Earning income in a foreign currency and the possibility of obtaining a mortgage loan

  • In what currencies other than PLN can I get a loan in Poland
  • Will I get a loan having income in a currency from an employment contract
  • Will I get a loan running a business and having income in foreign currency

1.In what currencies other than PLN can I get a loan in Poland

According to Recommendation S of the Financial Supervision Commission – Komisja Nadzoru Finansowego, customers can apply for a loan in exactly the same currency as the income they earn.

Currently, banks give loans other than PLN only in EUR.

2. Will I get a loan having receipts in the currency from the employment contract

If your income on the account is in EUR, then you can think about crediting; if in another currency, then unfortunately there will be no such possibility. It is also worth knowing that loans in EUR are currently granted by two banks; in one, the income in one currency must be received for a minimum of 3 months; in the other, up to 12 months. Remember that it matters whether you have the income in an account in Poland or abroad – it is better to have it in Poland

There is another very important rule that can help you better recalculate your creditworthiness. If you are applying for a loan in two people, one of whom earns more in PLN than the other, who earns in EUR, then the leading currency will be PLN plus the income in EUR will also be accepted for the conversion of creditworthiness. This must always be accurately communicated to the specialist who estimates your creditworthiness.

3. Will I get a loan while running a business and having income in foreign currency

As much as possible you can apply for a loan while earning income in a currency other than PLN, and accounting for income in PLN as part of your business. I have distinguished between income and revenue in this case. Income is the amount you receive from your customers/business partners for a sale or service, and income in PLN determines the amount of monthly tax.

The FSA’s recommendation specifies that income determines the currency of the loan, and when settling with the Tax Office you settle income in PLN, as well as pay tax in PLN.

It also doesn’t matter whether you settle with a ryczałt or książka przychodów i rozchodów.

Being a foreigner who runs a household in Poland and earns income/income in a currency other than PLN, take another look at the entry on additional credit rules.

If you are interested in my article I invite you to comment. If you need to clarify your individual situation in more detail, I recommend contacting me directly.

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