Actual combat|Protection of overseas assets with the passport of the second country|Latest this year|Understanding the global taxation and common declaration guidelines|CRS|Dominica
Have you ever wondered if it is illegal to move money abroad and then spread it to other countries? Which countries know how much money I have overseas? What is global taxation? What is the CRS Common Declaration Standard? How to protect overseas assets? What are the advantages of using a Dominica passport?
Previous article sharedHow to apply for a Dominica passport,as well asArticle: How to open an offshore bank account for a Commonwealth passport? Teach you to use Dominica passport, apply for opening an account overseas, get a bank card in one day! and alsoThree things I suggest you do immediately after you get a Caribbean passport, These articles have very important basic concepts for Dominica passports, if you haven’t read them, you can read them a little bit if you have time.
Asset allocation overseas, the benefits of overseas bank accounts
Many people find it convenient to have a bank account overseas. There is no foreign exchange control, they can freely exchange dollars, invest in overseas real estate, or buy stocks and insurance, and they can do more assets allocation overseas. Most people think they can avoid taxes and transfer funds. This article wants to share two concepts that you should pay special attention to if you use a domestic passport (Chinese passport) for overseas households, and how to protect your overseas assets. The difference between if you open a Dominica passport and open a Chinese passport .
Global Taxation and Common Declaration Guidelines
Before explaining the Dominica passport, we must first establish the concept you should have to protect overseas assets, first we must firstGlobal taxationwithCommon reporting guidelines(CRS)
According to the implementation of the State Council from January 1 this yearImplementation Regulation of the Individual Income Tax Law of the People's Republic of China No. 707:
The personal income tax law refers to having residence in China, which refers to habitual residence in China due to household registration, family, and economic interests. The income obtained from within and outside China refers to income and income derived from within China, respectively. Sourced from income outside China.
And Article 20
The comprehensive income and operating income obtained by resident individuals from within and outside of China shall be calculated separately for the taxable amount.
And newArticle 1 of the Individual Income Tax LawClearly define the concepts of resident individuals and non-resident individuals
Individuals who have a domicile in China or do not have a domicile and have accumulatively lived in China for a total of 183 days within a tax year are resident individuals, and the income obtained by resident individuals from within and outside China is subject to personal income tax in accordance with this Law .
Have residence, household registration, family, or business in China
According to Chinese law, inThe residence in China is a resident individual, and the income obtained by the resident individual from within and outside China shall be subject to personal income tax in accordance with the provisions of this Law,
So if you have a domicile, or have a household registration, family, or business in China, you are eligible for global taxation, and all income obtained within and outside China must be disclosed
Common Reporting Standard (CRS)
You may say that I don’t take the initiative to expose it. Anyway, I’ll check it out, or move my bank account to another country. The second important concept that will change your mind is: Common Reporting Standard, CRS (Common Reporting Standard), byReleased by the Organization for Economic Cooperation and DevelopmentThe standard for the automatic exchange of tax-related information in financial accounts is through the exchange of tax resident information and financial account information between participating countries and regions.
Nationality, tax ID, residential address, and source of funds
CRS compares with the source of funds based on the nationality, tax number, residential address provided by the customer, and currently more than one hundred countries and regions have exchanged customer overseas financial account information according to the regulations. Popular countries that are familiar to you: Hong Kong, Macau, Singapore, Switzerland, Canada, New Zealand, Australia, United Kingdom, Germany, France, Spain, Portugal, Greece, Cyprus, Cayman Islands, Japan, and South Korea are all within the countries and territories that have jointly declared the guidelines.
From financial institutions including depository institutions, custodian institutions, investment institutions, and specific insurance companies, exchange customer deposits, insurance information with cash value, annuity contract information, and equity/bond income of financial institutions. Accounts included The account balance, name, tax residence, nationality, annual income and expenditure of the account will disclose the financial assets held by the holder to the China Mainland Taxation Bureau. If you are interested in overseas asset allocation, you can read this article first:Are you right to transfer assets overseas? How to plan? Legally and securely avoid the automatic exchange of global bank account information? How to solve the CRS problem with passport + identity planning?
For example, if you have a mainland identity and have a deposit of 5 million in Singapore UOB, UOB will report your deposit to the Singapore Taxation Bureau, which will then report your deposit information to the Mainland Taxation Bureau. At this time, you need to think about not only tax issues
You also have to think about whether the money is legal income or gray income, whether it is legal income or illegal income, whether these funds are legally taxed in China, and whether they can provide tax payment vouchers. These questions, regardless of the level, are May involve criminal liability
The Chinese passport, address certificate, tax number, and identity card you used to open the account all fully tell the bank that you are a tax resident in China, and you are also eligible for China's global taxation, so it is necessary for the bank to exchange your information back every year. Beijing
Is it feasible to open an account in a country without CRS signing?
You may think, if I open a bank account in a country without a CRS, will overseas asset information not be exchanged back to China? Then you may face two problems
1. Some countries are not temporarily signing CRS is only temporary
Because compliance with the regulations requires the hardware and software of the entire country’s financial and tax system to keep up, these countries still actively hope to sign the CRS as soon as possible, after which they will begin to exchange information on overseas assets
2. One day you will remit money to the CRS (Common Declaration Standard) country
Although you have not opened an account after signing the CRS, you will someday have to remit money to the CRS (Common Reporting Standard) countries. These countries will use the standard of the common reporting standard to check the source of funds in your account. Once the overseas assets are huge, they will Become very troublesome, not only a great financial loss, but also severely face criminal liability
What are the benefits of holding a Dominica passport
Passport of the second country, complete identity planning, and through Dominica nationality, dual national tax identification number, overseas residence address, reflect your complete Dominica identity, together with professional bank account opening arrangements, you can solve the above problem. Because the bank will treat you as a Dominica citizen according to the common reporting standards, the information will not be exchanged with China, allowing you to truly be safe, free, and control your overseas assets.
Further readingQuickly understand the Dominica's CBI program, processing, materials, legalization, time, visa-free countries, qualifications, advantages
Advanced Citizenship by Investment of Dominica
How to open an offshore bank account for Dominica passport holder?
To apply for 10-year USA B1/B2 visa with Dominica passport is simpler than you think
Comparison: Saint Kitts, Dominica, Turkish citizenship by investment
Dominica | Saint Lucia | Grenada | Antigua | Three things I suggest you do immediately after you get your Caribbean passport in Saint Kitts
Investment-free, house-free, financially independent, permanent residence in the EU, green card, one-step, apply for residence permit in Greece
CompareSaint Kitts and Dominica
Greek Golden Visa and Greek Independent Finance Person
The most valuable passport to do project comparison
Advanced Citizenship by Investment of Dominica
Saint Kitts and Turkey and Dominica
Bih ChannelClick here directlyAppointment VIP consultation
Advanced Citizenship by Investment of Dominica
Be careful, four lies about buying a passport
The latest guide to US visa
Three things you should do right away to get your family photo to the limit
Combat|Latest|Safer|Safer to keep dual nationality
2020 most popular one-step passport comparison
Dominica passport to open a company to work in the EU
Dominica citizenship program
- The Dominica citizenship program was established in 1993 and is one of the oldest naturalization programs in the world.
- Passport immigrationApplicants are not required to attend the interview
- Can handle immigrants quickly: the time is about 2-3 months
- For single applicants, this is the most cost-effective plan
- Identity can be passed on permanently to the next generation
- Click here for consultationreservation