Where in Asia is it easy to get a bank account?

[JB300]

Thanks, can I ask what URL you access the site via?

[trentbridge]

https://www.ipb.citibank.com.sg/english/forms/english/open-an-IPB-account/form.htm

[Naam]

 

 

 

surely you understand the concept that FACTA/Patriot banking act primarily only affects US citizens & green card holders...I am not a US citizen or green card holder...it doesn't affect me in the least.
 
Citibank IPB will not let a US Citizen trying to open an account in Sing these days, unless your working in Sing and paying taxes there etc.
I have a UK passport, and I am declared non-resident for tax, The UK tax man can go an whistle Dixie..in my case further I pay my tax in Thailand as well, as I work here
 
Further Singapore does not "report" anything to the UK/US, however if the UK/US asks for information and I believe needs to gain a court order in Singapore the info can be released

Yep, fully understand the reach of FACTA, that comment was in response to the poster who said they'd opened an account in SG to get away from the USA patriot laws (so I'm assuming they're American & FACTA will impact them).

I'm also British & Non-UK resident for tax purposes but pay my taxes in Singapore (I work for one of the Global banks here) & the UK as appropriate (I.e. On income arising in the UK), hopefully that will change to living in Thailand & just paying tax in the UK by the end of the year (I've no intentions of working in Thailand, but will do some short consulting pieces in the UK & Africa).

Oh & Singapore does provide the US & UK with data about their citizens who bank here, it's not Switzerland of the 90s (even Switzerland has to nowadays).

 

you are a banker in a "global" bank and do not differntiate between FATCA and FACTA plus claiming that Singapore banks are providing data on UK citizens banking in Singapore?
 
gimme a break man!  

 

Who said I was a banker??? But as an IT Consultant I should be able to type better

As i said, Singapore used to be considered a "Grey" country for reporting to international standards, but this is no longer the case hence there's a DTA between Singapore & the UK.

 

your are excused but please take note that a DTA does not mean information exchange.

[JB300]

https://www.ipb.citibank.com.sg/english/forms/english/open-an-IPB-account/form.htm

Thanks...

[JB300]

[quote name="Naam" post="7916059" timestamp="1401659815"][quote name="JB300" post="7915089" timestamp="1401626498"] [quote name="Naam" post="7915052" timestamp="1401625754"] [quote name="JB300" post="7914878" timestamp="1401622193"] [quote name="Soutpeel" post="7914691" timestamp="1401619207"]surely you understand the concept that FACTA/Patriot banking act primarily only affects US citizens & green card holders...I am not a US citizen or green card holder...it doesn't affect me in the least.
 
Citibank IPB will not let a US Citizen trying to open an account in Sing these days, unless your working in Sing and paying taxes there etc.
I have a UK passport, and I am declared non-resident for tax, The UK tax man can go an whistle Dixie..in my case further I pay my tax in Thailand as well, as I work here
 
Further Singapore does not "report" anything to the UK/US, however if the UK/US asks for information and I believe needs to gain a court order in Singapore the info can be released[/quote]Yep, fully understand the reach of FACTA, that comment was in response to the poster who said they'd opened an account in SG to get away from the USA patriot laws (so I'm assuming they're American & FACTA will impact them).

I'm also British & Non-UK resident for tax purposes but pay my taxes in Singapore (I work for one of the Global banks here) & the UK as appropriate (I.e. On income arising in the UK), hopefully that will change to living in Thailand & just paying tax in the UK by the end of the year (I've no intentions of working in Thailand, but will do some short consulting pieces in the UK & Africa).

Oh & Singapore does provide the US & UK with data about their citizens who bank here, it's not Switzerland of the 90s (even Switzerland has to nowadays).
 [/quote]you are a banker in a "global" bank and do not differntiate between FATCA and FACTA plus claiming that Singapore banks are providing data on UK citizens banking in Singapore?
 
gimme a break man!  
 [/quote]Who said I was a banker??? But as an IT Consultant I should be able to type better

As i said, Singapore used to be considered a "Grey" country for reporting to international standards, but this is no longer the case hence there's a DTA between Singapore & the UK.
 [/quote]
your are excused but please take note that a DTA does not mean information exchange.[/quote]

Thanks man ;)...

My #assumption# that Singapore & UK exchange information relevant to tax affairs is based on this http://www.hmrc.gov.uk/taxtreaties/news/ann-sing-second-dta.htm (fairly recent, coming into effect 2012).


Have to confess I've not read it all, but looking at the underlying act of parliament it's based on (http://www.legislation.gov.uk/ukpga/2010/8/contents from 2010) chapter 1, point 6 (http://www.legislation.gov.uk/ukpga/2010/8/section/6) sections 2 & 3 would suggest that if income/gains information isn't being exchanged, there is provision for it to be obtained on request...

(2) Double taxation arrangements have effect in relation to income tax and corporation tax so far as the arrangements provide—
(a)for relief from income tax or corporation tax,
(b)for taxing income of non-UK resident persons that arises from sources in the United Kingdom,
(c)for taxing chargeable gains accruing to non-UK resident persons on the disposal of assets in the United Kingdom,
(d)for determining the income or chargeable gains to be attributed to non-UK resident persons,
(e)for determining the income or chargeable gains to be attributed to agencies, branches or establishments in the United Kingdom of non-UK resident persons,
(f)for determining the income or chargeable gains to be attributed to UK resident persons who have special relationships with non-UK resident persons, or
(g)for conferring on non-UK resident persons the right to a tax credit under section 397(1) of ITTOIA 2005 in respect of qualifying distributions made to them by UK resident companies.

(3) Double taxation arrangements have effect in relation to capital gains tax so far as the arrangements provide—
(a)for relief from capital gains tax,
(b)for taxing capital gains accruing to non-UK resident persons on the disposal of assets in the United Kingdom,
(c)for determining the capital gains to be attributed to non-UK resident persons,
(d)for determining the capital gains to be attributed to agencies, branches or establishments in the United Kingdom of non-UK resident persons, or
(e)for determining the capital gains to be attributed to UK resident persons who have special relationships with non-UK resident persons.


As I said, these are fairly recent changes which have seen Singapore become more "Transparent" with the UK when it comes to tax & IMHO we're going to see much more of this.

Obviously the US guys are getting it 1st with FACTA (I swear, I type fatca & my IPad changes it it FACTA)... FATCA... And I don't think the UK will go quite as far (doesn't have the clout to force banks in countries like Thailand to comply) but the data sharing between governments will only increase.

[Soutpeel]

[quote name="JB300" post="7915089" timestamp="1401626498"] [quote name="Naam" post="7915052" timestamp="1401625754"] [quote name="JB300" post="7914878" timestamp="1401622193"] [quote name="Soutpeel" post="7914691" timestamp="1401619207"]surely you understand the concept that FACTA/Patriot banking act primarily only affects US citizens & green card holders...I am not a US citizen or green card holder...it doesn't affect me in the least.
 
Citibank IPB will not let a US Citizen trying to open an account in Sing these days, unless your working in Sing and paying taxes there etc.
I have a UK passport, and I am declared non-resident for tax, The UK tax man can go an whistle Dixie..in my case further I pay my tax in Thailand as well, as I work here
 
Further Singapore does not "report" anything to the UK/US, however if the UK/US asks for information and I believe needs to gain a court order in Singapore the info can be released[/quote]Yep, fully understand the reach of FACTA, that comment was in response to the poster who said they'd opened an account in SG to get away from the USA patriot laws (so I'm assuming they're American & FACTA will impact them).

I'm also British & Non-UK resident for tax purposes but pay my taxes in Singapore (I work for one of the Global banks here) & the UK as appropriate (I.e. On income arising in the UK), hopefully that will change to living in Thailand & just paying tax in the UK by the end of the year (I've no intentions of working in Thailand, but will do some short consulting pieces in the UK & Africa).

Oh & Singapore does provide the US & UK with data about their citizens who bank here, it's not Switzerland of the 90s (even Switzerland has to nowadays).
 [/quote]you are a banker in a "global" bank and do not differntiate between FATCA and FACTA plus claiming that Singapore banks are providing data on UK citizens banking in Singapore?
 
gimme a break man!  
 [/quote]Who said I was a banker??? But as an IT Consultant I should be able to type better

As i said, Singapore used to be considered a "Grey" country for reporting to international standards, but this is no longer the case hence there's a DTA between Singapore & the UK.
 [/quote]
your are excused but please take note that a DTA does not mean information exchange.

Thanks man ...

My #assumption# that Singapore & UK exchange information relevant to tax affairs is based on this http://www.hmrc.gov.uk/taxtreaties/news/ann-sing-second-dta.htm (fairly recent, coming into effect 2012).


Have to confess I've not read it all, but looking at the underlying act of parliament it's based on (http://www.legislation.gov.uk/ukpga/2010/8/contents from 2010) chapter 1, point 6 (http://www.legislation.gov.uk/ukpga/2010/8/section/6) sections 2 & 3 would suggest that if income/gains information isn't being exchanged, there is provision for it to be obtained on request...

(2) Double taxation arrangements have effect in relation to income tax and corporation tax so far as the arrangements provide—
(a)for relief from income tax or corporation tax,
(b)for taxing income of non-UK resident persons that arises from sources in the United Kingdom,
(c)for taxing chargeable gains accruing to non-UK resident persons on the disposal of assets in the United Kingdom,
(d)for determining the income or chargeable gains to be attributed to non-UK resident persons,
(e)for determining the income or chargeable gains to be attributed to agencies, branches or establishments in the United Kingdom of non-UK resident persons,
(f)for determining the income or chargeable gains to be attributed to UK resident persons who have special relationships with non-UK resident persons, or
(g)for conferring on non-UK resident persons the right to a tax credit under section 397(1) of ITTOIA 2005 in respect of qualifying distributions made to them by UK resident companies.

(3) Double taxation arrangements have effect in relation to capital gains tax so far as the arrangements provide—
(a)for relief from capital gains tax,
(b)for taxing capital gains accruing to non-UK resident persons on the disposal of assets in the United Kingdom,
(c)for determining the capital gains to be attributed to non-UK resident persons,
(d)for determining the capital gains to be attributed to agencies, branches or establishments in the United Kingdom of non-UK resident persons, or
(e)for determining the capital gains to be attributed to UK resident persons who have special relationships with non-UK resident persons.


As I said, these are fairly recent changes which have seen Singapore become more "Transparent" with the UK when it comes to tax & IMHO we're going to see much more of this.

Obviously the US guys are getting it 1st with FACTA (I swear, I type fatca & my IPad changes it it FACTA)... FATCA... And I don't think the UK will go quite as far (doesn't have the clout to force banks in countries like Thailand to comply) but the data sharing between governments will only increase.

 

 

With reference to what you have cited, in my case of this doesn't affect me, I have zero "presence" in the UK, no property, no bank accounts etc, in fact the only thing I get/take from the UK is a new passport every few years...I want nothing from them, so they are getting nothing from me...simple..

In the last nearly 30 years, I have spent only about 18 months in the UK total anyway.

[kalasiner]

The OP should consider opening an account with the DKB Bank AG on his next trip to Germany.

Free opening and usage of current account, free Visa card and reimbursement of Atm fees. Online access and a competitive interest rate on Visa account, paid monthly.

[JB300]

 
With reference to what you have cited, in my case of this doesn't affect me, I have zero "presence" in the UK, no property, no bank accounts etc, in fact the only thing I get/take from the UK is a new passport every few years...I want nothing from them, so they are getting nothing from me...simple..
In the last nearly 30 years, I have spent only about 18 months in the UK total anyway.

I noticed there was a new question on the 2013/14 Tax Return which asked "Number of Ties" with the UK, my accountant had left it blank so I Googled around and the only thing I could find was a Residency Calculator that simply asked if I was a (Tax) resident for 2012/13 then 2011/12, then 2010/11 as I answered No to them all it just said I was non-resident so I took that to mean I didn't need to complete this.

Section 1.6 and/or 1.7 (page 10) of this would seem to cover you (and me) http://www.hmrc.gov.uk/international/rdr3.pdf

Section 2 (page 30) would seem to suggest that I also have no ties with the UK despite still owning my house there as this is not available to me (rented out) for 91 days Edited June 2, 2014 by JB300

[Naam]

As i said, Singapore used to be considered a "Grey" country for reporting to international standards, but this is no longer the case hence there's a DTA between Singapore & the UK.

the ratification of the UK / Singapore DTA dates back to 1997 and came into effect as of jan1, 1999 but does not contain info exchange. no DTA includes that provision
 
estimated exchange of information based on OECD guidelines and agreements most probably not before 2018/2019
 
unfortunately our American friends suffer already.

[guzzi850m2]

I have a HSBC US$ account in Singapore but it was opened when I started to work for a Singapore based company in the oil off-shore industry (I don't work in Singapore) and it was my company doing it, I just had to sign some papers. I don't have any work permit or live there.

 

I have now been with this company for over 10 years and still have the same account. 0% interest rate, ha-ha, phone banking and it works very well.

 

I just phone them and do the transfers to Thailand & Denmark as necessary.

 

I don't know why Singapore banks generally don't give any interest rates or if they do < than 1%?

 

Very rich people can also open an bank account there as with almost anywhere in the world.

[JB300]

the ratification of the UK / Singapore DTA dates back to 1997 and came into effect as of jan1, 1999 but does not contain info exchange. no DTA includes that provision
 
estimated exchange of information based on OECD guidelines and agreements most probably not before 2018/2019
 
unfortunately our American friends suffer already.

I just know that something changed a couple of years back as my accountant sent me the link to the 2012 amendment above when it was happening but I decided against paying £200 to having it explained to me (had intended on reading it myself but forgot) as I figured he does my returns so is the one that needs to understand it :)

He was also the one who told me about Singapore being on a Grey List for Tax Evasion (quick Google & it seems they came off this in 2009... http://uk.reuters.com/article/2013/05/05/uk-singapore-banks-crime-idUKBRE9440DC20130505... With more changes imminent)... And that they had a "channel" for exchanging information with the UK (again a quick Google seems to say there is an "On Request" mechanism in place but no (as yet) Tax Information Exchange Agreement (TIEA, this is a new one on me) http://www.isla-offshore.com/going-offshore/tax-havens-information-exchange/)

I think the takeaway point is it's all becoming more & more transparent with fewer places to hide (well, ones that us mere mortals can afford anyway).

Apologies for dragging this off-topic & for the crappy formatting (Tapatalk doesn't seem to play nicely with IPhones). Edited June 2, 2014 by JB300

[JB300]

[Edit]: Seems the OECD Information Exchange standards will be implemented in 2017 (in respect of data collected from 31st December 2015), accelerated by the implementation of FACTA (my IPhone also changes fatca to FACTA) FATCA... http://www.out-law.com/en/articles/2014/may/singapore-and-switzerland-sign-up-to-automatic-exchange-of-tax-information/


Apologies again for dragging things off topic, I do find this kind of stuff very interesting so tend to wander off on one!

Last I'll say on the subject except thanks to Naam for correcting some of my misunderstandings/assumptions and encouraging me to look into it further...


Cheers



JB Edited June 2, 2014 by JB300

[luk AJ]

Sorry to come back on this, but does anybody know if my Russian wife living and working in Bangkok can open a USD account in Singapore? I just come back from Hong Kong and ICBC nor HSBC agreed. She wanted part of her salary paid in Hong Kong because tax free. I understand Singapore has 10% income tax but this is still better than Thailand.

[Soutpeel]

Sorry to come back on this, but does anybody know if my Russian wife living and working in Bangkok can open a USD account in Singapore? I just come back from Hong Kong and ICBC nor HSBC agreed. She wanted part of her salary paid in Hong Kong because tax free. I understand Singapore has 10% income tax but this is still better than Thailand.

 

For non-Singapore residents there is no 10% income tax.

 

I cant see any reason why HSBC or Citi in Singapore would open an account for you

 

Did you ask HSBC in HK why they wouldn't do it...?..the only thing I could think of..is it something to do with your wife being Russian (not trying to funny)

as you know US citizens have just about no chance opening non-resident accounts in Singapore, maybe Russia has similar "agreements" with Singapore ?

[luk AJ]

The reason was no work permit in HKK. All rules and conditions to open bank account became more difficult.

[Soutpeel]

The reason was no work permit in HKK. All rules and conditions to open bank account became more difficult.

 

Ah ok....don't think you will have that problem in Singapore if you talk to the likes of Citi IPB, I have an account and was never asked about residency/work passes for Sing..  Send them email and see what they say... 

[luk AJ]

Will tey, thanks

[rwdrwdrwd]

Just as another assurance, I opened an account with Citibank IPB in January and all I had to provide was some proof of address and proof of being in thailand - I used a broadband bill and my most recent entry stamp (not the visa page) - was all pretty seamless.

 

Edit - thinking about it they did ask for certificates of incorporation for my companies after I sent the initial batch of docs, but I think this was only because I'd mentioned them as my source of income - seemed they wanted some backup proof of how I earn money - pretty sure they would have accepted an employment contract were I employed.

Edited June 3, 2014 by rwdrwdrwd

[Soutpeel]

Just as another assurance, I opened an account with Citibank IPB in January and all I had to provide was some proof of address and proof of being in thailand - I used a broadband bill and my most recent entry stamp (not the visa page) - was all pretty seamless.

 

Edit - thinking about it they did ask for certificates of incorporation for my companies after I sent the initial batch of docs, but I think this was only because I'd mentioned them as my source of income - seemed they wanted some backup proof of how I earn money - pretty sure they would have accepted an employment contract were I employed.

 

certainly, although was not asked for  proof, they did ask and noted approx. how much per month would be coming into account and where it was coming from and why..and copies of the PP

[4dyg]

 

Just as another assurance, I opened an account with Citibank IPB in January and all I had to provide was some proof of address and proof of being in thailand - I used a broadband bill and my most recent entry stamp (not the visa page) - was all pretty seamless.

 

Edit - thinking about it they did ask for certificates of incorporation for my companies after I sent the initial batch of docs, but I think this was only because I'd mentioned them as my source of income - seemed they wanted some backup proof of how I earn money - pretty sure they would have accepted an employment contract were I employed.

 

certainly, although was not asked for  proof, they did ask and noted approx. how much per month would be coming into account and where it was coming from and why..and copies of the PP

 

did you have to get a written note in triplicate from your wife stating that you changed your underwear that day? 

Edited June 4, 2014 by 4dyg

[JB300]

No, but you get 6 lashes of the rattan cane if you go overdrawn (reduced to 3 if you're wearing clean underwear that day & have never owned a Singha vest)

[Arkady]

I have opened bank accounts in Hong Kong and Singapore without being resident there.

[BlackJack]

So how will FUCTA effect US expats that own 49% of company in Thailand to buy house and land?

 

1) a certification that the foreign entity does not have a substantial U.S. owner(which is defined in FATCA as one holding 10% or more of the company) or,