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Re: SRRV Retirement Visa
Originally Posted by mikemike
(Post 11938842)
Does this affect your wife's ability to hold a UK passport?
UK also allows dual nationality. |
Re: SRRV Retirement Visa
Originally Posted by Davita
(Post 11938890)
The Philippines is very progressive in that they granted dual citizenship rights to all Filipinas who acquired other nationalities.
UK also allows dual nationality. |
Re: SRRV Retirement Visa
Originally Posted by mikemike
(Post 11363455)
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. |
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.
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Re: SRRV Retirement Visa
Originally Posted by quiltman
(Post 11363383)
HOWEVER, any money in interest bearing accounts here is NOT covered and they will take the 20% withholding tax from the earned interest.
...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 |
Re: SRRV Retirement Visa
Originally Posted by xoxo007
(Post 12031535)
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 |
Re: SRRV Retirement Visa
Originally Posted by quiltman
(Post 12031750)
I don't think the BIR here would bother unless it is a massive amount!;)
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 That’s why it is interesting to know if an alien resident in the PH need to pay taxes also for offshore income… |
Re: SRRV Retirement Visa
1 Attachment(s)
Originally Posted by xoxo007
(Post 12031936)
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… |
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. |
Re: SRRV Retirement Visa
Originally Posted by mikemike
(Post 12032680)
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. “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.†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? |
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.
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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 |
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 |
Re: SRRV Retirement Visa
Originally Posted by keithg6nvc
(Post 12055550)
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 I receive my UK state pension directly into my UK bank account tax free. David |
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 |
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