There are many industries that are booming in Frankfurt, particularly finance, creative, IT and the logistics industry. Within Frankfurt, there are large institutions such as the European Central Bank and the German Stock Exchange, which are all contributing towards the financial industry’s acceleration.
Frankfurt is considered to have one of the best economies in Germany meaning it is a city that is thriving and offers fantastic work opportunities and career progression. The city has an extremely low unemployment rate, even with a growing population.
Income Tax in Germany
When working in Germany, many tax experts will know that you need to pay income tax. The first €9,984 you earn is your tax-free allowance, meaning you will only pay tax on earnings that are above this amount. It is important to note that German income tax rates are progressive so they will start at 14% and rise to 45% for higher earnings.
For 2022, the German income tax bands were:
Income tax bands in Germany Tax Rate in Germany
Up to €9,984 0%
€9,985–€58,596 14–42%
€58,597–€277,825 42%
€277,826 and above 45%
Requirements for working in Frankfurt
You must have the necessary information and documentation for staying in a country like Frankfurt. This includes the job seeker visa which will allow non-European citizens to job search and work in Germany. You will need a German work visa and a residence permit to pursue your new tax job in Frankfurt. It will be easier for you to find a job first and then apply for these visas. You should also check if your role is regulated or not, as many professions now require recognition of qualifications.
International companies in Frankfurt
Frankfurt is well known for its nickname ‘Mainhattan’ due to being an international business hub. Some of the main international companies in Frankfurt you may recognise includes:
PwC
Deloitte
KPMG
EY
Amazon
Procter and Gamble
McDonald’s
Nestlé
Samsung
