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TVC Tax Deductible Voluntary Contributions

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  1. #111

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    I noticed that as well. All that time I put in filling out forms and speaking with HSBC rep only to learn on my own that US persons are not eligible for TVC account with HSBC.

    I filled out an application with Bank Consortium Trust Company and it seems that have approved my account opening.


  2. #112

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    Quote Originally Posted by HKProf:
    MPF funds are still exempt under FACTA
    Can you link to anything official that confirms that?

    That's too bad about HSBC with TVC accounts as my current MPF and other MPF accounts are with them. So any other Americans opened up TVC accounts with Standard Charter, ICBC (maybe they don't have them), or Citibank as I already have at least some financial relationship with those banks?

  3. #113

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    Quote Originally Posted by loganhair:
    Can you link to anything official that confirms that?

    That's too bad about HSBC with TVC accounts as my current MPF and other MPF accounts are with them. So any other Americans opened up TVC accounts with Standard Charter, ICBC (maybe they don't have them), or Citibank as I already have at least some financial relationship with those banks?
    Yes:
    https://www.fstb.gov.hk/fsb/info/doc/fatca-faq_e.pdf;
    https://en.wikipedia.org/wiki/Common_Reporting_Standard

  4. #114

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    Quote Originally Posted by HKProf:
    Just FYI, I was about to set up a TVC at HSBC and they told me anyone with US tax residency/implications is not eligible. Sure enough, it is in the fine print of their application form. Could not find anywhere else that stated such an issue, so perhaps an HSBC specific decision given that MPF funds are still exempt under FACTA and the US does not participate in the CRS.
    That's too bad about HSBC. I'm setting up TVC with AIA and doesn't seem to be a problem with them.

    As an American expat, it's amazing so much of the world simply doesn't want my money or the headaches of FACTA. Rightly so. Even telling me wrong information or straight out lies to get me to walk out the door.

    Even with all the criticism from my family members about doing the TVC because of expected returns, reportable annual US tax on MPF and whatnot, the bottom line for me is that it's still better than being initially taxed on the income by the HK government at the highest rate.
    nivantj likes this.

  5. #115

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    I've seen that linked to document, but it says "This document aims to provide background information regarding the intergovernmental agreement (“IGA”) to be signed between Hong Kong and the US for implementation of the US Foreign Account Tax Compliance Act (“FATCA”)." and "Information provided in this document will be updated according to the development regarding the signing of the IGA." So it says "to be signed".

    However, after looking further I see at https://www.fstb.gov.hk/fsb/topical/doc/HK-USIGA.pdf it appears that it was signed and other websites said there is an exemption for MPF accounts. However, as TVC accounts are a new thing and aren't mandatory I guess it still remains unclear how they'll work for Americans.

    I like balancedequatio agree that "the bottom line for me is that it's still better than being initially taxed on the income by the HK government" I'm not sure how annoying it will be with reporting and/or declarations, but I've done my best to attempt to comply with FACTA since I've been living and working in HK. I will continue to tell them (IRS and the Treasury) my whole non-US financial story, which is so annoying and almost no other countries require. How the US can pass a law within their borders and make the whole (or at least most) of the entire financial world follow their law is ridiculous.


  6. #116

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    Looking to sort this TVC in the next few days.

    HSBC - can you get it set up and buy in to a fund immediately, once in a relevant branch? Could I put 60k in to the HSI tracker 2800 tomorrow and then another 60k in April 1st for next tax year? I mean can you put your 60k in at any point of the tax year?
    Thanks in advance for any help.


  7. #117

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    Quote Originally Posted by Chip Douglas:
    Looking to sort this TVC in the next few days.

    HSBC - can you get it set up and buy in to a fund immediately, once in a relevant branch? Could I put 60k in to the HSI tracker 2800 tomorrow and then another 60k in April 1st for next tax year? I mean can you put your 60k in at any point of the tax year?
    Thanks in advance for any help.
    pretty much yes.

  8. #118

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    Thank you, Pin.


  9. #119

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    Quote Originally Posted by Chip Douglas:
    Looking to sort this TVC in the next few days.

    HSBC - can you get it set up and buy in to a fund immediately, once in a relevant branch? Could I put 60k in to the HSI tracker 2800 tomorrow and then another 60k in April 1st for next tax year? I mean can you put your 60k in at any point of the tax year?
    Thanks in advance for any help.
    I had to go in person to the HSBC office in Olympic to apply for mine. Filled in the forms there and it took a week or so to appear in my account online.

    But yes to the rest.

  10. #120
    dfc
    dfc is offline

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    Nov 2011
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    Quote Originally Posted by Chip Douglas:
    Looking to sort this TVC in the next few days.

    HSBC - can you get it set up and buy in to a fund immediately, once in a relevant branch? Could I put 60k in to the HSI tracker 2800 tomorrow and then another 60k in April 1st for next tax year? I mean can you put your 60k in at any point of the tax year?
    Thanks in advance for any help.
    They did expect a lot of last minute applications in March, so best get it done asap

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