Go Back   British Expats / Living & Moving Abroad / Far East and Asia / Philippines

Reply
 
Thread Tools
Old May 4th 2016, 2:26 am   #31
Davita Male
BE Forum Addict
 
Joined: Mar 2011
Posts: 1,158
Davita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond reputeDavita has a reputation beyond repute
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by mikemike View Post
Does this affect your wife's ability to hold a UK passport?
The Philippines is very progressive in that they granted dual citizenship rights to all Filipinas who acquired other nationalities.
UK also allows dual nationality.
Davita is offline   Reply With Quote
Old May 4th 2016, 7:01 am   #32
BE Enthusiast
 
Joined: Nov 2012
Posts: 587
mikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond repute
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by Davita View Post
The Philippines is very progressive in that they granted dual citizenship rights to all Filipinas who acquired other nationalities.
UK also allows dual nationality.
Yes, our two children are dual
mikemike is online now   Reply With Quote
Old May 4th 2016, 10:15 am   #33
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by mikemike View Post
so assuming your occupational scheme is about 10,500 pa and your state scheme is 6000pa you would be subject to Uk tax on part of your income above your allowances.

If you have the double taxation agreement under the SRRV. The occupational scheme is now exempt from Uk taxes. Is the state pension also exempt as it now falls under the minimum tax threshold or does the tax threshold still get applied for total earnings with just the state part being taxable?

If so then I cannot see how the state pension would ever be taxable in the UK under a double taxation arrangement, no matter how much your occupational scheme is as it would always be exempt under the double taxation rule.
A little late answering! Two years actually! Yes, occupational pensions - except those classed as government pensions such as Teachers, police,miltary, civil service etc can be paid gross. your state pension, by law, cannot be taxed. As long as it is under the tax free allowance, currently £11,000, you will not owe any UK tax. i have 2 private pensions I get paid gross but as my state pension is over the £11,000 I owe UK tax each year. I can do a self assessment and pay what I owe online, or elect for any tax due to be taken from one of my private pensions.
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old May 4th 2016, 11:38 pm   #34
BE Enthusiast
 
sunnydays's Avatar
 
Joined: Jan 2005
Location: Philippines
Posts: 353
sunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud ofsunnydays has much to be proud of
Default Re: SRRV Retirement Visa

Not at all we have both had renewals with the SRRV sticker put into a page on the new ones. some wives go for "Dual citizen" passports or status but we find no real need for this. Buying land is done with her birth certificate and other National IDs.
sunnydays is offline   Reply With Quote
Old Aug 21st 2016, 4:31 pm   #35
Just Joined
 
Joined: Aug 2016
Posts: 3
xoxo007 is an unknown quantity at this point
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by quiltman View Post
HOWEVER, any money in interest bearing accounts here is NOT covered and they will take the 20% withholding tax from the earned interest.
Thanks for ur information!
...When i am a holder of SVVR, than I am exempted of Income tax over your pension and annuities.
But how about the interest of Bonds, I hold offshore, outside the Philippines at a Bank? Is that interest I get also tax exempted?
Thanks
xoxo007 is offline   Reply With Quote
Old Aug 22nd 2016, 12:18 am   #36
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by xoxo007 View Post
Thanks for ur information!
...When i am a holder of SVVR, than I am exempted of Income tax over your pension and annuities.
But how about the interest of Bonds, I hold offshore, outside the Philippines at a Bank? Is that interest I get also tax exempted?
Thanks
Not sure! the SRRV gives exemption from pension and annuities income remitted to the Philippines but does not specifically state bond interest. I don't think the BIR here would bother unless it is a massive amount!
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Aug 22nd 2016, 8:51 am   #37
Just Joined
 
Joined: Aug 2016
Posts: 3
xoxo007 is an unknown quantity at this point
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by quiltman View Post
I don't think the BIR here would bother unless it is a massive amount!
I agree with you. But in 2018 the Philippines will join CRS (Common Reporting Standard) and will share and receive Account balances, offshore income and so on from residents in the PH:

Quote:
According to the OECD, the CRS “calls on governments to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.”
PH to join tax info sharing plan | Inquirer Business
And if SVVR Members have some bigger money somewhere with an Bank in Asia for example – and in case SVVR Members or other alien residents in the PH need to pay tax also on offshore income - than that people facing bigger trouble, after BIR read the Bank-Information incl. the capital gains and knocks at the doors in 2018 for collecting some taxes...

That’s why it is interesting to know if an alien resident in the PH need to pay taxes also for offshore income…
xoxo007 is offline   Reply With Quote
Old Aug 23rd 2016, 1:00 am   #38
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by xoxo007 View Post
I agree with you. But in 2018 the Philippines will join CRS (Common Reporting Standard) and will share and receive Account balances, offshore income and so on from residents in the PH:



And if SVVR Members have some bigger money somewhere with an Bank in Asia for example – and in case SVVR Members or other alien residents in the PH need to pay tax also on offshore income - than that people facing bigger trouble, after BIR read the Bank-Information incl. the capital gains and knocks at the doors in 2018 for collecting some taxes...

That’s why it is interesting to know if an alien resident in the PH need to pay taxes also for offshore income…
Ah! I see. I know that currently PH Banks have to report to the US IRS any US citizens holding accounts here under the FACTA rules.So far as I can see, there is no relief for dividends etc for UK citizens receiving UK dividends as UK tax of 20% is less than the Philippines charges. Here's copy of the actual details from HMRC. I have no offshore investments so it does not concern me , so to be certain I suppose you would have to ask the BIR here for a ruling. This however, may "expose" you to the system! sorry cannot be of more help.
Attached Thumbnails
SRRV Retirement Visa-dtt-philippines.jpg  
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Aug 23rd 2016, 1:46 am   #39
BE Enthusiast
 
Joined: Nov 2012
Posts: 587
mikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond reputemikemike has a reputation beyond repute
Default Re: SRRV Retirement Visa

1/ Residents who are not citizens of the Philippines do not have to declare offshore income or capital gains. Covers most expats, except for those who have such incomes paid direct to the Philippines. SRRV holders have a special waiver so they are not taxed on pensions sent direct to the Philippines, they need assistance from PRA in setting up correct waiver with local BIR

2/ ALL residents are obliged to declare income and capital gains accrued within the Philippines irrespective of citizenship.

3/ Residents who are citizens of the Philippines are expected to declare world wide gains to BIR. Reality is that bank secrecy laws in the Philippines especially for foreign currency held deposits are difficult to trace.

such rules and laws are subject to change and interpretation at any time.
mikemike is online now   Reply With Quote
Old Aug 24th 2016, 2:20 pm   #40
Just Joined
 
Joined: Aug 2016
Posts: 3
xoxo007 is an unknown quantity at this point
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by mikemike View Post
1/Reality is that bank secrecy laws in the Philippines especially for foreign currency held deposits are difficult to trace.

such rules and laws are subject to change and interpretation at any time.
Exactly this will be the problem in 2018, coz the Philippines gonna join CRS:
Quote:
“We have an ongoing pilot project with the Australian Taxation Office aiding to help prepare us to be ready for it,” the BIR chief disclosed. According to the OECD, the CRS “calls on governments to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.”
PH to join tax info sharing plan | Inquirer Business

Start 2018 there will be a permanent flow of information in and out the Philippines on: Name of Account holder, Account Balance, Capital gains, interests and so on.

Offshore capital gains or Bond-Interest will be reported TO the Philippines.

And another question: if an Account Holder has an account in SIN or HK, with a permanent address in the Philippines – and this account holder has only a tourist visa (so he is NOT resident in the PH) how the information from SIN or HK will be handled? Any ideas?
xoxo007 is offline   Reply With Quote
Old Aug 25th 2016, 2:03 am   #41
BE Forum Addict
 
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,721
quiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond reputequiltman has a reputation beyond repute
Default Re: SRRV Retirement Visa

If you are here on a tourist visa then I presume the BIR are not interested and any tax due is payable in the country your investments are in. however, if you have an SRRV or other residents visa then I suppose it's possible the BIR here would want their cut unless specifically excluded by your visa terms. Until it happens I don't expect anyone really knows what will be the effect. Of course if you are here on a tourist visa and if you do not open a local account the BIR will not know! i'd send an email to the PRA and ask if holders of an SRRV tax exemption are covered for remitting investment income.
__________________
If I voice an opinion - it's just that, an opinion!
quiltman is offline   Reply With Quote
Old Aug 31st 2016, 12:32 pm   #42
Just Joined
 
Joined: Aug 2016
Posts: 4
Borrocks is an unknown quantity at this point
Default Re: SRRV Retirement Visa - Military Pension Certificate

Hi all - I am after some advice on what is acceptable for a pension certificate for the SRRV process.

I receive a UK forces pension and have a letter from Equiniti PAYMASTER stating my pension has risen on my 55th birthday and stating the new yearly amount. This is a typical mass produced letter which I assume all ex forces personnel in receipt of a pension get at 55.

Does anybody know if this is sufficient proof of the pension or are they after something else. I do not recall ever receiving a pension certificate.

I've just discovered that I need to get a Notary to sign it, then get the FCO to legalise it prior to getting the Philippine Embassy in London to stamp it prior to submitting it to the PRA and I do not want to submit the wrong document.

I would appreciate any advice from others who have been through this process.

Thanks, Bob
Borrocks is offline   Reply With Quote
Old Sep 18th 2016, 2:16 pm   #43
Forum Regular
 
keithg6nvc's Avatar
 
Joined: Sep 2016
Location: Spalding UK : Cagayan de Oro Philippines ( from 2017)
Posts: 30
keithg6nvc is an unknown quantity at this point
Default Re: SRRV Retirement Visa

hello
can any Expat Brit who is paid a state pension from UK
are you getting it paid tax free into your account ?
I ask because it looks to me it should be tax free as it is not classed as a government pension on www.gov.uk web pages .... I have searched and it is classed as
National Insurance Retirement Pension non government
can anyone who is collecting pension please advise
what is the case taxed or non taxed
cheers
keithg6nvc
keithg6nvc is offline   Reply With Quote
Old Sep 18th 2016, 3:07 pm   #44
Forum Regular
 
David Mashael's Avatar
 
Joined: May 2016
Location: Dubai
Posts: 118
David Mashael is an unknown quantity at this point
Default Re: SRRV Retirement Visa

Quote:
Originally Posted by keithg6nvc View Post
hello
can any Expat Brit who is paid a state pension from UK
are you getting it paid tax free into your account ?
I ask because it looks to me it should be tax free as it is not classed as a government pension on www.gov.uk web pages .... I have searched and it is classed as
National Insurance Retirement Pension non government
can anyone who is collecting pension please advise
what is the case taxed or non taxed
cheers
keithg6nvc
Hello Keith
I receive my UK state pension directly into my UK bank account tax free.
David
David Mashael is offline   Reply With Quote
Old Sep 18th 2016, 3:24 pm   #45
Forum Regular
 
keithg6nvc's Avatar
 
Joined: Sep 2016
Location: Spalding UK : Cagayan de Oro Philippines ( from 2017)
Posts: 30
keithg6nvc is an unknown quantity at this point
Default Re: SRRV Retirement Visa

hello David
that is what I wanted to hear
so I presume the PRA fee every year for srrv is like tax paid on pension in Philippines ok david many thanks you have made my day
cheers keithg6nvc
keithg6nvc is offline   Reply With Quote
Reply

Go Back   British Expats / Living & Moving Abroad / Far East and Asia / Philippines


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT. The time now is 3:25 am.


Powered by vBulletin: ©2000 - 2017, Jelsoft Enterprises Ltd.
© 1999-2010 BritishExpats.com