[ OFFSHORE TAX ] Banking Offshore and The Automatic Exchange of Information.

If you need #taxinternational advice?
We are here...
Here are 4 ways we can help you -

1. We offer HOLISTIC strategies to help you live that international life. Tax + MIGRATION options.
2. We help you MODEL the tax impact of moving to a new jurisdiction
3. CONTACT us for tax optimization consults over Zoom
4. High Net Worth? We can QUOTE for doing your "US - International" tax returns

For more information or inquiries, check out our website
[ Ссылка ]
or email us help@advancedamericantax.com

▶️ Follow us:
- Facebook: [ Ссылка ]
-Instagram: [ Ссылка ]

▶️ Other Videos:
How is a 1099 taxpayer treated in Portugal -
-[ Ссылка ]
What exactly is NHR Tax Status in Portugal -
-[ Ссылка ]
Which to file first US vs Portugal returns!
-[ Ссылка ]

so I have two questions I am uh an EU citizen and I have a key does have a company here in Bali I wonder but I'm not really paying taxes anywhere in the valley i wonder if I can receive my money in a foreign account in Europe so not an Indonesian account and paying Indonesian taxes here yes so, for example, i am receiving money into my European account in euros but i am simply sending invoices to my clients and declaring my income and tax here in Indonesia is it possible very possible

yeah so I don't need to have an Indonesian bank account and receive money into this account no need you get you when you are filing the income tax return you have to declare your asset your worldwide asset so you will declare that bank account in Europe right

i guess so yeah okay okay yeah that's that's an important point to raise as well that you know what dickie said that we know that for the u.s for example those who are u.s exposed the emphasis is on reporting what you do overseas you need to report those firing bank accounts you need to report those foreign companies that you've invested in you need to report those foreign gifts you've given or received indonesia is similar in that there's an asset declaration that forms part of the indonesian tax return where you are required to declare all the assets you you have overseas as as an indonesian tax resident and just so both on the u.s and indonesia side people or even with europe you know people australia people are going to ask me well you know how are they going to find out who's going to know the answer to that question is the exchange of information rules so quietly in the background again why people very much me think about taxes there are other international agreements that have been coming into force coming into play if it is your u.s exposes something called fatca which is a foreign account tax compliance act it started being phased in in around 2011. so as a result of that uh indonesia is legally obligated to report activities of u.s exposed persons uh back to the us so if you open an account with an indonesian bank and even if you do like like me i have more than one passport so you go in and you show the other the non-us passport if that bank officer there are certain industries in there in their internal rules and in in the law that indonesia signed with the us even though that person self identifies as non-american if the bank officer suspects if the bank officer suspects that that person is u.s exposed they need to report them and they'll be flagged as a recalcitrant shareholder a reconciliation account holder sorry so even if you self-identify otherwise you may still be reported so that's on the fatca side with the us if it is that you are maybe exposed to another jurisdiction you're in your singaporean or european or whatever the rules that apply come under the automatic exchange of information otherwise known as crs or the common reporting standard so they are legally oh okay british australian kiwi okay right they may not tell you but they are legally required to report your account activity back to to those jurisdictions so that those exchanges of information they create checks and balances in the system so where's you think you know how is indonesia going to know about my account in singapore that's easy singapore will tell them

you know pretty easy i they probably get the reports now as in in the Indonesian tax office as to whether they act on it or not that's another question because sometimes they are the fastest but chances are they got it right so again with tax authorities i believe that it's always best to approach them before they approach you

#HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

свернуть