Hello, I am a Finn, currently living in the UK, with my unmarried partner of 15 years.
My partner and I are soon planning to move to mainland Europe (not Finland), and are seeking to move some of our [technically my partner's] savings from Pounds to Euros prior to our relocation - so from his bank account here in the UK, to my Finnish bank account in Finland. I am currently a student with no income, so it is technically my partner's savings.
How would it work with taxes on gift amounts? Would it raise problems if he transferred an amount over the EUR 5,000 threshold to my Finnish bank account? (i.e. do Finnish tax authorities count unmarried partners as separate entities for gift tax purposes?)
Or would it make more sense for him to move the savings from his UK bank account to my UK bank account, and then I'd transfer it from my own UK account to Finnish account? My concern would be if I were asked to provide evidence for where the funds came from and they are clearly from his account.
Any help would be appreciated as this is a confusing issue to understand. Thanks for the help in advance!
Question on taxable money transfers for a Finn living abroad
-
- Posts: 2
- Joined: Mon Feb 07, 2022 6:13 pm
-
- Posts: 1351
- Joined: Sat Nov 09, 2019 10:43 am
Re: Question on taxable money transfers for a Finn living abroad
The Finnish tax authorities also counts married couples as separate entities for gift tax purposes.finnabroad wrote: ↑Mon Feb 07, 2022 6:36 pmI am a Finn, currently living in the UK, with my unmarried partner of 15 years.
My partner and I are soon planning to move to mainland Europe (not Finland), and are seeking to move some of our [technically my partner's] savings from Pounds to Euros prior to our relocation - so from his bank account here in the UK, to my Finnish bank account in Finland. I am currently a student with no income, so it is technically my partner's savings.
How would it work with taxes on gift amounts? Would it raise problems if he transferred an amount over the EUR 5,000 threshold to my Finnish bank account? (i.e. do Finnish tax authorities count unmarried partners as separate entities for gift tax purposes?)
Neither of you is living in Finland and money is not immovable property located in Finland, so Finnish gift tax does not apply in any case.
-
- Posts: 2
- Joined: Mon Feb 07, 2022 6:13 pm
Re: Question on taxable money transfers for a Finn living abroad
Thank you so much! That's very helpful to know! Much appreciated.