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Reply to: Question for the economic types
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Previously on "Question for the economic types"
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Other possibilities include putting some of it into Bunds, and using spreadbetting to hedge yourself against moves in the Euro/DK exchange rate.
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Originally posted by doodab View PostI think if you're there more than 183 days you'll be taxed on your worldwide income anyway ,but like i say take advice, i did talk to a danish tax firm a while ago i'll try and find the link later.
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Originally posted by Mich the Tester View Postwill do, but also have English Ltd so I could theoretically pay myself a minimum wage in DK
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Originally posted by doodab View PostI would take some proper advice on that, as unless NL and DK have a different tax treaty than the european norm you'll be tax resident in DK after 183 days and taxed on DK income in DK.
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Originally posted by Mich the Tester View PostNo, MyCo is in NL, so I'll pay NL taxes.
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Originally posted by eek View Post+1
although I'm concerned of Scenario 4
Germany realise the best thing to do is to get out of the euro and leaves everyone else to it. But as you say you can offset that by keeping your euro account in a German bank (probably attached to a german forwarding address for safe measure).
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Originally posted by sasguru View PostIndeed. Interest rates are (just) higher in Euroland and the German currency, whatever that will be, will always be strong.
For anyone interested in doing the same, you have to visit Germany to create an acoount there with passport and proof of address.
The big assumption that if the Euro is a dud, there will be a one-to-one exchange to the mark. Or will they exchange to the currency of your home address?
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Originally posted by doodab View PostYou'll be paying local taxes, which are high, plus most expenses will be in kroner. That will be more than half your contract value i expect so it makes sense to be paid in krone to minimize currency conversion costs and fx risks.Last edited by Mich the Tester; 21 December 2011, 13:17.
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Originally posted by Mich the Tester View PostMight be sensible regardless of what happens to stick more in the German account.
For anyone interested in doing the same, you have to visit Germany to create an acoount there with passport and proof of address.
The big assumption that if the Euro is a dud, there will be a one-to-one exchange to the mark. Or will they exchange to the currency of your home address?
Leave a comment:
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You'll be paying local taxes, which are high, plus most expenses will be in kroner. That will be more than half your contract value i expect so it makes sense to be paid in krone to minimize currency conversion costs and fx risks.
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So hedging by converting 50% to euros in a german bank, and keeping 50% in kroner in danish bank.
Might be sensible regardless of what happens to stick more in the German account.
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Scenario 5. All of Europe join the pound and all us sensible people earning pounds become staggeringly rich and attractive to Euro ladies.
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Originally posted by sasguru View PostScenario 1: the PIIGS fall out of the Euro, Euro strengthens
Scenario 2: the Euro continues its crisis-ridden state, Euro declines but very long term
Scenario 3: Euro falls apart completely
1 and 2 are more likely.
Hedge your bets is what I would do: Create a Euro account in Germany and stash half your funds there, the rest in Kroner.
If 3 occurs, your Euro account in Germany will become a Deutche Mark account, I'm guessing
although I'm concerned of Scenario 4
Germany realise the best thing to do is to get out of the euro and leaves everyone else to it. But as you say you can offset that by keeping your euro account in a German bank (probably attached to a german forwarding address for safe measure).
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Originally posted by sasguru View PostScenario 1: the PIIGS fall out of the Euro, Euro strengthens
Scenario 2: the Euro continues its crisis-ridden state, Euro declines but very long term
Scenario 3: Euro falls apart completely
1 and 2 are more likely.
Hedge your bets is what I would do: Create a Euro account in Germany and stash half your funds there, the rest in Kroner.
If 3 occurs, your Euro account in Germany will become a Deutche Mark account, I'm guessingLast edited by Mich the Tester; 21 December 2011, 13:05.
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