What is CRS and what is Common Return Preparation? How to optimize the allocation of funds abroad with Dominican citizenship?
The most popular questions this year are nothing more than what is global taxation? and CRS (Common Reporting Standard) related issues. In fact, how to protect overseas assets is not a new topic, but with the upgrading of financial technology to prevent money laundering and the exchange of information on cross-border financial accounts, more and more people are realizing that identity planning needs to be upgraded as well. Not just a passport, not just a second nationality, but a more comprehensive, secure and permanent protection.
Asset Allocation Overseas, Benefits of Offshore Bank Accounts
Many people find it very convenient to have a bank account overseas, as there is no foreign exchange control, they can freely exchange US dollars, invest in overseas real estate, or buy stocks and insurance, and make more diversified asset allocation overseas. Most people also feel that they can avoid taxes and transfer funds. This article is to share if you use your own passport (Chinese passport) in overseas accounts to pay special attention to the two concepts, and how to protect your overseas assets, and if you use a Dominican passport to open an account with the difference between a Chinese passport.
Global taxation and common reporting guidelines
Before describing Dominica's passport, to establish the concepts you should have to protect your assets abroad, let's first start withglobal taxationmarry sb. (of woman)Guidelines for common declarations(CRS)
global taxation
According to the State Council's implementation of January 1 of this yearRegulations of the People's Republic of China on the Implementation of the Individual Income Tax Law No. 707::
The term domicile in China under the Individual Income Tax Law refers to habitual residence in China by virtue of domicile, family and economic interests, and the term income derived from within and outside China refers to income derived from within China and income derived from outside China, respectively.
And Article 20
Comprehensive income and business income obtained by a resident individual from within and outside China shall be combined to calculate the amount of tax payable separately.
moreoverArticle 1 of the Individual Income Tax LawClear definitions, concepts of resident and non-resident individuals
Individuals who have a domicile in China or who do not have a domicile and who have resided in China for a total of 183 days in a taxable year are resident individuals, and resident individuals shall pay individual income tax on income derived from sources within and outside China in accordance with the provisions of this Law.
What documents can you apply for to become a citizen of Dominica
- Dominican Republictax identification number
- Dominica Driver's Licensevalid for one or three years
- Dominica international driver's license, valid for one year
- Dominica Accessibility Certificate
- Establishment of Dominion
- Certificate of Directors' Incumbency
- Criminal (good conduct) record, notarized clean record
Have a full substratum status and establish a financial plan based on it, full citizenship Full citizenship, permanent citizenship Permanent citienship offered by Dominica.See the full list of documents you can apply for after naturalizationThe
Extended Reading
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Dominica Citizenship Program
- The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
- passport immigrationApplicants are not required to attend an interview
- Immigration can be processed quickly: the time it takes is about 2-3 months.
- The most cost-effective program for single applicants
- The status can be passed on permanently to the next generation in the direct line.
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