Category: Expats
In Depth: The Race To Beat Australia’s Capital Gains Tax Deadline
Thousands of Australian expats have until 30 June to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. ... - Continue reading
Philippines lands in Forbes’ Top 25 Best Places to Retire in 2020
The Philippines was recognized as one of the best places where US expatriates (expats) could retire in 2020, according to a recent newsletter from Forbes. It was among 25 countries chosen by the American business magazine. The Philippines was described to be an “English-speaking Pacific Ocean nation of 7,400 islands”… – Continue reading
Australian expats to be hit with hefty tax
Australians living and working overseas have until June 30 to sell their family homes or face being slapped with a hefty tax after the government reversed its position for exemptions. A A$581m federal government plan to change capital gains tax arrangements for expats originaly lapsed, but the Australian government is… – Continue reading
US IRS tells banks not to close accounts just because of missing tax ID number: FATCA
The US Internal Revenue Service has eased the rules of FATCA compliance by telling banks overseas that they are not required to close the accounts of their accidental Americans clients who have not provided their tax identification number by January 2020. FATCA was passed in 2010 and forces banks wanting… – Continue reading
Nigeria: Key Considerations On Employment And Remuneration Of Expatriates In Nigeria
The natural resources and the economic opportunities in Nigeria continue to attract foreign direct investments (FDI) by investors across the world. ... - Continue reading
FATCA blamed for one in five US expats planning to give up passport
One in five US citizens living abroad are on the verge of giving up their passports according to a survey published by US tax consultants Greenback. The Greenback survey – which was conducted by more than 3,000 US expats – studies the expat community’s opinions on taxation, citizenship renunciation, and… – Continue reading
IRS offers tax break to some American expats
The Internal Revenue Service (IRS) has outlined new procedures for some “accidental Americans,”, giving them the chance to comply with their US tax and filing obligations and in turn qualify for relief from back taxes, penalties and interest. The changes would allow people with less than $2m in net worth… – Continue reading
Personal Income Tax in Vietnam: Exemptions and Reductions
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions. ... - Continue reading
Know the tax consequences of offshore trusts
Here are some factors about offshore trusts that you need know. ... - Continue reading
KRA Reveals 6 Tricks Foreign Firms Use to Evade Tax
Kenya Revenue Authority (KRA) has revealed six tricks that multinational firms use to dodge paying tax. One of the schemes involves the firms exporting very cheaply and importing good very expensively. The authority reports that most firms also under-declare they pay to expatriates a move that reduces their profits and… – Continue reading
China’s new income tax laws to bring ‘profound implications’
In June this year, the Chinese government announced much-anticipated revisions to the country’s individual income tax laws. KPMG Partner and Senior Advisor Michael Olesnicky says that these new revisions will likely have ‘profound implications’ within the wealth management community in Asia. Hubbis CEO Michael Stanhope recently spoke with him about… – Continue reading
HMRC Chasing Expat Contractors For Unpaid Tax
The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in… – Continue reading
High net worth expats in UAE increasingly applying for second passport
High net worth residents in the UAE are increasingly applying for second passports to avail of maximum visa-free travel opportunities, expand businesses and avoid double taxation, experts have said. According to companies involved in citizenship programmes, most of the demand for second citizenship programmes is coming from Indians, Pakistanis, Syrians… – Continue reading
Kuwait eyes increased residence, work permit fees to reduce foreign population
The country could also increase the minimum salary for foreigners to sponsor family members Kuwait’s minister of social affairs and labour has said the country could increase the cost of residence visas and work permits for foreigners as it continues to focus on reducing the expat population. Responding to parliamentary… – Continue reading
TOKYO PUSHES BACK ON ‘BIZARRE’ DEATH TAX THAT DETERS EXPATS
Considering a work stint in Japan? You’d better make it short, and you’d better stay alive. That’s because the government subjects long-term foreign residents to inheritance tax of up to 55 percent on their worldwide assets – meaning heirs could be forced to give up their family homes or businesses,… – Continue reading
Oz tax reforms to affect Australian and international expats
The latest changes in Australia’s housing affordability laws are likely to have an effect on property sales tax liabilities for Australian citizens and associated property taxes for expats living and working in the country as well as property investors. Firstly, Aussie citizens living overseas may lose their Capital Gains Tax… – Continue reading
Two-Thirds Of US Expats Resent IRS Tax Filing And FATCA
Huge numbers of the 9 million US expats living around the world are fed up with the IRS and resent tax filing from their new homes. A poll suggests two-thirds of expats feel they should not have to tell the IRS about their finances if they do not live in… – Continue reading
South Africa Plans To Scrap Offshore Tax Break For Workers
South Africans face a tax crackdown on offshore earnings under a new government proposal. The measure will scrap the current rules that allow South Africans to work in another country for half the year without paying tax on income. If the change is adopted, South Africa will become one of… – Continue reading
Claiming Pension Tax Relief As An Expat
Expats can claim pension tax relief as long as they are still resident in the UK. Residence is a matter of fact rather than choice and depends on the result of the statutory residence test. Expats who are not resident in the UK cannot claim pension tax relief How do… – Continue reading
Saudi Arabia ‘family tax’: What is it? How will it affect Indians?
Indian immigrants in Saudi Arabia are set to be hit by the Kingdom’s newly introduced ‘family tax’ that will come into effect starting from July 1. The tax requires employed persons to pay a fee of 100 riyals (Rs 1,700 approx) per dependent each month. So, an Indian expat living… – Continue reading
UK-UAE treaty means UK pension free of income tax
Denton warns people of the long-term implications of stripping down their pension A new double tax treaty (DTA) between the UK and the UAE, which becomes effective April 6, will allow UAE residents to access their UK pension free of UK income tax, according to an expert. David Denton, Head… – Continue reading
UAE to collect tax information on expats from next year
Expats in the UAE has been advised that banks and other financial institutions will be contacting some of their customers to collect information about their tax status in early 2017, reports local newspaper Gulf News. CRS requires countries to exchange information about individual and expat bank accounts, as well as… – Continue reading
Finnish Expats In Portugal Face Higher Taxes
Finland will have “more possibilities” to tax Finnish pensioners living in Portugal under a recently revised bilateral double taxation avoidance treaty, the Finnish Government has said. The new agreement was signed on November 7 by Portuguese Finance minister Mario Centano and his Finnish counterpart Petteri Orpo, who declared himself “very… – Continue reading
IRS Nets $10 Billion FATCA Tax Haul
The US Internal Revenue Service (IRS) has netted more than $10 billion in secret offshore cash and investments. The controversial Foreign Account Tax Compliance Act (FATCA) has encouraged more than 100,000 taxpayers to reveal their overseas holdings. But the IRS suggests this is just the start as FATCA cranks up… – Continue reading
100 Financial Centres Start Swapping Tax Data
Expats who have money or assets outside Britain can expect to start receiving letters from the UK tax man soon. Hundreds of thousands of letters are being drafted for expats who have returned to the country after spells abroad and for expats considered UK taxpayers who have had overseas assignments…. – Continue reading
EU threatens sanctions on money laundering, tax evasion havens
BERLIN – A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people wanting to hide money. The 11.5 million documents from… – Continue reading
US Taxpayers Dash To Tell About Offshore Accounts
US President Barack Obama’s Foreign Account Tax Compliance Act (FATCA) is really starting to bite on American taxpayers and expats with offshore bank accounts and investments. FATCA came reached the statute books in 2010, but did not come into force until July 2014. The law calls for hundreds of thousands… – Continue reading
Seychelles Low Tax or Tax Free Living?
Could you be one of the lucky expats who qualifies for tax free living in the Seychelles? Or would you have to pay the Seychelles flat tax on personal income? At first glance it looks as though the Seychelles levies a flat rate of personal income tax, and at only… – Continue reading
US taxes and FATCA: ‘The time for hiding is over’
FATCA. Since July 2014, the five-letter acronym has instilled dread in the hearts of American expats all around the world. “The Foreign Account Tax Compliance Act (FATCA) requires banks to report information to the IRS regarding all financial accounts held by American clients,” Ines Zemelman, expat tax specialist and founder… – Continue reading
