Wiring money in a multicurrency account


#1

I can finally open my bank account here. I have a Rep. Office and I regularry pay taxex on my salary.
I would like to import some money that might come from selling some stocks and bonds I have overseas. Those have been of my propriety since long time and I don’t have any documents (translated in Chinese) that attest I own that.

Basically if I sell what appears will be a deposit into my Taiwanese bank account from a foreign company. Do I have to pay taxes on that since now I’m resident in Taiwan and those “capital gains” have never been taxed before?


#2

If you are bringing in HKD, USD, Yen, Euro, etc., then you must have a foreign currency bank account with your local Taiwan bank. Thus, you cannot just send your foreign currency into your NTD account.

When the bank calls you up (and usually they will for incoming overseas wire in large amounts), they will ask for what purpose is the wire (just for documentation). You may give them whatever reason you feel appropriate, whether for business purposes, standard daily living expenses, etc. They should not ask about where that money came from.


#3

Thanks for your answer. My concern was also related to tax rate.

The money are not taxed before but here in Taiwan I just have a small salary. Don’t you think they might see the mismatch between what I’m earn here and money that come from my foreign bank account?


#4

I will not offer any opinion on what they may think.
Many people bring in money from overseas that is greater than a salary in Taiwan, and the bank only asks for what purpose it is used for. Living expenses/rent/etc. cover most answers. Some people bring in money to buy apartments. That’s a lot more than any 10-20 years worth of salaries.

The issue you ask is wiring in the money. This action only involves bank documentation of why the money is arriving into your account, not how it got into your account overseas.

If you want to ask about taxes on that overseas income, then maybe restructure the title. There are probably some chat topics on this issue, or you can ask a local accountant. Most viewers here have an opinion on how to handle this, but it’s not proper to state it in a public forum.


#5

umm… you seem to be mixing personal and company accounts and taxation, which generally can get you in all sorts of trouble in various countries

money wired from a company will likely be considered salary by Taiwan (this has nothing to do with capital gains tax, this is a separate issue), but your bank clerks aren’t tax officers

so basically you need to talk to accountants who know about the relevant jurisdictions


#6

I had a similar question. From an individual tax position basically I asked the accountant, any money that you make from outside the country is not taxed. If you sold stocks and bonds in Taiwan i.e Taiwan stock exchange, government bonds then it would be taxed. As a rep office any money coming into your company is always called “office expenditure” regardless where you got the money and is not taxed.