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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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 Posted: Thu Sep 19, 2013 9:45 am Post subject: |
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| Oh! And what will it do to our pensions??? |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Thu Sep 19, 2013 11:10 am Post subject: |
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1. It totally depends on your bank. I really doubt all Korean banks are going to decide to not have American customers, especially given how many Korean Americans there are (versus Germany, which doesn't have nearly as many individual American customers I'm guessing).
2. Why would it affect the method of payment from your school?
3. And why would it do anything to your pension? |
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nora
Joined: 14 Apr 2012
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| Posted: Thu Sep 19, 2013 12:21 pm Post subject: |
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The embassy sent out an email about this maybe 6 months ago saying that the US and Korea were negotiating on this law and it warned expats that Korean banks might refuse to do business with us. Very helpful of the embassy and the government - "Hey, just a heads up, we're going to stick it up your --- and break it off. Don't expect us to help!"
So yeah, we could very well be up s-it creek without a paddle very soon. |
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I'm With You
Joined: 01 Sep 2011
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| Posted: Thu Sep 19, 2013 4:50 pm Post subject: |
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Anyone doing their banking and investing with any banks or brokerages in Singapore or Hong Kong?
For example, DBS Vickers or Saxo?
I also read that Singapore doesn't have any withholding or capital gains taxes on investments.
Something to consider for expats who intend to stay non-residents of their home countries. |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Thu Sep 19, 2013 7:35 pm Post subject: |
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| bucheon bum wrote: |
1. It totally depends on your bank. I really doubt all Korean banks are going to decide to not have American customers, especially given how many Korean Americans there are (versus Germany, which doesn't have nearly as many individual American customers I'm guessing).
2. Why would it affect the method of payment from your school?
3. And why would it do anything to your pension? |
1. You're probably right in that not all banks will kick out US customers...but it would be nice to know which ones will still accept them so we can transfer our money to them in a timely manner.
2. Well, if you get paid by direct deposit to your bank account and you can no longer HAVE a bank account.....
3) Did you read this line: Proper compliance -- which means reporting everything from basic savings accounts, pension funds, investments, and more...
So if the pension office doesn't want to jump through the US hoops.... |
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12ax7
Joined: 07 Nov 2009
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| Posted: Thu Sep 19, 2013 11:49 pm Post subject: |
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Yet another attempt to expand the territorial application of American law?
With that said...
I strongly doubt that Korean banks will turn you away. But, if I were American I'd move my liquid assets to a local credit union. They most probably don't have any US-sourced income to be taxed for non-compliance. |
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EZE
Joined: 05 May 2012
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| Posted: Fri Sep 20, 2013 12:35 am Post subject: |
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| I'm With You wrote: |
Anyone doing their banking and investing with any banks or brokerages in Singapore or Hong Kong?
For example, DBS Vickers or Saxo?
I also read that Singapore doesn't have any withholding or capital gains taxes on investments.
Something to consider for expats who intend to stay non-residents of their home countries. |
I have accounts at HSBC and Citibank in Singapore. |
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I'm With You
Joined: 01 Sep 2011
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| Posted: Fri Sep 20, 2013 10:12 am Post subject: |
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| EZE wrote: |
| I'm With You wrote: |
Anyone doing their banking and investing with any banks or brokerages in Singapore or Hong Kong?
For example, DBS Vickers or Saxo?
I also read that Singapore doesn't have any withholding or capital gains taxes on investments.
Something to consider for expats who intend to stay non-residents of their home countries. |
I have accounts at HSBC and Citibank in Singapore. |
I'm researching it now. I may move my savings to DBS Vickers in Singapore. I'm also looking at Saxo in Hong Kong. What I'm worried about is the withholding or capital gains taxes on investments back home. They can be very high and I'm a non-resident.
Singapore, I've learned, doesn't have a capital gains tax. |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Fri Sep 20, 2013 1:04 pm Post subject: |
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http://www.youtube.com/watch?v=02n1wBwrSOo
According to this website the threshold for filing is 200,000 for single filers and 400,000 for married couples. I don't think that many people in the ESL industry have that much in assets. |
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dairyairy
Joined: 17 May 2012
Location: South Korea
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| Posted: Fri Sep 20, 2013 1:42 pm Post subject: |
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| nora wrote: |
The embassy sent out an email about this maybe 6 months ago saying that the US and Korea were negotiating on this law and it warned expats that Korean banks might refuse to do business with us. Very helpful of the embassy and the government - "Hey, just a heads up, we're going to stick it up your --- and break it off. Don't expect us to help!"
So yeah, we could very well be up s-it creek without a paddle very soon. |
Par for the course for the U.S. Embassy in Seoul. It is there to assist Koreans in flying to the USA. They do nothing to help Americans in Korea.
We're lucky they bothered to send out any notice about the banking regulations. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Sat Sep 21, 2013 5:30 am Post subject: |
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| nicwr2002 wrote: |
http://www.youtube.com/watch?v=02n1wBwrSOo
According to this website the threshold for filing is 200,000 for single filers and 400,000 for married couples. I don't think that many people in the ESL industry have that much in assets. |
No, but the concern is the bank deciding to not have American customers. Not because of ESL teachers (obviously) but other ones that would be more costly than beneficial for the bank. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Sun Sep 22, 2013 8:46 pm Post subject: |
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I'm not exactly in the loop on such a level as to speak definitively on such matters, but I was under the impression that regulators in Korea were hoping to line up some form of substituted compliance to keep paperwork a bit lighter. There has definitely been an appeal for compromise regarding FATCA (in particular its implementation)...
edit: Yeah this is a little something...
link from June 2013
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| In addition, in early May, the tax authorities of the United States, Australia, and the United Kingdom announced a plan to share tax information regarding the numerous trusts and other entities holding assets on behalf of residents throughout the world. The three countries have obtained a substantial amount of data, including information about the identities of individual owners and the advisors who helped them establish the structures. The announcement comes amid a flurry of anti-evasion activity spawned in large part by FATCA. South Korea has announced that it, too, will join the party. |
Banks have a choice in the matter, but I doubt all of the big players will bow out and close Americans' accounts. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Sun Sep 22, 2013 10:30 pm Post subject: |
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| I'm With You wrote: |
Anyone doing their banking and investing with any banks or brokerages in Singapore or Hong Kong?
For example, DBS Vickers or Saxo?
I also read that Singapore doesn't have any withholding or capital gains taxes on investments.
Something to consider for expats who intend to stay non-residents of their home countries. |
Many banks in HK won't open investment accounts with American citizens. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Sun Sep 22, 2013 11:21 pm Post subject: |
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| Just stuff it in your mattress. Why are you all so afraid of cash? |
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