Posted by
Schia1138
16 yrs ago
I am a US citizen living in HK. I am hearing a lot of buzz recently on US's tax authority (IRS) putting pressure on people having off shore accounts in tax haven countries, and that there will soon be new penalties in place.
I have been filing US tax returns.
Do any other US citizens here have any advice or thoughts on this subject, such as:
* are there new laws coming?
* is Hong Kong considered a tax haven by the US?
* what, if anything should US citizens-in-Hong Kong do to prepare for the changes?
* does HK has tax treaty with US?
Many thanks
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The laws are always changing. hard to keep track.
HK is not a tax haven.
you can continue to file using foreign earned income exemption and offset taxes paid locally as well.
ifyou want to stay squeaky clean file your taxes each year on time with reasonable numbers and they will have no reason to audit you.
you are now innocent until proven guilty under US tax law, this is new. so if they do come after you it is up to them to prove you are evading taxes, not so easy if you are living abroad.
if you choose not file you will be opening yourself up to audit possibilities when you return, even for short stays.
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Jeoff
15 yrs ago
I have several HK,USA and BVI Companies with active bank accounts in Hang Seng,HSBC HK.HSBC Beijing openned back in 2001 and 2002.All linked to internet banking As a result of recent crisis most of the accounts are idle now. I can not sell the companies as the bank accounts will be automatically closed. If you have non-criminal ideas of how to use them you can become my partner and to use both the companies and the accounts accounts.
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