Heal

Can anybody recommend any offshore bank accounts which pays decent interest in stirling.
Also whats the maximum amount of NZ $ in cash your allowed to bring in to the country.
Thanks

Am Loolah

Hi,

Can't help with the off shore bank accounts as I have no money, but cash wise; "There is no limit on the amount of cash you can bring. If you have NZ$10,000 or more (or the foreign currency equivalent), you need to complete a Border Cash Report." straight from the Govt's mouth so to speak! Hope this helps.

howden40

Why off shore, we left our money in high interest account in UK, filled in the forms so we pay no tax on the interest.

Genesis

We did likewise and recently discovered that we had to pay NZ tax on the interest earned on money in the UK. If you are paying UK tax you still have to declare to the NZ revenue but you pay less or virtually no tax....but they still wanna know about it all!! I wish someone had told me 3 years ago. Are you aware of this Howden? We have sorted it now and paid the back tax..inland revenue were very relaxed about late filing of IR3s etc..had to pay a small penalty for the lateness of it all. I never knew that the bit of interest we earned in the Uk could be taxed over here..as are our dividends on the few shares we have!!

NakiMan

"recently discovered that we had to pay NZ tax on the interest earned on money in the UK."

Once you become a NZ tax resident, usually after 6 months, ALL your income, no matter how much it is, anywhere in the world, is subject to NZ tax.

If you've already paid UK tax on it, this will be deducted from any NZ tax that is payable

Bear in mind that income tax in NZ, especially for the lower paid, is higher than in the UK, so you will almost certainly have to pay some NZ tax on your UK income.

The only saving grace is that as a new migrant, you will be exempt from NZ tax on overseas income for the first 4 years

Take a look at

http://www.ird.govt.nz/technical-tax...-migrants.html

for an explaination

Mike

Genesis

The only saving grace is that as a new migrant, you will be exempt from NZ tax on overseas income for the first 4 years

Take a look at

http://www.ird.govt.nz/technical-tax...-migrants.html

for an explaination

Mike[/QUOTE]


I think the 4 year grace period is for arrivals in NZ after April 2006. Any one know any different?

NakiMan

Yes thats so, it only applies to those who arrive in NZ after April 2006

lardyl

Plus you have to forego any entitlement to Family Tax Credits if you take the 4yr option.

As the OP seems to want to bring over suitcases of cash and retain a Swiss Bank a/c I doubt that Tax Credits are at the top of their wish list.......