchildren|
Do I have to report large transfers out of the Philippines?
You personally won’t have to report any amount of money you transfer out of the Philippines. The bank or money transfer company you use will do this for you. They are required to report any suspicious transfers or transfers over ₱500,000 to the Anti Money Laundering Council.
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.
Sending money to Europe
If you’d like to know more about sending money to particular countries in Europe, check out our guides on some of the most popular remittance countries:
If you’re initiating a large overseas transfer, both you and your recipient may be required to report it on your taxes — and depending on which country they live in, they may need to pay a gift tax or report it as foreign income.
As with all international money transfers, compare providers to get the best deal before initiating a transfer, and be protect yourself from fraud by only sending money to people you know. Using a reputable provider can safeguard you from potential scams.Back to top
More guides on Finder
Foreign exchange rates
Getting a good forex rate could mean hundreds if not thousands of pesos in savings when you make a money transfer. Compare the best rates here.
Starting an import/export business with the United States
Interested in starting an import/export business between the US and the Philippines? Read this beginner’s guide.
Tax guidelines and regulations for large money transfers into France
Transferring large amounts of money to France? Learn how to protect yourself from tax issues and potential penalties.
Laws and legal documents when transferring large sums of money into India
Avoid potential headaches and tax issues with our guide to sending large amounts to India.
Legal requirements for transferring large sums of money into Australia
Are you planning to send a large amount of money to Australia? Familiarise yourself with Australian laws and regulations regarding money transfers.
Best international money transfer apps
We took a look at international money transfer apps and were impressed by what we saw. Learn why.
Tax guidelines and regulations for large money transfers into China
Need to send a lot of money to China? Protect yourself from penalties and save time with this tax and documentation guide.
Tax guidelines and regulations for large money transfers into Brazil
Looking to transfer a lot of money to Brazil? Protect yourself from penalties and save time with this tax and documentation guide.
Tax guidelines and regulations for large money transfers into Italy
Need to send large amounts to Italy? Protect yourself from penalties and save time with our tax and documentation guide.
How to safely transfer a large amount of money internationally
What are the best options for sending or receiving a large amount of money overseas? Read this ₱50,000 case study with exchange rates and fees comparison.
Ask an Expert