Opening a bank account in Czech Republic to transfer my money ?

7POSTS

11 years ago

I sold all my stuff and have savings stored in my national account before to come to Czech Republic.
I want to open a bank account in CR to transfer all that money, from personal account to personal account.

Is everything ok if I do that?

Or should I have to pay taxes, declare or something?
I think declaration is only when it's cash via travel on flights. But not shure.
Maybe everything i ok since is in the bank system?. Neither shure.

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TheRockstar New member

7POSTS

11 years ago

Thank you for your reply jurajlucko.
My bank doesn't allow me to transfer more than 10,000 US dollars in each delivery. So I was thinking to do many transfers.

Is it a problem if the TOTAL final amount is higher than 15000 EUR? Or is it a benefit since maybe I can access to other bank products?

Should I make the little transfers and then withdraw my money after every sent to leave the czech account emtpy?

Any help would be much appreciated, or any direction to look for more extended details. All the best!

jurajlucko New member

8POSTS

11 years ago

TheRockstar wrote:
Thank you for your reply jurajlucko.

you are welcome!
My bank doesn't allow me to transfer more than 10,000 US dollars in each delivery. So I was thinking to do many transfers.

Is it a problem if the TOTAL final amount is higher than 15000 EUR? Or is it a benefit since maybe I can access to other bank products?

it is not a problem at all, banks love clients money! Nor it is a benefit, as to be a prime client you have to have a history (i.e. big sum coming to your account every month as a salary, for instance). Then you can get some good offers from them.

Should I make the little transfers and then withdraw my money after every sent to leave the czech account emtpy?

No, can't see no reason for that. And our banks are quite safe, cause having CZK instead of EUR makes their stability level much higher then of those from Euro zone.

Any help would be much appreciated, or any direction to look for more extended details. All the best!

No problem, keep asking..
Juraj

jurajlucko New member

8POSTS

11 years ago

oops, made the message a bit messy, but you will manage, will you?

SeoKungFu Member

2POSTS

11 years ago

Best of all get a professional advice from an accountant/tax consultant given that the overall amount surpasses the said threshold.

TheRockstar New member

7POSTS

11 years ago

Thank you very much.
What about taxation? Should I be worried about it?
I don't have a contributor number yet since I have "temporary residence" until 2016, and they're not "incomes", just money I already are saved in my country.
But I'm not shure if I should do someting.

jurajlucko New member

8POSTS

11 years ago

Why to care about taxation? for the taxman this would be money transfered from one your account to another your account, therefore no income created. that's absolutely nothing to do with income/VAT tax whatsoever.
Actually you are asking the right person as I am an accountant..

Juraj

TheRockstar New member

7POSTS

11 years ago

Wonderful to know that jurajlucko...! Mayble I'd need your professional services in a near future.

But what happens if I want to buy an apartment in cash or with my transfered savings at the czech bank?
AND.
I declare that I have not income in Czech Republic (true)
and I'm unemployed in Czech Republic (true)

Is it completely clean and under the law to survive with my personal transfers from personal accounts?

I understand that when I ask for permanent residence they'll ask if I have incomings or funds to survive.

At this point I don't have tools to "demonstrate" the origins of my savings in my country of origin since I don't pay taxes for them anymore and they're from past works and sales long time ago.
But should I declare anything or simply name the source from transfer personal account to personal account is enough declaration as "source" of my money???

jurajlucko New member

8POSTS

11 years ago

#10

TheRockstar wrote:
Wonderful to know that jurajlucko...! Mayble I'd need your professional services in a near future.

you are welcome

But what happens if I want to buy an apartment in cash or with my transfered savings at the czech bank?
AND.
I declare that I have not income in Czech Republic (true)
and I'm unemployed in Czech Republic (true)

nothing wrong happens, you use your own money, so no one cares(or check) if you are employed here or not.

Is it completely clean and under the law to survive with my personal transfers from personal accounts?

absolutely yes

I understand that when I ask for permanent residence they'll ask if I have incomings or funds to survive.

that would be enough to show your CZ bank statement with sufficient funds (not sure, but might be up to 150000 CZK per year)

At this point I don't have tools to "demonstrate" the origins of my savings in my country of origin since I don't pay taxes for them anymore and they're from past works and sales long time ago.
But should I declare anything or simply name the source from transfer personal account to personal account is enough declaration as "source" of my money???