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Investments & International Taxes

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  1. #21

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    Quote Originally Posted by Mystery87:
    Sorry I had it the wrong way around. I thought he was an Australian citizen living and working in Singapore.

    In this case I think it is much less risky. He will definitely be a tax-resident of Australia and obviously is paying taxes for money earned there. Similar to what I have mentioned above i think his Singaporean assests will be "hidden" from Aus authorities so there is no real way from them to find out as Singapore banks will not report his details to Australia. Singapore banks probably dont even know he is in Australia. I think he will likely get away with this as he has done so far. He needs to be careful if he wants to move his assets to Australia as this may trigger a red flag with Aus authorities who will want to know where the money came from.
    I'm not sure, I thought Australia could still easily ask Singapore for his SG asset information. Australia is the one that knows he is a SG citizen and will be the ones to follow this up if they wanted to. It's not for SG banks to report his info to Aus by default, but it is open for Aus to ask for it. So I still think he's playing a game of chance.

  2. #22

    Yes but the publication points out the net return is impacted by the choice of investment vehicle - HK vs Irish vs US etc

    Also, important to KIV the inheritance tax implications of different jurisdictions (not addressed in the publication)....


  3. #23

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    My guess is Singapore will eventually sign it, when all the other guys have signed... they are holding out so at least they are at level playing field and not worse off... fear is signing too early and the PB wealth slips away to the guy that signs it last.


  4. #24
    Yes but the EY publication points out the net return is impacted by the choice of investment vehicle - HK vs Irish vs US etc

    Also, important to KIV the inheritance tax implications of different jurisdictions (not addressed in the publication)....

  5. #25

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    Original Post Deleted
    Yeah she stayed resident in Japan because she wanted to keep paying the pension, get the kids some kind of free medical benefits, even claim some kind of single parent allowance (even though she is married to me I am not recognised as existing in her family register so was able to scam something here that I never understood).

  6. #26

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    Original Post Deleted
    missed that link out. So they did sign it eventually.. the last i was in sg, when still in private bank, Singapore was a holdout on the AEOI.. cos we do get queries on that occasionally..

  7. #27

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    Original Post Deleted
    No I'm not sure at all. But just thinking out loud, if an SG citizen works and takes up tax residency in Australia, then its the Aussies that would first gain knowledge of this fact and should be the ones requested his SG finance information if necessary. I guess the SG authorities would then also learn of this fact and maybe a two way exchange of information begins. But I doubt SG would openly share information about all 3 million of its citizens with Aus, and Aus all 25 million of its citizens, until some event of some kind has been triggered.

  8. #28

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    I bought property in Malaysia. HSBC Malaysia keep sending me this CRS form to fill out (which I keep throwing in the bin), which states they THINK I am tax resident in HK and Malaysia. Nothing about Australia on there. I'm not sure how I managed this. Actually I think when I opened the HSBC MY account in some TST hotel showroon years ago I may have just used my HKID as ID. I really cannot remenber. But have I successfully fooled the system and hidden my Malaysia property from the eyes of the Australian tax office?

    Actually I bought this 50% in my name and 50% in my Japanese wifes name. So I guess I've got 4 countries (MY, AU, JP, HK) that I have to try and hide this property from


  9. #29

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    Original Post Deleted
    They called me and said that. But my HSBC MY account is one account with a negative balance (it's a mortgage and I owe them money) so I said go ahead and close it but then how do I keep paying them my mortgage? Then they literally hang up the phone on me.
    Sith and Paxbritannia like this.

  10. #30

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    Original Post Deleted
    It's one account with a negative balance that is slowly going closer to zero over the next 30 years! Go ahead and close it and then I dont have to pay them anymore?