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Applying for EP on Swiss or Australian passport?

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jackson2013
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Applying for EP on Swiss or Australian passport?

Postby jackson2013 » Sat, 26 Oct 2013 1:31 pm

Hi,

I'm currently in the process of applying for an Employment Pass (P1 pass), however have the option to do this as either as an Australian passport holder or Swiss passport holder (I have dual citizenship).

Does anyone know whether applying using my Swiss passport is any more advantageous compared to my Australian passport?

Thoughts/insights are appreciated.

Thanks,
Jack

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JR8
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Postby JR8 » Sat, 26 Oct 2013 5:42 pm

Interesting question, I can't say I've ever heard it asked before.

The only thing I can think of, is how do you report taxes? Do you have to file tax returns to both countries?

As I understand it, Singapore share tax return info with the likes of the USA-IRS, and I expect other countries. It is mutual-co-operation to counter tax-avoidance.

So if tax rates were higher in say Australia than SG, you'd file with the IRAS here, and pay here in SG, and file and pay an increment with the Aus government, so the total tax paid, would be the tax you would have paid were you earning it in Australia (IIRC these are 'Dual tax treaties').

I do not recall if this applies every year you are here, or just the part tax-years when you arrive in SG. Likely just the latter. However, if you rent your home out back home, you have to file too, and might get 'tax equalised' on your total income.

So on the face of it if one nationailty has more tax advantages than another, then it might be wise to apply for the EP under than passport.

I'm unaware of any distinction being made between the likes of AUS and CH, for the likes of a P1, from the application side of things. Others might have knowledge of other aspects of this question/issue.

I can't think of anything else. Good luck!

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zzm9980
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Postby zzm9980 » Sun, 27 Oct 2013 6:56 pm

JR8 wrote:
As I understand it, Singapore share tax return info with the likes of the USA-IRS, and I expect other countries. It is mutual-co-operation to counter tax-avoidance.


I've never heard this. Any links or more info on this?

For the OP's question, I don't think it matters for EP. When it comes to PR though, Swiss may be slightly better just incase ICA further breaks down the ratios inside of the "other" category. Probably rather minor though.

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sundaymorningstaple
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Postby sundaymorningstaple » Sun, 27 Oct 2013 7:08 pm

He' probably got it confused with FATCA (which is confusing enough for Americans to start with)

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Postby JR8 » Sun, 27 Oct 2013 8:38 pm

The legal/regulatory side of the private bank branch in Geneva was in-part on my radar.

Every few months some jurisdiction or another was threatening to kill Swiss banking. The US-IRS were one of the worst, and the EU weren't far behind. Wow the bogeyman was unfettered 'unfair' competition. There was huge pressure to reveal clients/positions/income. In fact I'd say it was the US that more or less killed 'Swiss banking' back in the 90s. After all, if it's not private/secret any more, why pay a premium to go and stick it in Zurich rather than ... Main Street, USA?

It had to sting, for the IRS, esp. given we were an American bank, helping clients avoid (not evade) taxes. :)


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