Finding out how to open a new bank account, get a mortgage, save for your children’s education, buy a car, paying taxes, etc. will take a lot of your time. The decisions that you take may have a long-term effect on your future financial situation. At Check-NL you’ll find the best providers to help you make these decisions.
Financial Services & Professionals
Carolina van Nassaustraat 351
2595 SV The Hague World Trade Center
Jan Leentvaarlaan 1
3065 DC Rotterdam
Zuid Hollandlaan 7
2596 AL DEN HAAG
2242 KD Wassenaar
Johannes Verhulststraat 163hs
1075 GX Amsterdam
The Netherlands has had the euro since 2002 and paper denominations are EUR 5, 10, 20, 50,100, 200 and 500 though you may encounter problems using anything bigger than a EUR 50 note. The coins, with an image of (former) Queen Beatrix on the back, come in denominations of EUR 1, EUR 2, and 5, 10, 20 and 50 eurocents. Coins for 1 and 2 eurocents have been discontinued but prices will be quoted exactly, for instance, as EUR 37, 21, but will be rounded up to the nearest 5 eurocents for giving change. On bank statements, the exact figure will appear.
To open a bank account you will usually be required to show the following:
- proof of identity (passport or identity card)
- official proof of address, such as a tenancy agreement
- your social security number- BSN number (BurgerServiceNummer). Before you can open a bank account, you need to be a legal resident of the Netherlands. You should therefore register yourself at your local municipal office to make your stay legal. As soon as you have completed your registration and have been given your social security BSN number (BurgerServiceNummer), you can go to any bank of your choice to open a bank account.
- if you are from a country outside the European Union (EU), European Economic Area (EEA) or Switzerland, you will need to show your residence permit or registration with the Aliens Police (Vreemdelingenpolitie)
- proof of your income, unless you are only opening a savings (Spaarekening) account. Your contract of employment or three consecutive pay slips will be accepted by most banks as proof
The banks are always reviewing their requirements for opening an account. Therefore, you are advised to check with the local branch of your chosen bank for their specific requirements.
As a new client, the bank may wish to check your credit history. Hence, the bank may instigate a credit check and verify with the Central Credit Registration Office (BKR) in Tiel.
The requirements for getting a mortgage will depend on the bank or mortgage provider you choose. Generally, people originating from a EU member state country and who have a permanent employment contract do not experience any difficulties in getting a mortgage.
The bank or mortgage provider will want to know about the property that you wish to purchase. They may ask for you to pay for an independent inspection report on the property before they make any decision on whether to grant you a mortgage.
For people from outside the EU, the bank or mortgage provider may want to consider the following aspects:
- The kind of residence permit you have
- The level of security afforded by your contract of employment and what type of job you have
- Who is your employer? Generally it is easier to get a mortgage if you work for a well-known, larger company than for a small company
- How much you currently earn after tax and pension deductions (take-home pay)?
- What other significant expenses you currently have, e.g. paying for a car, any bank loans etc. and your general financial situation
- The nationality of your partner (is he/she Dutch or not?)
The interest that you pay on your mortgage might be tax deductible (hypotheekrenteaftrek) from your earnings. If you are on a Dutch payroll and are considered a resident taxpayer, meaning you pay taxes in The Netherlands, you are entitled to the same benefits that the Dutch citizens have. For your personal tax situation, it is advisable to look at the National Tax Authority at the website www.belastingdienst.nl.
Whilst some of the website provides information in English and German, the scope of this information is limited. Therefore, you may need to look at the Dutch “Nederlandse” pages to find more specific information. The mortgage relief or hypotheekrenteaftrek has always been a contentious issue in Dutch politics and this tax benefit may become more limited in the future.
You can leave your savings and investments in your home country, but you have to inform the Dutch tax authorities about it when filling in your tax form. A holiday house or second dwelling in your home country will have to be declared too, but normally a double taxation deduction can be requested.
This is a tax allowance incentive for employees recruited from abroad who bring specific skills to the Netherlands. It acknowledges that additional expenses are incurred by expats (extraterritorial costs) in settling into a new country. If you come to work in the Netherlands and you are eligible for the 30% ruling, you can choose partial non-resident taxpayer status. When having partial non-resident taxpayer status, you are considered a non-resident taxpayer for part of the income tax.
If you opt for partial non-resident taxpayer status, your taxable income from a substantial interest (box 2) and your taxable income from savings and investments (box 3) will, for income tax purposes, be determined according to the regulations that apply to non-resident taxpayer status. In practice this means that you are exempt of these taxes, apart from in box 2 a Dutch shareholding and in box 3 Dutch real estate.
As well as the 30% ruling, you can also be given a tax free allowance by your employer for extraterritorial costs associated with providing schooling for your children. However, the school fees must be for an international school or for an international department within an ordinary Dutch school (i.e., where the curriculum follows a foreign system or where the department is only accessible to children of seconded employees).
Applications (completed by both employer and employee) should be made to the Belastingdienst Limburg Kantoor Buitenland in Heerlen.
To receive the 30% ruling from the Dutch Tax Administration, you must comply with the following conditions:
- You have an employment relationship (with a company or organisation in the Netherlands)
- You have specific expertise that is either non-existent or where there is a scarcity of availability in the Dutch employment market
- You are deemed to possess that expertise if your salary (not including the tax-free allowance in the Netherlands), is at least € 36,378 for 2014
- You are under the age of 30, in possession of a Master’s degree and your salary (not including the tax-free allowance in the Netherlands), is at least €27,653 in 2014
- You have a valid decision (ruling) which has been granted by the Dutch Tax Administration after 1 January 2012. Please note that if you have previously lived or working in the Netherlands, the period of your entitlement will be reduced from the maximum 8 years
- In the 24 months prior to your first day of work in the Netherlands, you worked at least 150 kilometres from the Dutch border, i.e. in general, you must be still be living and working abroad prior to the application for the 30% ruling being made
There are exceptions to the 24-month term and for people with a certain academic qualifications. Therefore, it is advisable to contact the Tax Information Line for Non-resident Tax Issues on Telephone number: (055) 538 53 85 or from abroad on +31 555 385 385.