So when I do this is it just for the character I am making or are all characters that I make moving forward tied to this one server?

All characters will be tied to that server.

Your account and all of its characters will be tied to that server. I'm not sure about right now, but a few days ago they were offering free server transfers in case you didn't like the server that you picked. In the future there will be a small cost (jewels) to transfer servers. Also, in the future they'll be implementing some way of visiting other servers with your existing characters. Not too sure on the details, but that's an option down the road.

@Nickieroonie said:

Your account and all of its characters will be tied to that server. I'm not sure about right now, but a few days ago they were offering free server transfers in case you didn't like the server that you picked. In the future there will be a small cost (jewels) to transfer servers. Also, in the future they'll be implementing some way of visiting other servers with your existing characters. Not too sure on the details, but that's an option down the road.

so wait is the cost of transfer and in game currency or actual money ?

It costs real money and depends if you want to transfer to a high or low population server. For now, you can change for free and they should tell us when that will change.

After that you'll be able to guest to another server if you want to be able to play with friends there, but you'll be restricted from competing in WvW.

@Dizzyhippos: Pretty sure it costs gems (not "jewels") to transfer servers. You can buy gems with real money, but you can also obtain them using the in-game currency if I'm not mistaken. Not sure how viable that is, but just so you know!

Here's an article: http://www.eurogamer.net/articles/2012-04-25-guild-wars-2s-world-server-transfer-system-explained