The goalkeeper's move to Amsterdam was agreed in principle ten days ago, but the deal remains unfinished because of outstanding tax matters that still need resolving. That is why Ter Stegen reported for training alongside the rest of the first-team squad rather than already being in the Netherlands.
Barcelona, Ajax and the player have already settled how to split Ter Stegen's substantial salary, which had been the main sticking point during negotiations. What remains outstanding is a tax question tied to that arrangement, one that affects only Barcelona and the player directly, with Ajax not involved in that particular part of the process. The Dutch club are waiting for the issue to be cleared up so Ter Stegen can travel to Amsterdam and begin training under new head coach Michel.
Both Barcelona and Ajax insist the move is not at risk and expect it to be finalised within days, though sources in Amsterdam have expressed surprise at how long the paperwork has taken to resolve. Under the terms already agreed, Ajax will cover 10% of the German's wages, with the remainder split between the amount Barcelona contribute and the portion Ter Stegen himself is giving up as part of the arrangement.
The 34-year-old remains under contract at Camp Nou until 2028, meaning any loan structure has to satisfy the financial side before it can be signed off. Once the tax questions are settled, Ter Stegen is expected to fly out for a medical and formally complete his temporary switch to the Eredivisie club.
Ajax view the German as the ideal senior figure to lead a squad in transition, with Michel keen to reunite with a goalkeeper he briefly worked alongside during his time at Girona, albeit only fleetingly before a muscle injury cut short that spell.
For Barcelona, freeing up Ter Stegen's spot and wage allocation is seen as an important step in their own squad planning for the season ahead, even if the delay has proved more drawn out than either club anticipated when terms were first agreed.