Moving to the Philippines

[stevewool]

Can I ask other then paying for your utilities and rent do yourself have to pay any sort of tax on your savings ,investments while living in the Philippines to the Philippines government .

[JJReyes]

I believe, so long as your pension, savings account and investments are overseas, there are no taxes.  Any income earned in the Philippines is taxable by local authorities.  

[starrt]

Interest earned on savings and investments are taxable, no matter where you live. Which country gets the tax payments depends on the international tax treaty between the two nations. There shouldn't ever be any double taxation.

I am from Canada, and my dividends earned in Canada, and my government pensions, are all taxed in Canada. The interest earned here in the Philippines on our local invetsments and bank accounts are taxed by the Philippine government.

If you are still not sure then it is best to ask other Brit expats on the international treaty situation.

[hk blues]

8 hours ago, starrt said:

Interest earned on savings and investments are taxable, no matter where you live. Which country gets the tax payments depends on the international tax treaty between the two nations. There shouldn't ever be any double taxation.

I am from Canada, and my dividends earned in Canada, and my government pensions, are all taxed in Canada. The interest earned here in the Philippines on our local invetsments and bank accounts are taxed by the Philippine government.

If you are still not sure then it is best to ask other Brit expats on the international treaty situation.

The issue of international tax treaties only comes into it if the same income is taxable in 2 different countries to avoid double taxation - as would be the case for those who are citizens of countries with a global tax system.  For Steve, a Brit, he would not be subject to tax on UK income here in the Philippines nor would he be subject to tax on any income earned in the Philippines by the UK as the UK doesn't operate a global tax system.  

 

[stevewool]

Thanks everyone for your replies, I thought I was right in thinking what you have said , but it’s always better to ask others who has gone before me .

I was looking at either the Philippines or Spain to move to for longer periods but Spains taxation is way more then I’m paying now here in the UK .

[Old55]

Don't forget the three island rule to avoid the dreaded family tax!

[hk blues]

1 hour ago, Old55 said:

Don't forget the three island rule to avoid the dreaded family tax!

It used to be the two island rule - I guess everything has been hit by inflation! 

[stevewool]

2 hours ago, Old55 said:

Don't forget the three island rule to avoid the dreaded family tax!

Hopefully I’ve taken care of that with my new tattoos 

 

[Mike J]

14 hours ago, Old55 said:

Don't forget the three island rule to avoid the dreaded family tax!

That was an expensive one for us.  Wife's mother suffered a stroke and required 24x7 care givers for almost nine years. 

[MotorSarge]

1 hour ago, Mike J said:

That was an expensive one for us.  Wife's mother suffered a stroke and required 24x7 care givers for almost nine years. 

Wow....long time, Sorry.

We just went through losing Lola in July....in the $4,000 USD for us.