Opening bank account for non residents
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Re: Opening bank account for non residents
- armchairlawyer
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Re: Opening bank account for non residents
I think not any more. On opening a savings account now, they all seem to want proof that you are resident if you are to benefit from the lower (6%) withholding tax on your interest. A rental agreement is OK, or failing that, proof you have been in the country for 182 days.
Re: Opening bank account for non residents
This is referring to your status as a tax resident or not. If you are in the country for 183 days or more in a tax year then you are considered as a resident for taxation purposes and therefore subject to the lower rate. If you are in the country 182 days or less in a tax year then you are a non resident for ta purposes and are therefore subject to the higher rate.Gaudente wrote: ↑Tue Dec 23, 2014 1:30 pm Given that there is a 14% withholding tax on interest for non residents (opposed to a 6% only rate for residents) non residents should be able to open a bank account. I mean, if they were not , why bother with a punitive tax rate on their interest earnings ?
You can hold of the necessary paperwork for residency and still be a non resident for tax purposes if you are in the country 182 days or less. Similarly you can hold non of the paperwork for residency and still be a resident for tax purposes if you spent 183 days or more in the country.
The tax residency status and actual residency status (ie living in the country or not) are two separate things.
- armchairlawyer
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Re: Opening bank account for non residents
I'm sure you are correct. However, I have observed (recently at two separate MDIs and one bank) that on account opening, they will accept a current rental agreement as sufficient to grant the lower rate of withholding tax. Absent that, they will accept proof from the passport that the applicant has been present for 182 days in the last year.Element6 wrote: ↑Mon Sep 17, 2018 10:22 amThis is referring to your status as a tax resident or not. If you are in the country for 183 days or more in a tax year then you are considered as a resident for taxation purposes and therefore subject to the lower rate. If you are in the country 182 days or less in a tax year then you are a non resident for ta purposes and are therefore subject to the higher rate.Gaudente wrote: ↑Tue Dec 23, 2014 1:30 pm Given that there is a 14% withholding tax on interest for non residents (opposed to a 6% only rate for residents) non residents should be able to open a bank account. I mean, if they were not , why bother with a punitive tax rate on their interest earnings ?
You can hold of the necessary paperwork for residency and still be a non resident for tax purposes if you are in the country 182 days or less. Similarly you can hold non of the paperwork for residency and still be a resident for tax purposes if you spent 183 days or more in the country.
The tax residency status and actual residency status (ie living in the country or not) are two separate things.
Re: Opening bank account for non residents
For tax purposes, people are considered residents of Cambodia if they have a principal place of abode in Cambodia or are present more than 182 days in the country in any 12-month period ending in the current tax year.
- armchairlawyer
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- TOG
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Re: Opening bank account for non residents
Why ask a question that can be answered by a 1 second Google?
You don't stop riding when you get old, you get old when you stop riding
Re: Opening bank account for non residents
1. Time. 2. Sometimes you may get a negative return but that doesn't mean it will always be negative return
Despite what angsta states, it’s clear from reading through his posts that angsta supports the free FreePalestine movement.
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