What is CRS? What is preparation for joint declaration? How to use Dominica nationality to optimize the allocation of overseas funds?
The hottest question this year is nothing more than what is global taxation? And CRS (common report standard) Related issues. In fact, how to protect overseas assets is not a new topic. However, with the upgrading of financial technology to prevent money laundering and the exchange of information on cross-border financial accounts, more and more people realize that identity planning must also be upgraded. Not just a passport, not just a second nationality, but a more comprehensive, safe and permanent protection.
What do you need to prepare before asset and bank account relocation
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 CRS
Before explaining the Dominica passport, we must first establish the concept you should have to protect overseas assets, first we must firstChina Global Taxationandcommon report standard(CRS friendly)
China Global Taxation
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:
In general, individuals who have domicile in China, or though without domicile but have resided for one year or more in China are deemed to be residents in China. Domicile refers to habitual residence in China on account of domiciliary registration, family ties or economic interests. Income obtained within and outside China are taxable.
The income generated from personal or corporation by tax resident shall be taxable, no matter the source is inside or outside of China.
And newArticle 1 of the Individual Income Tax Lawclearly define the concepts of resident individuals and non-resident individuals
One year means 365 days in a tax year. The days on a temporary trip away from China, including a single trip not exceeding 30 days or combined trips not exceeding 90 days, shall not be deducted. Habitual residence is a legal criterion whereby a taxpayer is defined and it does not refer to actual residence or residence of an individual for a particular period of time. For example, China is the habitual residence for an individual who should come back to reside in China after staying, working, visiting families and touring in a place other than China.
What documents can be applied for as a citizen of Dominica
- Dominica's Citizenship by Investment ProgramTax identification number
- Dominica Driver's License, Valid for one or three years
- DOMINICA INTERNATIONAL DRIVING LICENSE WITH ONE YEAR VALIDITY
- DOMINICA NON IMPEDIMENT CERTIFICATE
- DOMINICA COMPANY FORMATION
- INCUMBENCY CERTIFICATES
- Criminal (good conduct) record, no criminal notarization
Have a complete bottom-level identity, establish a financial plan based on it, and complete citizenship provided by Dominica Full citizenship, Permanent citienship.View the complete list of documents that can be applied for after naturalizationthe brochure freely.
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Dominica citizenship by investment (CBI) 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