How can I get started with expat finances in Germany on my own?

We've created a comprehensive Expat Checklist that covers everything you need to know when settling in Germany, from banking to insurance to retirement planning. It's completely free and a perfect starting point.

What's the difference between public (GKV) and private (PKV) health insurance in Germany?

Public insurance (GKV) offers family coverage and income-based premiums, while private insurance (PKV) can offer better benefits at lower costs for high earners. The right choice depends on your income, employment status, and family situation.

Should I contribute to the German pension system or invest privately?

It depends on your plans. If you're staying long-term in Germany (5+ years), the German pension system offers solid benefits. For shorter stays, private investment strategies might be more flexible.

Do I need to speak German to work with Expat Heroes?

Not at all! Our entire team is fluent in English, and all our services, documentation, and communication are available in English. We specialize in helping English-speaking expats navigate the German financial system.

What insurances are mandatory in Germany?

Health insurance is mandatory for everyone in Germany. Private liability insurance (Haftpflichtversicherung) is highly recommended. The right mix depends on your employment status, family situation, and lifestyle.

Can Expat Heroes help me with my taxes?

We are not licensed tax consultants, so we cannot provide tax advice directly. However, we can refer you to a trusted tax consultant who can help.

How much does the Expat Heroes consultation cost?

Our consultancy appointments are completely free of charge. Our consultants are compensated through a mandatory commission paid by the companies and providers we recommend, so you receive expert guidance at no direct cost.

How much money should I save as an expat in Germany?

A common rule of thumb is to save at least 20% of your net income. But the right amount depends on your goals, lifestyle, and how long you plan to stay in Germany.

What is a financial advisor for expats and why do I need one?

A financial advisor for expats understands the decisions that come with an international life: what happens to your contracts if you leave Germany, which products work across borders, and which ones you are better off not signing. An expat financial advisor ensures you don't miss opportunities or make costly mistakes, all in English.

How does inflation affect my savings in Germany?

Inflation reduces the purchasing power of your money over time. Even at moderate rates, your savings could lose significant value if left in a low-interest bank account.

What is the retirement gap and how do I calculate it?

The retirement gap is the difference between what you'll receive from the German state pension and what you actually need to maintain your lifestyle in retirement. Many expats are surprised by how large this gap can be.

What should I know about investing as an expat in Germany?

As an expat, you have access to a wide range of investment options in Germany, from ETFs and funds to pension-linked products. The key is to choose a strategy that aligns with your goals, risk tolerance, and time horizon.

How do I find out which insurances I actually need in Germany?

Germany has many types of insurance, some mandatory, some optional but highly recommended. The right mix depends on your employment status, family situation, and lifestyle. A free Insurance Check can give you a clear overview.

First 90 Days: Financial Checklist for New Expats in Germany

Week 1-2: The Essentials

1. Register Your Address (Anmeldung)

This is legally required within 14 days of moving. You'll need:

Signed rental contract or landlord confirmation (Wohnungsgeberbestätigung)
Valid passport

The Anmeldung is the gateway to everything else, bank accounts, tax ID, and insurance all require it.

2. Open a German Bank Account

You need a German IBAN for salary payments, rent, and utility bills. Options range from traditional banks (Deutsche Bank, Commerzbank) to digital banks (N26, ING). Compare fees and features before deciding.

3. Get Your Tax ID (Steuer-ID)

Automatically mailed to your registered address within 2-4 weeks after Anmeldung. Your employer needs this. If it's delayed, contact the Bundeszentralamt für Steuern.

For a comprehensive interactive version, use our expat checklist.

Week 2-4: Insurance Setup

4. Health Insurance Decision

This is your most important financial decision in the first month. Choose between:

GKV (Public): Income-based premiums, free family coverage
PKV (Private): Risk-based premiums, premium benefits

Read our comprehensive PKV vs. GKV guide before deciding. Use the insurance check for a personalized assessment.

5. Private Liability Insurance

Get this immediately, it costs only €3-7/month and protects you from potentially unlimited personal liability claims. Non-negotiable in Germany.

6. Consider Disability Insurance (BU)

The younger and healthier you are, the cheaper it is. Waiting even 2-3 years can significantly increase premiums or lead to exclusions.

Month 2-3: Building Your Financial Foundation

7. Understand Your Payslip

Know what's being deducted and why. Use our gross-net calculator to verify your deductions and explore optimization options.

8. Review Your Tax Class

If married, switching from the default IV/IV to III/V could save hundreds per month. See our 7 tax tips for more strategies.

9. Start Retirement Planning

Don't wait. The power of compound interest means every month counts. Check if your employer offers bAV with matching, and read our retirement planning guide for the full picture.

10. Build Your SCHUFA Score

Open accounts, get a phone contract, pay everything on time. Your creditworthiness in Germany depends on it.

Beyond 90 Days: Ongoing Optimization

Once the basics are in place:

Set up an investment strategy. ETF savings plans, fondsgebundene Rentenversicherung
File your tax return, even if not required, it almost always results in a refund
Review insurance annually, your needs change as your life evolves
Track inflation's impact on your savings with our inflation calculator
Calculate your retirement gap with our retirement gap calculator

Or simply start a no-obligation conversation with us and let us help you build a comprehensive financial plan tailored to your expat situation.