Non resident

[Dieter8]

Any Europeans declaring non resident in the their home country to avoid tax on investment interest .In Ireland you can declare non resident if out of the country for 183 days each year for 3 years . I am a bit skeptical as to how this works in practice .

[GeoffH]

Not sure about the EU but in Australia if you aren't resident for 1 day more than half of the financial year you're automatically assessed as a non-resident (which can have some expensive tax implications).

[hk blues]

15 hours ago, Dieter8 said:

Any Europeans declaring non resident in the their home country to avoid tax on investment interest .In Ireland you can declare non resident if out of the country for 183 days each year for 3 years . I am a bit skeptical as to how this works in practice .

What are you doubts related to specifically? 

[Dieter8]

The Bank I hold the account with the Philippine address has looked for a lot of proof and locked the account over 6 months .I have sent all required details but they still say they are reviewing the account . They blame the Luxembourg tax authorities . I think its likely the bank is under investigation  for offshore accounts .I even have a letter from the Irish tax authorities that I don't owe any tax on the account .  

[hk blues]

46 minutes ago, Dieter8 said:

The Bank I hold the account with the Philippine address has looked for a lot of proof and locked the account over 6 months .I have sent all required details but they still say they are reviewing the account . They blame the Luxembourg tax authorities . I think its likely the bank is under investigation  for offshore accounts .I even have a letter from the Irish tax authorities that I don't owe any tax on the account .  

Sorry to hear you're having problems. What are they looking for proof of?

All I can say is I have had accounts with offshore banks (UK) for 15+ years with no issues - no tax deducted as a non-resident.  I had the same accounts when I was in Hong Kong and now here with no issues.  From time-to-time they require me to sign a declaration saying I'm not UK resident but other than that it's been painless.  

[Dieter8]

I thought so too after completing 2 applications in the past 2 years . When I added my Filipina wife to the account it took 1 year to complete .  New accounts cannot be opened with both JP Morgan and Fidelity Luxembourg !  I think they don't want retail customers  only Institutional Investors .  What bank did you use in the UK ?  

[Dieter8]

I forgot to tick a box as to the beneficiary of the account . I stated my wife  was a store owner and they wanted proof of this with receipts. I had to explain that it was just a table outside her house with some vegetables  . I sent a photo of her selling vegetables and said she no longer had the store due to covid and no receipts are available . I also had a mailing address in Ireland and had to explain that the post in the Phil was not reliable . At present very little post is getting there some say since May .

[Kuya John]

Question; Is that Northern Ireland or Southern Ireland ?

As far as I recall any person stating they are no longer resident UK citizen, would have to apply for repatriation when returning to UK and if just visiting is not intitled to UK benefits such as Hospitalization etc; just a thought on my part if you decide to return.

I would also presume that keeping a UK postal address has consquences. Jack Peterson will probably be the man to be up to date on these things.

[Dieter8]

Southern Ireland .

 

[Clermont]

10 hours ago, Dieter8 said:

I stated my wife  was a store owner and they wanted proof of this with receipts.

Just a word of advice to all, unless your partner is paying tax to the PI government, forget mentioning any Suri-Suri activity or any-way they made a living. Don't forget a burocrate has to justify his employment and it will come back to bite you at the least expected time.