Under the background of CRS, will domestic real estate be taxed when working abroad?

If you work abroad, you should theoretically be a tax resident of the country where you work, but on the one hand, real estate is not within the scope of CRS notice, on the other hand, real estate taxation generally follows the principle of territoriality, so it will not be taxed.

With China's accession to the CRS (Unified Declaration Standard) mechanism to strengthen tax collection and management in many countries, according to the plan, China will begin to exchange tax-related information of financial accounts with other participants on September 20 18.

After the tax-related information exchange of financial accounts between China and other jurisdictions, the tax-related information obtained by taxpayers through the global financial account information exchange needs to rely on the laws and regulations of domestic tax subjects when it comes to the determination of specific tax obligations and legal responsibilities.

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The uncertainty brought by CRS to high net worth individuals also comes from overseas.

At present, before buying a house in New Zealand, you must open an account in a local bank and prove the legitimacy and authenticity of its source of funds. It is understood that this requirement comes from AML/CFT and is an amendment to the Anti-Money Laundering and Anti-Terrorist Financing Law of 20 17. The adoption of this bill is intended to comprehensively combat international money laundering and terrorist activities.

Before an overseas property buyer opens an account in a bank, the bank must first confirm the tax resident status of the user and submit proof of the source of deposit funds. Relevant documents may include: bank transfer records, personal property statements submitted to the bank and property gift instructions.

High-net-worth people who intend to emigrate may soon feel the "difficulties" brought by these policies, which are closely related to the implementation of CRS to some extent: countries interact to crack down on potential crimes such as anti-money laundering and tax evasion.

Baidu encyclopedia? -* * * Same as the reporting standard.