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Selling a house and sending the money back to the US Posted by chinacrisis (34 days ago) I have to leave HK and sell my flat. I've made a profit on the property. Is there any capital gains tax in HK or other charges I should be aware of on the sale apart from the negotiable 1% agent fee? Find what you are after in our Hong Kong A-Z Directory 
Posted by axptguy38 (34 days ago) The best way to get it to the US is bank transfer, international bank check or even Western Union. Depends on the fees at either end. Posted by punter (34 days ago) You just pay your agent and your solicitor. There's no gains tax. The buyer pays stamp duty. Posted by chinacrisis (34 days ago) @tpol - no I am not America - I am a Brit, but living in US. Any consequences tax wise?
Posted by axptguy38 (34 days ago) It depends. If you have a green card you need to pay federal income tax on any income world wide. If you do not have a green card then nothing. Posted by hmm (31 days ago) why not just keep the money offshore? if you are going to use it in the U.S. then fine, I think the previous advice stands, but otherwise it may be beneficial to you to leave it elsewhere. Posted by chinacrisis (31 days ago) hmm - can you give me more reasons why i should leave it offshore rather than bringing into the US? I am not a green card holder and don't think i need to declare it to the uk tax authorities. Posted by axptguy38 (31 days ago) If you don't have a green card holder and don't need in the US you should leave it in HK. The tax situation here is far better. Posted by Dive bum (31 days ago) Not sure the tax position in HK is particularly better for a Brit residing outside of the UK. The UK doesn't tax non residents on worldwide wealth (other than inheritance tax, I believe) so it boils down to the tax position in the country where you reside. If the US doesn't tax Chinacrisis on capital brought in to the US and on investment income/capital gains in the US then it would seem to be as tax efficient as HK. HK currently gives 100% protection on bank deposits but bugger all interest payments on deposits. The US banks might provide better returns on bank deposits (or any offshore bank eg in Jersey/Isle of Man). Anglo Irish in Isle of Man is giving pretty good returns on GBP/USD/EUR deposits and comes with the 100% Irish Govt g'tee on deposits (perhaps not AAA all the same).
Posted by spaceren (31 days ago) Suspect you could have real issues to consider and should get professional help, especially as some of the comments could be misinformed/wrong and given you have no idea how you are taxed in the jurisdiction you live in (US), sorry. For example, are you a US resident subject to worldwide tax (if you are based in US)? Also, shifting money to another jurisdiction could have a massive impact if you die sooner than later and the type of investments. 50% inheritance/death/estate tax not uncommon. So a few extra pennies now in exchange for 50% of the lot in the future. And aren't US people are up for losing more than 100% of their money if not reported in prior years, and the prospect of jail. Posted by axptguy38 (31 days ago) Agreed with spaceren. Get a pro to advise you. The Henley Group is a good example of a firm that can advise on investments and retirement if you have assets in several countries. Posted by spaceren (30 days ago) IRS guidance on who is a tax resident: |
