|Population (2016)||9 851 017 (+0.01%)|
|EU Status||member since 1995|
|National Currency||SEK (Swedish krona/kronor)|
|Exchange Rate (2017-01-19)||1 EUR = 9.5478 SEK|
|Nominal GDP (2015)||444.2 bln EUR (+0.03%)|
|Nominal GDP per Capita (2015)||45 300 EUR (+0.02%)|
|Real GDP Growth (2015)||4.1 % (2014: 2.1 %)|
|CPI, MoM (Sep 2016)||0.2 % (Aug 2016: -0.1 %)|
|CPI, YoY (Sep 2016)||0.8 % (Aug 2016: 1.2 %)|
|CPI, Year Average (2015)||0.7 % (2014: 0.2 %)|
|Unemployment Rate (2015)||7.4 % (2014: 7.9 %)|
|Government Bond Yield (Sep 2016)||0.22 % (Aug 2016: 0.10 %)|
|Credit Ratings (as of Sep 2016)|
|Fitch||AAA||highest credit quality, outlook stable|
|Moody's||Aaa||prime, outlook stable|
|Withholding Tax||0.0 - 30.0%|
|Double Taxation Agreements||77 signed agreements|
|Exchange on Request||46 signed agreements|
|Automatic Exchange||starts in September 2017|
|FATCA||IGA in effect since 08 August 2014, Model 1|
|Financial Market Development||5.2 (max 7.0)||rank: 10th out of 138 countries|
|Banks' Soundness||6.2 (max 7.0)||rank: 10th out of 138 countries|
|Banking Industry Country Risk||2||(1 - lowest risk, 10 - highest risk)|
|Deposit Guarantee Scheme|
|Maximum Protected Amount||100 000 EUR|
|Country Ceiling for Deposits|
|Local Currency (Swedish krona/kronor)||Aaa||prime|
|Deposit Rates (Aug 2016, SEK)||0.14 % (Jul 2016: 0.18 %)|
|Banking Sector Structure|
|Number of Banks||160|
|Recent Changes (2015)||new banks: 1, closed banks: 5|
|Consolidated Assets (2015)||1 622.43 bln EUR (-0.81%)|
|Nordea Bank AB (publ)||Svenska Handelsbanken AB (publ)|
|Skandinaviska Enskilda Banken AB (publ) (SEB)||Swedbank AB (publ)|
|List of Banks in Sweden|
During the last 11 years EURSEK exchange rate was within the range 8.3362 - 11.4524, reaching its maximum in Feb 2009 and falling to its minimum in Aug 2012.
According to Eurostat, nominal GDP of Sweden in 2015 was 444.2 bln EUR.
Sweden outperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.9% over the past 10 years (2005 - 2015). In 2015 real GDP growth was 4.1% which was above the Euro Area average (1.6%) and above the European Union average (1.9%). Real GDP growth in 2016 - 2021 are IMF's estimates.
In 2015, nominal GDP per capita in Sweden was 45 300 EUR.
Sweden has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 23.7% over the past 10 years (2005 - 2015). GDP per capita at PPP in 2016 - 2021 are IMF's estimates.
According to Eurostat, inflation rate in Sweden in 2015 expressed as annual percentages of average consumer prices was 0.7% which was above the Euro Area average (0.0%) and above the European Union average (0.0%). Inflation rates in 2016 - 2021 are IMF's estimates.
Withholding taxes are imposed at source of income and are often applied to dividends, interest, royalties, rent and similar payments. The rates of withholding tax are often reduced by double taxation agreements.
Withholding tax rates applied on payments of interest and dividends in Sweden are shown in Table 1.
|Natural person, resident||30.0||30.0|
|Natural person, non-resident||30.0||0.0|
Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Sweden signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Sweden and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 01 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Sweden signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Sweden and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 01 January 2013 of signing the agreement is given in brackets):
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Sweden signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
Sweden has FATCA agreement with the U.S. in effect since 08 August 2014 (Intergovernmental Agreement Model 1). Financial institutions operating in Sweden are required to identify U.S. taxpayers by January 1, 2017 and to report the information for 2017 and the subsequent years. The agreement is reciprocal: Swedish financial accounts hold in U.S. financial institutions will be reported to Swedish authorities.
FATCA and European countries
According to World Economic Forum's Global Competitiveness Report 2016-2017, financial market development in Sweden is scored 5.2 out of maximum 7.0 and ranked 10th out of 138 analysed economies. Soundness of banks is scored 6.2 bringing Sweden into the 10th place, trustworthiness and confidence of financial market is scored 5.3 (18th place).
Banking Industry Country Risk Assessment (BICRA) is a methodology designed by Standard&Poor's "to evaluate and compare global banking systems". A BICRA is scored on a scale from 1 to 10, ranging from the lowest-risk banking systems (group 1) to the highest-risk (group 10). The BICRA methodology has two main analytical components: "economic risk" and "industry risk". Each of the components is then further divided into 3 "factors" that result in an economic and industry risk score for each country.
Sweden is included into group '2' with economic risk scored '2' and industry risk scored '3'.
|Economic resilience||very low|
|Credit risk in economy||low|
|Government support assessment||supportive|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Sweden are summarised in Table 3.
|Scheme Participants||all credit institutions operating in Sweden, branches of Swedish banks abroad|
|Scheme Exemptions||branches of foreign banks (covered by their home countries)|
|Eligible Depositors||private individuals, companies and other legal entities|
|Covered Accounts||deposits in all types of accounts|
|Maximum Protected Amount||100 000 EUR|
|Paid In Currency||EUR|
Table 3. Deposit guarantee scheme in Sweden.
Deposit Guarantee Schemes in Europe
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Swedish krona/kronor) deposit ceiling for Sweden is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Compare Bank Deposits in Sweden
Currently there are 160 credit institutions operating in Sweden.
Recent structural changes (2013 - 2015) of the banking sector of Sweden are summarised in Table 4.
|Number of Opened Banks||0||7||1|
|Number of Closed Banks||1||11||5|
Table 4. Recent structural changes in the banking sector of Sweden.
All the credit institutions operating in Sweden can be classified into several categories. Table 5 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||30|
The list of the most recently opened banks in Sweden is provided in Table 6.
|Lån & Spar Sverige, bankfilial (new)||November 2015|
|Aros Kapital AB (new)||December 2014|
|UBS (Luxembourg S.A.) Sweden Bankfilial (new)||December 2014|
|Bank of China (Luxembourg) S.A. Stockhol m filial (new)||August 2014|
|Credit Suisse International,(UK)Bank Sweden Branch (filial) (new)||August 2014|
|Ålandsbanken Abp(Finland),svensk filial (new)||August 2014|
|Barclays Bank PLC Filial Stockholm (new)||June 2014|
|Söderberg och Partners Placeringsrådgivning AB (closed)||March 2014|
Table 6. The most recently opened banks in Sweden.
There are 30 branches of foreign banks from 10 different countries in Sweden. Table 7 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|