Offshore Bank where Phillipenes resident can open

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RexS9999

Active Member
IBKR will open an account easily from everywhere except from sanctioned blacklisted countri
But if you are a tax resident of a CRS country and open such an account while living in the Philippines you will be subject to reporting. You can open an account with a Philippine brokerage but can only trade Philippine stocks. This is the issue. From what I learned from this forum there is no way to get around this.
 

Freeman111

New member
But if you are a tax resident of a CRS country and open such an account while living in the Philippines you will be subject to reporting. You can open an account with a Philippine brokerage but can only trade Philippine stocks. This is the issue. From what I learned from this forum there is no way to get around this.
ok but the point is to tell IBKR that you are a tax resident of the Philippines, pretty sure it must be very doable to get a tax ID there if you spent over 183 days in the country.
the whole point of moving to a territorial taxation country like the philippines is to become tax resident.
 

backpacker

Entrepreneur
ok but the point is to tell IBKR that you are a tax resident of the Philippines, pretty sure it must be very doable to get a tax ID there if you spent over 183 days in the country.
the whole point of moving to a territorial taxation country like the philippines is to become tax resident.
Unfortunately, with regards to the Philippines it does not work like this.
First of all, the Philippines does not have a 183-day-rule. This being the Philippines (where everything is a bit different to the rest of the world), in order to become a tax resident a person has to have the intention to reside permanently in the country (make PH the person's permanent habitual abode). This condition excludes any and all people with visa extensions - they are not considered to be "resident aliens", even if they stay the entire year in PH. Reason: A simple visa extension is not indefinite, however the indefinite remark is needed. To give an example, a visa 13a would be indefinite. Also a resident permit under E.O. 1037 (Special Resident Retirees Visa -SRRV) is indefinite, hence qualifies for being a tax resident from the onset.

So, in order to get the necessary documents (certificate of the residence, community tax certificate, national tax id ...) a person needs to have a permanent and indefinite residence permit of the Philippines.
Do not confuse a residence permit with a simple tourist ACR-I card!

the whole point of moving to a territorial taxation country like the philippines is to become tax residen
Please note that the Philippines is not a territorial taxation country.
There is only an exclusion of resident aliens and certain groups of citizens (e.g. OFW's) from worldwide taxation.

The difficulty here: Quite a lot of Filipinos have dual citizenship. Once retired some of them return to the Philippines and settle there for their Golden Years. At first a logical decision since living costs are very low. However, very often the decision proofs to be costly since they are taxesd on their worldwide income because of not being considered a "resident alien". That means a tax rate of up to 35%. Not exactly cheap!
 
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MiltonStone

Corporate Services
Mentor Group Gold
IBKR will open an account easily from everywhere except from sanctioned blacklisted countries.
but that would not be a bank account but a brokerage account!
 

Freeman111

New member
Unfortunately, with regards to the Philippines it does not work like this.
First of all, the Philippines does not have a 183-day-rule. This being the Philippines (where everything is a bit different to the rest of the world), in order to become a tax resident a person has to have the intention to reside permanently in the country (make PH the person's permanent habitual abode). This condition excludes any and all people with visa extensions - they are not considered to be "resident aliens", even if they stay the entire year in PH. Reason: A simple visa extension is not indefinite, however the indefinite remark is needed. To give an example, a visa 13a would be indefinite. Also a resident permit under E.O. 1037 (Special Resident Retirees Visa -SRRV) is indefinite, hence qualifies for being a tax resident from the onset.

So, in order to get the necessary documents (certificate of the residence, community tax certificate, national tax id ...) a person needs to have a permanent and indefinite residence permit of the Philippines.
Do not confuse a residence permit with a simple tourist ACR-I card!


Please note that the Philippines is not a territorial taxation country.
There is only an exclusion of resident aliens and certain groups of citizens (e.g. OFW's) from worldwide taxation.

The difficulty here: Quite a lot of Filipinos have dual citizenship. Once retired some of them return to the Philippines and settle there for their Golden Years. At first a logical decision since living costs are very low. However, very often the decision proofs to be costly since they are taxesd on their worldwide income because of not being considered a "resident alien". That means a tax rate of up to 35%. Not exactly cheap!
Thanks for the details, I am not very familiar with the Philipines yet so this is golden for me, thanks again!
 

RexS9999

Active Member
Unfortunately, with regards to the Philippines it does not work like this.
First of all, the Philippines does not have a 183-day-rule. This being the Philippines (where everything is a bit different to the rest of the world), in order to become a tax resident a person has to have the intention to reside permanently in the country (make PH the person's permanent habitual abode). This condition excludes any and all people with visa extensions - they are not considered to be "resident aliens", even if they stay the entire year in PH. Reason: A simple visa extension is not indefinite, however the indefinite remark is needed. To give an example, a visa 13a would be indefinite. Also a resident permit under E.O. 1037 (Special Resident Retirees Visa -SRRV) is indefinite, hence qualifies for being a tax resident from the onset.

So, in order to get the necessary documents (certificate of the residence, community tax certificate, national tax id ...) a person needs to have a permanent and indefinite residence permit of the Philippines.
Do not confuse a residence permit with a simple tourist ACR-I card!


Please note that the Philippines is not a territorial taxation country.
There is only an exclusion of resident aliens and certain groups of citizens (e.g. OFW's) from worldwide taxation.

The difficulty here: Quite a lot of Filipinos have dual citizenship. Once retired some of them return to the Philippines and settle there for their Golden Years. At first a logical decision since living costs are very low. However, very often the decision proofs to be costly since they are taxesd on their worldwide income because of not being considered a "resident alien". That means a tax rate of up to 35%. Not exactly cheap!
Thanks for all this information. Very helpful to me. If I had a retirement visa or married a Filipino and became a resident, and had a bank/brokerage account in Singapore or Hong Kong would this info be shared with the Philippine tax department? Assuming I opened these accounts without giving my home (western) country TIN? Philippines is not part of CRS.
 

backpacker

Entrepreneur
Thanks for all this information. Very helpful to me. If I had a retirement visa or married a Filipino and became a resident, and had a bank/brokerage account in Singapore or Hong Kong would this info be shared with the Philippine tax department? Assuming I opened these accounts without giving my home (western) country TIN? Philippines is not part of CRS.
No, nothing will be shared.
 
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