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Everything posted by gerrysanders

  1. I've been with them for 3 years. Have not yet tried to transfer funds to RP bank. I'm learning on this board that to transfer I need to sign up with transferwise? I plan to bring the bulk of my wealth here and loath the issues that might arise when I want to transfer a few hundred K. I am a permanent resident here, and will die here so having money in the USA is no use to me.
  2. They will tax the income i.e., bank interest, dividends etc. This tax is offset against any local tax paid in the Philippines on said interest, dividends etc. If you open simple mutual fund here, the IRS will not let you treat it as such. They will consider it a PFIC and with that comes the worse possible tax treatment and a multi page, complicated set of forms that only a CPA in most cases can handle. Yes, all that just because you want to put your savings in a Philippine mutual fund. You must be punished.
  3. Thanks. But I don't see where in his message this is mentioned? Are you saying to send jrlee a private message? I don't understand what you mean by "Best to contact him yourself"? I thought I was replying using the quote button to jrlee.
  4. I'm sorry but would you please add some clarity to th e bold italics above. I'm trying to envision what it means. By the way, I am so pleased to stumble upon your posts regarding this topic. Very informative and insightful.
  5. http://money.cnn.com/2016/02/08/news/americans-citizenship-renunciation/index.html?iid=ob_article_footer&iid=obinsite I do not get where the "mountain of paperwork" comes from that is quoted from the above article. How hard is it to file taxes on a pension? Can't be that hard. Filing an FBAR is painless and you do not want to have any financial concerns in the PI above 500,000php anyways as it is not insured. Also, the PI is receiving reciprocal reporting from FATCA. In other words, they are getting data on their citizens with US Bank accounts (which is not allowed in the PI). So the money grabbing politicos can't hide their $ in the US anymore. Some other interesting numbers on Americans abroad https://en.wikipedia.org/wiki/American_diaspora, so we are less than 2% of the US population. This is incorrect. There is no reciprocal reporting in force and may never be. It was only an empty promise. There are no demands as of yet on US banks to do what is demanded of foreign banks and may actually never be. This whole FACTA debacle was done in the still of the night, sneaked into the jobs act and without congressional hearing nor a cost benefit analysis. It lacks congressional approval or hearing and is erroneously believed by foreign that they are signing a treaty when in fact is not nor can it be for the reasons stated above. The foreign banks, will shoulder the costs of compliance which exceeds the pittance expected to be collect in tax by the USA. It is the worst law that nobody ever heard of.
  6. Sorry earth but 1. is wrong. The requirment has existed since the early 1970's to report your account annually. FACTA was born in 2010 as the retroactive enforcement mechinisim to catch those not filing the annual form. It blackmails all banks in the world to sift through their customer base to find any account with US indices and report these accounts to the FINCEN. or the treasury , I forget which. FATCA is not served upon you the lucky account holder but on all foriegn financial instutions to help the US catch and punish you for having an unreported account. 2. is close enough, but incomplete.
  7. I believe income is the main word. Taxable income. Accounts with transfered monies will have to be reported but I don't think they will tax them if it was say, retirement savings which were transfered. JMHO They tax the interest you recieve on on these foriegn accounts. You are required to report the existence of the accouts annually if the aggregate is => 10K usd. The banks are blackmailed into reporting your accounts. If they report and you forgot or didn't know you had to, the penality is from 10K up to 50 percent of the highest balance per year, for every year you had them and didn't report it on the FBAR now called something else like form 114.
  8. Wouldn't those patches taste funny? Sorry.... Not tobacco related... but where did all the Iloilo people come from all of the sudden ha ha ...we should do lunch :tiphat: I have been to Iloilo a handful of times but I lost your number. :thumbsup: There is a Swede up here in Angeles City that makes snus and sells it for 350 a can. It's not bad. It is sometimes a bit salty. They do sell Skoal in the money changers, SM Mall, and a few other places locally in Angles. The problem is the Skoal is always old and tastes horrible as does the Copenhagen, and Timberwolf. It's too bad.... they have it but you won't want it as I mentioned above.
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