Hi,
I am a dual citizen holding an Australian passport too, however I am currently a non-resident of Australia.
I have recently received a large sum of money as a gift and it is fully taxable in my current country (30%). There is no gift tax in Australia.
So, what I was planning is that opening a bank account under my Australian citizenship. I have a few questions regarding this matter and I would really appreciate any guidance you can give.
- I have no activity in Australia for the last 8 years and if I open a bank account, they will be informed under CRS. Would it raise any kind of eyebrows? Since Australia also has information regarding my home country, social security numbers etc, would it be possible for them to send my CRS report directly to my home country after receiving from the bank?
- Some people I consulted said that Australia is the second country after USA when it comes worldwide taxation. Some even suggested me to setup Dubai FTZ which would have less headache. I am not really into this as I don't want to deal with it. I don't want to spend a large amount of time of managing an entity in Dubai and more importantly since I don't have any experience, it seems a bit scary to go over this path. Plus, I do have a second citizenship and would like to utilize it with less risks. What do you think about it?
- Two tax consultants said that I am a clear non-resident because of all things in my life. However, do you think this has the potential to change since they will start receiving reports regarding my accounts after 8 years, plus I will need to get a utility bill and a temporary address from Australia to open a bank account? Do you think this might change my non-residency status altogether? I wasn't able to ask these questions to tax consultants clearly.
- Would you suggest any other approach that has low maintenance and security. You can just refer me a specific forum post to read.
I've been reading forums and blogs but couldn't find any situation that is similar to mine. Thank you very much.
I am a dual citizen holding an Australian passport too, however I am currently a non-resident of Australia.
I have recently received a large sum of money as a gift and it is fully taxable in my current country (30%). There is no gift tax in Australia.
So, what I was planning is that opening a bank account under my Australian citizenship. I have a few questions regarding this matter and I would really appreciate any guidance you can give.
- I have no activity in Australia for the last 8 years and if I open a bank account, they will be informed under CRS. Would it raise any kind of eyebrows? Since Australia also has information regarding my home country, social security numbers etc, would it be possible for them to send my CRS report directly to my home country after receiving from the bank?
- Some people I consulted said that Australia is the second country after USA when it comes worldwide taxation. Some even suggested me to setup Dubai FTZ which would have less headache. I am not really into this as I don't want to deal with it. I don't want to spend a large amount of time of managing an entity in Dubai and more importantly since I don't have any experience, it seems a bit scary to go over this path. Plus, I do have a second citizenship and would like to utilize it with less risks. What do you think about it?
- Two tax consultants said that I am a clear non-resident because of all things in my life. However, do you think this has the potential to change since they will start receiving reports regarding my accounts after 8 years, plus I will need to get a utility bill and a temporary address from Australia to open a bank account? Do you think this might change my non-residency status altogether? I wasn't able to ask these questions to tax consultants clearly.
- Would you suggest any other approach that has low maintenance and security. You can just refer me a specific forum post to read.
I've been reading forums and blogs but couldn't find any situation that is similar to mine. Thank you very much.