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As a member of the EU, Germany enjoys a strategic and collaborative partnership with the US on a variety of issues, including trade and investment agreements, global policy alliances, and global safety initiatives. Currently, there are no restrictions for German citizens who want to transfer money from Germany to the US.
German citizens who wish to live or work in the US must apply for the appropriate visa or be granted permanent resident status. There are a variety of visitor and work visas. The type and duration of the work visa that will be required depends on the applicant’s profession and current employment status. For more information on visa requirements, please refer to the US Embassy website.
For most foreigners who plan to visit the US for a period of up to 90 days, a visitor or business visa is still required. However, American authorities have waived this rule for citizens of Germany, as well as several other countries in Europe. For short stays, German passport holders need only register online through the Electronic System for Travel Authorization (ESTA). For stays of more than 90 days, an immigrant or non-immigrant visa is required.
There are few restrictions for German citizens who wish to own or rent property in the US. Before making a purchase, however, foreign nationals will need to obtain an Individual Taxpayer Identification Number (ITIN), which is required for all property transactions in the US. German citizens must provide their ITIN upon close of the transaction in order for it to clear. To obtain an ITIN, the buyer must apply with the national tax authority, the Internal Revenue Service (IRS). This process may take five weeks or longer, so it is advisable to take this step early in the process. Once the ITIN is issued, the buyer can then easily transfer from Germany to the US for their property purchase. Working with a licensed real estate attorney or real estate agent is advisable, as they can guide German citizens on regional and federal real estate laws, which differ state by state.
In 1989, Germany and the US entered into a tax treaty for the avoidance of double taxation of citizens living and working in either country. For German citizens living and earning money in the US, a tax return must still be filed with the German government, but citizens may be eligible to receive tax credits based on what they pay in the US. If taxes are owed to the US government, there are no restrictions to transfer money from Germany to the US to make these payments.
US educational institutions require a student visa before non-residents can study within the US. However, before a German citizen can apply for a student visa, they must first apply for and be accepted to a US-based accredited school or programme. Once the institution has issued its acceptance, it will supply the necessary documents to the student so that they can apply for the student visa.
Currently, there are two student visas offered by the US government to foreign citizens wishing to study in the US. The F-1 visa, the most common type of student visa, is for academic studies at an approved school or accredited American university. Non-academic or vocational studies require the M-1 visa.
Like all other non-US citizens, German citizens are not permitted to vote in American federal elections. Historically, voting for federal office has been restricted to citizens of the US. Although states may allow non-citizens to vote, this is rare and limited to local elections in only a few places today.
American healthcare is a pay-as-you-go system, with most American citizens owning some form of health insurance. It is advisable for German citizens who are planning to visit America to purchase travel insurance or a short-term health insurance policy before entering the US.
As part of the EU, Germany is one of the leading partners in contributing to one of the largest economic relationships in the world. The US government recognised in 2017 that US-Germany trade accounts for 30% of the total trade between the EU and the US. Goods and services exchanged between the US and Germany amounted to roughly €112bn in 2017. The EU and the US collaborate on a number of trade, investment and global safety initiatives throughout the world. Recently, they entered into discussions for a new trade and investment agreement, the Transatlantic Trade and Investment Partnership (TTIP).
Germany is the US’s single-largest trade partner within the EU. In 2017, Germany imported goods and services worth €46 bn, which equates to roughly $50bn depending on exchange rates, from the US, followed closely by the UK, the Netherlands and France. Considered together, EU countries are the second-largest market for US exports, which drives constant, high-volume money transfers to the US.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
