.....Did they tell you also Tupac is still alive? Seriously perhaps they think you are naive enough to believe this lie.
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.....Did they tell you also Tupac is still alive? Seriously perhaps they think you are naive enough to believe this lie.
Hahaha I was thinking that when he said that. I'm traveling to the US to open the bank account It is safer don't you think?
@Martin Everson In the other FACTA thread you quoted:
"The Model 1A IGAs entered into by the United States acknowledge the need for the United States to achieve equivalent levels of reciprocal automatic information exchange with partner jurisdictions. They also include a political commitment to pursue the adoption of regulations and to advocate and support relevant legislation to achieve such equivalent levels of reciprocal automatic exchange."
However, the US has a long established diplomacy technique where they (the president) enter into agreements only to have them blocked by congress.
So "pursue the adoption .. advodate and support relevant legislation.." the US doesn't work like other countries. Congress doesn't just pass these things that aren't in US interest.
Wikipedia: "The U.S. has yet to comply with FATCA itself, because as of 2017, it has not yet provided the promised reciprocity to its partner countries and it has failed to sign up to the Common Reporting Standard (CRS)."
From politco
Why America loves being the world’s No. 1 tax haven
"
These foreign jurisdictions then promptly changed their laws to allow FATCA data sharing with the United States. Given the difficulty of getting any law passed by this dysfunctional Congress, the best the United States could promise in a reciprocal IGA was, first, to share information that current law already requires U.S. financial institutions to give the IRS about foreign account holders, which is scant indeed, and, second, to “commit to” pursuing equivalent levels of exchange.
But because of those current U.S. banking laws protecting client confidentiality, the reciprocal IGAs create an extremely un-level playing field tilted heavily in America’s favor. We weren’t giving up the same information other foreign jurisdictions were. And that spells “tax haven.”
Things got worse when the United States resisted signing up to a global version of FATCA, which requires some sharing of information no matter where you are from, for example a French resident with an account in Hong Kong. Other countries did sign on, but the official U.S. position has been that it does not need to because it has FATCA and, in particular, FATCA’s reciprocal IGAs. Problem is, of course, that those IGAs are not very reciprocal at all."
"The Model 1A IGAs entered into by the United States acknowledge the need for the United States to achieve equivalent levels of reciprocal automatic information exchange with partner jurisdictions. They also include a political commitment to pursue the adoption of regulations and to advocate and support relevant legislation to achieve such equivalent levels of reciprocal automatic exchange."
However, the US has a long established diplomacy technique where they (the president) enter into agreements only to have them blocked by congress.
So "pursue the adoption .. advodate and support relevant legislation.." the US doesn't work like other countries. Congress doesn't just pass these things that aren't in US interest.
Wikipedia: "The U.S. has yet to comply with FATCA itself, because as of 2017, it has not yet provided the promised reciprocity to its partner countries and it has failed to sign up to the Common Reporting Standard (CRS)."
From politco
Why America loves being the world’s No. 1 tax haven
"
These foreign jurisdictions then promptly changed their laws to allow FATCA data sharing with the United States. Given the difficulty of getting any law passed by this dysfunctional Congress, the best the United States could promise in a reciprocal IGA was, first, to share information that current law already requires U.S. financial institutions to give the IRS about foreign account holders, which is scant indeed, and, second, to “commit to” pursuing equivalent levels of exchange.
But because of those current U.S. banking laws protecting client confidentiality, the reciprocal IGAs create an extremely un-level playing field tilted heavily in America’s favor. We weren’t giving up the same information other foreign jurisdictions were. And that spells “tax haven.”
Things got worse when the United States resisted signing up to a global version of FATCA, which requires some sharing of information no matter where you are from, for example a French resident with an account in Hong Kong. Other countries did sign on, but the official U.S. position has been that it does not need to because it has FATCA and, in particular, FATCA’s reciprocal IGAs. Problem is, of course, that those IGAs are not very reciprocal at all."
RUN fast away! That's a joke. It was something I heard similar from a local bank where I live for a few years ago.
Sold my company that did that. Happy to offer general information without going into naming companies and specifics however to keep it free
.
So if the U.S does not respect its side of the IGA it signed that makes it safe to bank there and avoid reporting? I would always stay on the right side of any agreement.
As I mentioned before in another thread hopefully the EU's threat of blacklisting the U.S if it does not move to adopt the OECD's CRS by June 2019 will help things along nicely
EU’s Expanded Tax Haven Blacklist Could Apply to U.S.
----quote
“So far the Trump Administration has not moved to adopt the OECD Common Reporting Standard,” Paul Tang, a member of the European Parliament from the Netherlands, told Bloomberg Tax in a Dec. 8 interview.
“We have been assured by the European Commission that if it does not do so by June of next year [2019] the process for it being listed will begin.”
---------
Sold my company that did that. Happy to offer general information without going into naming companies and specifics however to keep it free
So I'm Portuguese living in the UK for some years. Will be leaving soon, filling the HMRC forms to leave the UK.
After this where is my tax residency? Does it default back to Portugal?
Should I setup the US company before or after leaving the UK, does it matter?
thanks
After this where is my tax residency? Does it default back to Portugal?
Should I setup the US company before or after leaving the UK, does it matter?
thanks
Unfortunately there are many variables to consider yourself no longer UK tax resident. It is not so straight forward and many people get mad when they get it wrong. Your continued connection to UK is an important factor. You need to cut all connections to UK to be 100% sure.
Which country are you entering as your next country on the P85 form? You may still be considered UK resident if you tick the wrong boxes or say you intend to spend more than 90 days in any future tax year in UK
. When it asks which country you are going too this is where any future paperwork from HMRC will follow you...and it will..lol. You may want to give mailbox forwarding address in a tax free country if you have no new address .UK tax year runs from April 2018 to April 2019 as you know. So you need to consider timing. If you move now, then you were tax resident in UK for the majority of 2018 tax year so would be liable to UK taxes potentially. Wait until you have processed your P85 exit and got confirmation everything is ok before setting up anything. After all you don't want your address in UK on the offshore company or the company setup while you are still UK tax resident. You will need new address and best to wait until after April 2019 to be outside the current UK tax year before incorporating a company.
Unfortunately there are many variables to consider yourself no longer UK tax resident. It is not so straight forward and many people get mad when they get it wrong. Your continued connection to UK is an important factor. You need to cut all connections to UK to be 100% sure.
Which country are you entering as your next country on the P85 form? You may still be considered UK resident if you tick the wrong boxes or say you intend to spend more than 90 days in any future tax year in UK
UK tax year runs from April 2018 to April 2019 as you know. So you need to consider timing. If you move now, then you were tax resident in UK for the majority of 2018 tax year so would be liable to UK taxes potentially. Wait until you have processed your P85 exit and got confirmation everything is ok before setting up anything. After all you don't want your address in UK on the offshore company or the company setup while you are still UK tax resident. You will need new address and best to wait until after April 2019 to be outside the current UK tax year before incorporating a company.
Yes, the 2019 tax year starts on April 6th. I don't know where I will be next, I have customers all over Europe, I might give them my parent's address in Portugal, the same I have to use to incorporate the LLC.
As for leaving the UK, it is advisable also to close bank accounts?
It is not easy to open an account any longer in foreign countries and it will only get harder. You are required to inform bank of change of address. In your case you have no new address to change too
. So you need to decide what to do. Keep in mind if you try and change address on the account to Portugal the fun starts. You can't change address on the account without proof of residency, new tax id, self certification etc 
. Then Portugal taxman will start rubbing hands together after CRS exchange. Even with no tax owed its still hassle filling tax forms etc explaining no tax owed. Furthermore once you are no longer UK resident banks like i.e Barclays move you to become a Barclays international customer and then you need at least 25k balance if I remember correctly. So consider if you need the account for future bank reference, account statement copies etc etc or whether to just close it and be done.
If you want to understand where things are going tax wise listen to this man talking about role of OECD and digital services taxation. It is not conspiracy theory these devils are planning single global taxation rule 
. They just need to get rid of cash and add blockchain technology and its totalitarianism. This is the future the NWO are planning. I think sh*thole undeveloped countries will be the only free countries left in the future..start investing in them now....lol.
From 3:00-5:33 minute mark.....scary
. They just need to get rid of cash and add blockchain technology and its totalitarianism. This is the future the NWO are planning. I think sh*thole undeveloped countries will be the only free countries left in the future..start investing in them now....lol.From 3:00-5:33 minute mark
.....scarylol yes it's like a huge big brother...
I was checking my documents yesterday and to make it more confusing for UK and Portugal taxman my address in the UK, passport and driver's license it's Portugal and bank accounts in both UK and PT. Have to move to some remote country in tax heaven
I was checking my documents yesterday and to make it more confusing for UK and Portugal taxman my address in the UK, passport and driver's license it's Portugal and bank accounts in both UK and PT. Have to move to some remote country in tax heaven
Have to move to some remote country in tax heaven
Sadly the EU with its 600 pages of new banking regulation each year is making it difficult for EU banks to maintain non-EU persons and offshore company accounts.
P.s This never applies to the wealthy elite who private banks will continue to serve not matter where they or their companies are based
.Hi @Martin Everson , so I have my US LLC company setup now, the accountancy company in US can help me open a bank account (Bank of America), do you think it is safe (no reporting back) or should I stick with EMI like TW or Payoneer? tksSadly the EU with its 600 pages of new banking regulation each year is making it difficult for EU banks to maintain non-EU persons and offshore company accounts.
P.s This never applies to the wealthy elite who private banks will continue to serve not matter where they or their companies are based
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