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US Expats & Taxes

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  1. #11

    Join Date
    Oct 2004
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    Midlevels / USA (MD) / London
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    I'm not sure about MPF sorry to say.

    The one accountant I know that does US-HK taxes is in Wanchai. This is their site. Not sure about the rates though.

    US Asia Tax


  2. #12

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    Sep 2007
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    Sai Kung
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    Also be aware of the new legislation US govt coming out with by year 2013, FATCA. Though it'd more of a hassle for financial companies imo.


  3. #13

    Join Date
    Mar 2010
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    6,745

    If you have significant source of dividend income from US stocks then HK is a bad choice as there is no Tax Agreement with US in place.That means 30% tax deduction
    Perhaps you can avoid that as US citizen by funneling the dividends into your retirement account, I don't know about that.

    Last edited by Morrison; 03-03-2012 at 05:46 PM.

  4. #14

    Join Date
    Feb 2011
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    Hong Kong
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    if you file the FBAR and FACTA, does it cause problems? or is it better to send money back home and keep HK accounts under 10k us?


  5. #15

    Join Date
    Feb 2012
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    I don't know if it "causes problems", apart from being a bit of a hassle to do every year. Having lived abroad for 15 years in multiple countries I have bank accounts in three of them (containing only nominal amounts, sadly, except for the one where I live), so as a suspicious foreign-living person each June I have to pore over a year's worth of bank statements for each separate savings and checking account, searching for the "maximum amount" present in each account at any point during the preceeding 12 months. But it's all worth it if it keeps just one US citizen from omitting the US$20 aggregate interest received on his or her tax return--that would be a trajedy for sure...


  6. #16

    Join Date
    Oct 2004
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    Midlevels / USA (MD) / London
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    Quote Originally Posted by booth:
    if you file the FBAR and FACTA, does it cause problems? or is it better to send money back home and keep HK accounts under 10k us?
    The biggest problem is if you don't file.

    If you are just having a day-to-day bank account to pay the rent and whatnot, and the total amount isn't mind-staggeringly above your income than it's not going to be a red flag. If you making $100k USA and you have a bank account with $500k USA, then they might be like "hmm, bit of a disconnect there."

    But for most folks it's really just a (rather annoying) paperwork exercise.

  7. #17

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    Feb 2011
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    Hong Kong
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    Ok thanks for the info


  8. #18

    Join Date
    Mar 2014
    Location
    Tai Wai / Sha Tin area
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    1

    The US Consulate in Hong Kong publishes a list of US tax service providers:

    https://hk.usconsulate.gov/u-s-citiz...ice-u-s-taxes/