The government, following some third-world countries, has introduced a transaction tax on January 1, which is expected to generate a very substantial $ 301 billion in revenue this year.

Even before the introduction

It was known that tax revenue would not be met, and several international studies have been carried out to show that stakeholders are rapidly adapting to the new tax and finding ways to avoid it. I have written more about this here, with a lot of data: The transaction tax has already failed in many countries

Even so, half of the expected tax did not come in January, from 13.4 billion to 27 billion. The government responded by raising the tax rate at the time, but it would speed up business and private accounts abroad.

One of my readers wrote that since his company paid two million transaction taxes a month, from April 1st, he would be making almost all his account transactions from England. The Bank of England said it had many new Hungarian clients.

If you are a smaller entrepreneur, do not be sad, you can easily get your account out of the country, thanks to the EU, be it in Euros or Forints. Crossing the border you can choose from many banks and everywhere along the border they speak Hungarian.

You do not have to go far

Your euro and forint account turnover in Slovakia is best if you only have a forint account, then the Romanian BRD Bank is waiting for you with a 0.2% HUF transfer fee to Hungary, and within the bank you can transfer it for free your partners to open an account with the bank (0.2% tax only in Hungary, plus the transfer fee.)

I will walk you through step by step how to open an entrepreneurial account in Slovakia. Once you have your account, you can transfer money online and pay with a card, even for free in Hungary.

Opening a foreign account is completely legal, but remember that your account must remain in Hungary at all times (there will be no traffic at all).

What you need to open an account

A business statement that is less than 3 months old, not downloaded from the Internet (you need a notary, it is easier to obtain a paper statement directly from the Court of Registration)

It must be officially translated in Slovakia at a cost of € 16-18 per page, for example at Ady Lingua, click here.

Once you have it, call the bank in Slovakia and ask for an appointment. Don’t worry again: Almost everyone at the border speaks Hungarian. (And Internet Banking can speak English and possibly German.)

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