[ HTJ Podcast ] WEBINAR – Taxes for Digital Nomads in Bali – 18th November 2021

 

VOICE-OVER:

This podcast channel it’s about you, successful international entrepreneurs, successful ex-pats, successful investors. Sponsored by HTJ.tax

DERREN JOSEPH:

So good evening, everyone in Indonesia and Bali and good morning to those of you who are joining us from the UK to US, because some of you have said that you were joining for the UK, the US. Welcome to a weekly live stream. It should do the attacks, a member of most Roland and joining us this evening. This morning, we have the pleasure and honor to have Dicky Darmawi who is the Head of Tax at Moores Rowland in Indonesia, for those who don’t know, Moores Rowland in Indonesia is the fifth largest accounting firm in all of Indonesia based in Jakarta with a satellite office in Bali. So close to you guys as well. I’m based in Singapore. So not that far away, same time zone. So we pissed orally. What we would have done is, you know, go through some slides and bore you a bit and then get into the Q and A, but after getting feedback from you guys over time, because as I mentioned, we do this every week, you know, different livestream every week we realized, Hey, people just want to come in and have a conversation, right? So with that in mind, I’ve asked you guys to submit questions in advance, which you have, and if you haven’t done, so feel free to type them in the box below. If you’re on zoom or if you’re on Facebook or LinkedIn or YouTube, you can again, type just below and I’ll have a look at it later. But what I am going to do is respond to well, not respond because this is not, we, you know, we’re all licensed in terms of being tapped, professionals. So this is not meant to be advice. We are going to speak generally about the topics, if it is that you want specific advice, actionable advice to your unique circumstances, you advise to retain someone to, to advise you accordingly. So that’s the right way to go about it. So consider this educational or entertainment, depending on your perspective. And let’s jump in. So the first question or the first, yeah, someone is sitting on capital gains crypto gains in seven to eight-figure space in the UK, and they’re considering their options and Allie is on their list and of course, Bali would be on their list. So the question becomes, how does Bali and I guess Indonesia deal with crypto from a tax perspective, Dicky.

DICKY DARMAWI:

Okay. Okay. I try to answer the question. So Indonesia at the hair to worldwide in gun regime. So once you stay in Indonesia for more than 183 days in the 12th following months, then you are considered to be domestic taxpayer. Then all of your income around the world has to be paid in Indonesia.

DERREN JOSEPH:

Hmm. All right. So in an digital attached union, worldwide income in some regimes. So for example, I guess in the UK, the US where this person apparently may be coming from capital gains, enjoy a lower tax rate under certain circumstances, of course, a lower tax rate than ordinary income. Like a salary is that the same in Indonesia?

DICKY DARMAWI:

No. So Indonesia doesn’t have a specific capital gain tax rate, but it will, the capital gain will be added up to the other income. And then we’ll be, we’ll get the progressive tax rate.

DERREN JOSEPH:

Right. And the progressive tax rate goes up into the fifties percent.

DICKY DARMAWI:

Next year is going to be 35% for, for the income more than 5 billion a year.

DERREN JOSEPH:

Right? So for the person who pose a question to them on crypto games, you considering Bali, Bali is beautiful, but once you trigger tax residents, you advise to follow the rules. And the rules mean that if you have a liquidity event, you need to pay taxes on any gains that you may get worldwide. So hope that answers your question, or there’s a followup from that. And you recommend the asking, can we recommend to other jurisdictions which give CA preferential treatment to crypto gains right now, there are lots to assuming of course that your crypto investor, not a crypto trader. So a crypto trader, again, it’s highly nuanced depending on the jurisdiction. Each one will have its own definition, but just to keep it simple, assuming that you’re a crypto investor, so you basically buy and hold then nearby, you have Singapore, of course, where there’s zero tax and capital gains in general, you also have United Arab Emirates. So the seven Emirates make of the UAE, the most popular of which of course is Dubai. And there’s zero tax full-stop. You can look at that in the, in the EU and Europe, you have Portugal, which is quite popular, but those who are in the crypto space, as well as other Sydney, the jurisdictions Barbados, if you’re on the welcome visa and then the other places. So in other words, you’d be spoiled for choice, have a look around. And if you want to take a deeper dive into that, you can feel free to reach out to us at help@htj.tax. All right, the next question, I am thinking of giving up my us citizenship and I’m looking at the exit tax. So just for those who may be US exposed. So just to kind of come into what this person’s asking, when you are giving up your us passport or your green card, and you know, we’re not the biggest team in the world, but we do three or four every month is three or four people who are giving up a US passport or green card. Right? So we, so we kind of familiar with the process. You will face an exit tax. If you’re, what is call a covered expat annd the definition of a covered expat is it can be triggered in three ways, but the two most common ways would be, if you look back in the past five years and your tax liability has been, let’s say 117,000, or if your net assets, you know, all your assets, your antiques, your wine collection, whatever it is, your cost, houses, whatever, all your assets minus your mortgages and stuff. So big liabilities or whatever legal liabilities you have. If those net assets and access $2 million, then you are, you may be subject to an exit tax. So I’m just going to write, mute somebody who is, so please keep yourself on me at the end, we’ll have additional questions if you really need to ask, or you can just type it little, right? So if it is that you do trigger that exit tax by virtue of being a covered ex-pat certain calculations will need to be made. And this person is asking about RSUs orange restricted stock units, which of course immensely pop popular, particularly those in the tax space. So I’m assuming this person works in the tech space as well. So it really depends as to whether you should include your RSUs in the calculation, depends on whether your RSUs are considered eligible, deferred compensation and eligible for compensation. What do we mean by that? If it’s eligible, then you don’t need to include it in the calculation as when there’s going to be a distribution and visit when there’s a liquidity event later on after you’ve surrendered your passport to green card, there’ll be subject to withholding automatically from the US perspective. So that’s why they make it eligible and deferred compensation. So, right, so like a 401k or whatever the case may be. So that, that would also fall into that category. So if your RSU is potentially issued by a us company, and it may be, she needs to get proper advice, but it may be eligible for compensation. If your RSU is not issued by us company, it may be ineligible. So in other words, it needs to be included in the, your net worth calculation to see whether you over $2 million or not. So just in terms of that mathematical calculation, that’s how we treat with RSU is hope that helps if not, feel free to reach out and we can take a deeper dive into your situation. The next question. So could you tell us more about the retirement visa and Bali or Indonesia in general, but I guess the person who’s asking for Bali retirement visa, Dicky?

DICKY DARMAWI:

Yeah. For retirement visa, there is an age limit, 55 years old, I think above and you may sick seek help from the legal counsel, or if you want to have that visa, I think Derren, maybe you want to brief some more about the legal requirements.

DERREN JOSEPH:

So what might be easier? What I can do is I can just share screen. So again, if, if you go to the most rural on websites, so this is more.roland.com, that’s a website promote Israel in Indonesia. And I guess if you just Google in general, you’ll find a lot of information. But I think the, the good thing in having support from the team of Moore’s Rulon is that it’s not a broker. It’s not somebody who is, may not be qualified Moore’s rule and has its own legal department. So you get a qualified and experienced Indonesian qualified attorneys who are bilingual English and Bahasa, Indonesia, who can guide you through the process, not just of this visa, but the others. So all the criteria there, including age and so on, and the income that you need to prove, which right now is 1500 us per month, which is pretty competitive, especially in view of the recent changes in the M2H on my Malaysia Home Visa, which is the equivalent retirement visa, Malaysia, and some of the recent changes in the retirement visa equivalent in the Philippines as well. It just makes Indonesia more attractive by comparison. So again, have a look, reach out to us and we can walk you through that process. Next question and Dicky, I think this is another one for you. Someone is asking about working online. So if someone is YouTuber, for example, or an online influencer, and they are earning money while being based in Bali, whether it’s on a retirement visa or a social visit visa, how is that viewed from a tax perspective, Dicky?

DICKY DARMAWI:

Yeah. So it will be difficult for the tax officer to get to caught that kind of business. Unless you are quite big and they know you are doing the business in Indonesia and they know your name, they can check your name on the integration office and they will come at your door and we’ll charge you with the income tax. Otherwise, I don’t think currently they have the technical to get where the YouTube coming from.

DERREN JOSEPH:

Right. Understood. Understood. So I, you know, just to kind of recap what you’re saying, it’s the two angles that depending on the visa, did you, in Indonesia with like a social or retirement working, even working online, technically, maybe a breach of the immigration rules, that’s, that’s the first thing. So you have an immigration problem if you get caught. And then secondly, you have a tax problem, assuming that you do trigger tasks residents by virtue of being in Indonesia more than 183 days, for example, or, yeah. So the correct thing would be to fix your visa situation, get the right visa, as well as register and pay taxes. And from our experience, how do they figure out, you know, just to echo what Dicky said, you know, it’s quite difficult for the tax team and the tax authorities to figure it out, unless you’re really big. And of course there’s, there was a lot of chatter, but they lady, I think at the end of last year, who said certain things on social media and it got a lot of attention and she got in trouble from both an immigration and a tax perspective. So that’s how they find out. So it could be you’re too good at your job as an influence. And you got a lot of attention, which is, I guess, what an influencer is looking for, or you may have competitors. We’ve seen competitors who may, for whatever business region reasons or jealous ex-employees, business associates, or whatever, anyone can basically report you and if they are incentivized to do so. And if you’re reported and if you’re found to be in breach of immigration and or tax rules, you know, you have a problem. I remember being in the US embassy in ju in Jakarta, and those who’ve been on this particular Bali talk have heard me give this story before. And I remember speaking to one of the console officers, just having a chat about what’s going on. And they said that, you know, sometimes he has like one or two people permanently dealing with, and this is from a US perspective, I’m sure for the other Western embassies, they may have similar stories. And this is before the situation in 2020, you know, he had stopped almost. Full-time getting US citizens in Indonesia to trouble. So those who’ve been caught working specifically working without permission. You know, it’s like a full-time job for one of the consular officials. So they, the point of giving that little anecdote is just don’t do it because you get, it creates no end of trouble. If you do get caught and people get caught all the time, not just adjust that, that lady on YouTube last year, she was kind of big, but on the download, people just get caught all the time and you may not hear about it. So yeah, just do the right thing. All right. So moving on to the next question, I have not been based in Bali for a while and I have not been filing tax returns in Indonesia, which you should, and I found out that there’s some sort of amnesty program Dicky. Can you tell us more about the voluntary disclosure program?

DICKY DARMAWI:

There is a one law, harmonize taxation law that one of the article. Yeah. This one yeah. Are more or less like slow. They, they want to give for Landry disclosure for, for the taxpayer. Yeah. And there are two scheme. There’s two policy will be in place for six months for six months only make sure starting January 1st to June 30, 2022. Yeah. And the first scheme is only applicable for individuals and corporation who already participate in back’s amnesty program in 2016 and yes. 20 sixteens. Yeah. So if you are a company or individual tax amnesty participant, and you can follow again the policy, but the asset is when you get the assets below 2015 and below. Yeah. So you can disclose again, if there is an asset that you forget to disclose at the time. This is the tax rate, the final income tax rate for the asset. You declare 6%, 8% and 11%, 11% for foreign asset declarations. It means that you have maybe asset in Singapore, Hong Kong, anywhere in the world, you want to declare, then you have to pay 11%. Okay. So, and then the second scheme, the second policy is about you move the light. It’s okay. For a second policy it’s for only for individual taxpayers or acquire assets during 2016 to 2020 that have not been reported in the 2020 annual tax return. So it is the second policy is different with the tax amnesty. When you, when the tax amnesty in 2016, individual and corporate tax payer can participate in the program while in this second policy only for individual taxpayers. Why they run this philanthropy, this course or program because of the AEOI automatic exchange of information. So they want Indonesian governments, especially the directorate general backs, want to give, give some time, give times for the taxpayer to disclose by themselves. And the tax rate is much higher in the second policy to a first-hand 14% and 18%. Okay, back to you Derren?

DERREN JOSEPH:

So, yeah, so I mean, just to, just to recap and to emphasize with the kids just said, you know, Indonesia is like many developed countries. If you, you know, from the west or if you’re from certain European countries, it is quite common that you have to disclose foreign financial assets on your tax returns on, in US you have the FBARS, foreign bank account report. You have to report investments in foreign companies and stuff like that. Same another year in many European countries as well. So there is the actual calculation of your tax liability, as well as the disclosure of assets that you have.Now, if it is you made a, an omission in either one of those spaces, you can, you can speak to the key and his team and they can walk you through the process and see whether this amnesty, this voluntary disclosure program to the correct term is, is the right fit for you. And whether you can benefit from this. But, and to just emphasize when Nikki said at the end, you know, how would Indonesia find out about what you’re doing overseas? Well, it’s due to the automatic exchange of information. Indonesia is been, the tax office has been pretty diligent. They’ve been signing governmental agreements with governments in the region, Singapore right now by Malaysia, Australia. So in European countries. So basically that’s how governments now, same legislators signed agreements and enabled domestic legislation to bypass bank secrecy rules. So it’s before with information upon request, still like someone had to, you know, like if they Australian government, for example, wanted to find out whether any Australians had bank accounts. So business activity in, in Indonesia that have to, you know, make a formal legal request and may have to go before an Indonesian court of law. And then the court would allow the relevant bank to disclose. And you know, that process takes a long time. Now it’s automatic. Now it just happens. It’s just an automatic exchange of information. And you may not be aware that your data is being shared with the, the country of origin or whichever country you exposed to. Because as part of this whole new legal framework, which is global, most countries in the world have signed it set for the U S so most countries in the world have signed it, which means that each bank, so each, you know, each financial institution. So like all the banks in Indonesia need to go through their books and identify any accounts that may be held by someone who may be exposed another jurisdiction, even if they don’t self identify that I am Singaporean or I’m Australian, I’m a Brit doesn’t matter whether they self identify or not. If the bank has reason to suspect that this person may be Australian to maybe Singapore and they may be whatever, then by law, they need to send a report. So that’s, that’s how the information goes. So again, it’s just, it just makes sense to do things the right way. And if you have assets overseas and you have income overseas, that you may not have been reporting, now’s the time to reach out to decay and esteem. Yeah. So moving on to the other questions that you guys sent in. Okay. Right. Next one, if I receive payments outside of Bali, would it still be considered? Okay. Right. So it’s quite common before the whole health situation I I’m close by in Singapore. So we’d been Bali pretty often. And speaking to people who are long-term residents, or maybe they’re in coworking spaces and networking events, a lot of people are under the mistaken impression that you can live in Bali. And as long as the money doesn’t come into Bali, so they’re setting up offshore companies and Hong Kong would back accounts. They’re setting up entities in Singapore, of course, like LLCs in the US. And they think, Hey, once the money doesn’t come into Indonesia, I’m good. That’s not exactly how it works. As, as Dickie pointed out, when he was addressing another question that was posed when you’re tax resident in Indonesia, you’re subject to taxes on your worldwide income. So it doesn’t matter whether I know some people confuse it with Thailand, right? With the whole remittance thing. It’s not as confusing as Thailand. I think it’s a simpler chat system in Indonesia. So once you’re earning money, wherever in the world, you may be aware of the world, wherever the will, that income may be wherever in the world, that website may be hosted wherever the world, your company may be incorporated. You are there in Indonesia. You need to pay taxes in yourworldwide income and declare your assets will lie simple, or that answers you moving down the list of questions that were asked, okay, I have a rental property back in the US. Is it taxable in Bali? I think by now, you know, the answer to that question, right? Yes. Whatever rental property, whatever income producing asset you may have wherever in the world, it may be. It is the income is taxable in Indonesia. And the existence of the asset must be declared to Indonesia as well. Of course, once you have a tax team that knows what they’re doing, you will not be double tax on the income because there are fine tax credits. And in this case between the US and Indonesia is actually a double tax treaty. So you’d know you don’t get to be taxed twice. Just, you know, it just needs to be declared. Next question, okay. Someone is asking how can the tax authorities in Australia? But I know that above my business and my bank accounts in Bali, I think we’ve answered that when we spoke about the automatic exchange of information, otherwise known as a common reporting standard. So that, that is clear. Someone’s asking me from a task perspective, which is back to Malaysia versus Singapore. So that’s an unusual question. It really depends on what you’re trying to do. What kind of business you’re in, they, in terms of direct taxes would normally in a jurisdiction, you have direct and indirect taxes. So your direct taxes would be what you paid directly to the tax office would be typically individually personal income taxes, whatever you earn you, you know, you sign your pay and then your company would pay its corporate taxes direct to the tax office. Right. But there also indirect taxes. So that’d be like what they called GST or VAT or sales taxes. And so that’s something you need to consider. So generally speaking, Singapore has low direct taxes. So the corporate taxes and the personal income taxes are relatively low, but the indirect taxes are high. So alcohol cigarettes. So like that kind of sales staff to GST is ma you know, and then duties to bring it in. So things are pretty expensive, but in Malaysia, they direct taxes are going to be higher, but the indirect taxes maybe lower plus plus in general, it’s a low cost of living. So it really depends on your situation. You can’t say that one is better than the other from a tax perspective, every one needs to measure and evaluate it from your individual perspective. And that’s a service that we provide as well, because we have a most relevant partner office in, in kale. So if it is that you are considering moving into your own or with your business to either Singapore, Malaysia, we could model that for you. So we could prepare a model where we model what the taxes would be like, if you move to Singapore versus what, what your taxes would be like if you moved to Malaysia. And so it won’t be, it won’t be anecdotal, you’ll have a real comparison. So that’s something we can do just reach out. And that’s what you’re looking for. Next question. Last question on this list of questions that were submitted in advance. Okay. And then yes, I’m seeing some people write the questions, but if we get to that, as soon as we just finished those that were submitted in advance openings, your patients, right? So I’m an American, I’m an American. And I have short-term losses from crypto. Sorry to hear that some of those coins in neutral. Well, can I offset these losses against my ordinary income from a US perspective? Unfortunately, not exactly. Kind of, not exactly. So if you have a short-term loss from crypto, I’m assuming your crypto investor, not a crypto trader big difference. If you’re a crypto investor and you’ve lost, you made short-term losses, those short-term losses can first be offset against short term gains. That’s the first offset. And if you have anything left over in those losses, then you can use that to reduce your long-term capital gains. So first the short-term capital losses must be offset against short term capital gains. And then if there’s anything leftover against long-term capital gains, and then if there’s anything over leftover after that, then you may be allowed to reduce your ordinary income, taxable, ordinary income, like your salary and or interest from your investments, whatever. It may be a lot, but there are limitations on that reduction to ordinary income. So if you might file enjoyably, there’ll be $3,000. So that’s, so anything above that, I don’t know how big your losses were. Then you get to carry that forward to the next calendar year, the next tax year. So I hope that helps. If you want to take a deeper dive into your situation from a us tax perspective, again, just, just reach out. Let’s just let us know. And for now I’m moving to some questions that someone typed below. So I’m a Brit nomad. So I guess a UK citizen traveling around, still working for my own company. Okay. A UK company but now tax-free is a, non-resident where the British government likely be sharing income details with other countries so they can tax me. Okay. Let’s impact that. So, first of all, each MRC is becoming just like most other jurisdictions I’m not picking on, on UK government rate. I’m just saying that in general, many governments are really sensitive about taxes right now. Obviously they have a lot of expenses related to what’s going on. I can’t see what it is because then we get censored. So everyone knows what’s going on. Governments have huge bills. So every penny counts, right? So to be UK, not UK tax resident, it is probably a little bit more involved than many people think. Yes, there’s a statutory residents test. So to come number of days on us Swan, and that’s what people would mostly go with because that’s quantitative, you just count, oh, I’m not in the UK for the entire year and the year before that, I’m good. Now they’re just like other European countries. Do you kill us as a closer connection test? So yes, I know you’re not in a UK, but do you still have a flat or an apartment in UK? Is your family still there such that it can be construed that you have a closer connection to the UK than anywhere else. Then you may still be pulled back into the UK tax net, but let’s say that you’re good.You plan this thing out and then you definitely have severed all ties with the UK. So you are, tax-free everywhere, right? If you have a bank account in Indonesia and you would have opened it up, you need to show ID. So you’d have showed them your UK passport, then yes. If they, the materia whichever bank it is, you’re banking with. If they’re following the rules, they should be sending reports back to HMRC in the UK. Now as to what each of our see does with that, it’s really up to them. They can say, you know, they can, depending on whether it’s worth the while, I guess, you know, if, if you’re doing pretty well and I’m, I’m sure you’re successful what you do, then they may ask questions like, well, okay, he’s resident in Indonesia. Is he, is he really resident there? Or is he, does he have the accountant? Is he moving around? And if he’s resident there, Indonesia, is he paying taxes there? Oh, he’s not. Maybe he should be paying taxes to that. So let’s, let’s send them a letter right at the last known address that we have for. So it could be, it could create situations, false alarms, because you can be genuinely properly resident in Bali right now, or, or, you know, in Australia, wherever, and therefore not with the UK, but it does not stop the UK from asking a question. So the moral of that story, as I said before, is to just make sure that you’re straight, just make sure that in all the jurisdictions, in which you may be exposed, that you’re doing the right thing and you’re filing the necessary reports and you paying any taxes that may be due. So then you have nothing to worry about. Right? Hope that helps.

Okay. I’m just going to have a quick look and some of the other platforms to see if there are other questions being asked in the meantime. Yes. Feel free to type your questions below. I’m going to have a look at going to look on LinkedIn. Okay. No questions then YouTube. Okay. Very good. All right. Okay. Sorry. So someone is asking a one call your name, right? But it’s perpetual travel, which should visit subareas countries still viable. That’s a great question. And I guess there are two angles to that many countries on like fully open the way they used to be. So for, you know, like Thailand, you know, you may need to enter on something like a long-term visa, like a Thai elite visa. Similarly, Indonesia, you may, they may only at this stage, many countries aren’t allowing foreigners or if they are they’re coming on some sort of long stay visa. So in that case, just being a perpetual traveler and dipping in and out may, may be possible with some jurisdictions, but may not be possible any longer with others. That’s from just purely from an immigration perspective, from a tax perspective, just, you know, looking at a trend. And again, this is a trend that happened before the present crisis, but the present crisis has accelerated that trend. There’s a trend towards governments being more vigilant when it comes to taxation and therefore back rules that apply to many jurisdictions that may not have been in existence or may not have been enforced previously. So like in Europe, you have that closer connection test. And in some European countries, even though you leave, you are still deemed to be resident for a number of years. And it’s a bit of a process, was stubborn residents in Canada as which the situation with the tax office in Canada is similar to the ATU in Australia and in New Zealand as well. They want to see they, they really have a problem with perpetual travelers in that if you have, if you’re a citizen or if you will, that’s resident in Australia, New Zealand, Canada, then they want to see, well, we don’t get that. We don’t get that. You can just be traveling around and not have a permanent base. And if it is, if you cannot prove that you’re a bonafide resident of another jurisdiction, like should be a long-term lease, show me a gym membership, show me paying utility bills. We can’t do that. Then fall back rule sometime is ATU in Australia. We want to tax, you see him in Canada, same in Zealand and under some circumstances see in the UK as well. So it really depends, but generally speaking, the idea of being completely disconnected and traveling around tax-free is becoming more and more difficult. So we’ve spoken about the immigration challenges. We’ve spoken about tax and last but not least is banking. If it is that you are independently wealthy and you trust fund or whatever, then that’s fine. That’s a different conversation, but many people nomads, and they’re still working. If you’re working, then you you’re doing something online, presumably and you are being paid into a bank account. And that creates a separate challenge. And we’ve seen with quite a few clients in Asia. So I like to give the example of a DJ that we were working with. He’s supposed to be popular. I’m not into EDM. So I didn’t know who he was, that he was famous, but he has been living and traveling around Asia for quite a few years. And he’s done well for himself. He’s, he’s pretty popular. So he has quite a decent sized bank account in a certain Asian country. Won’t say which one it is. And he had a problem back in his home country. He’s originally from Europe and he had to go back home. His, his mom was unwell and had to go back home to his country of origin and to, you know, to take his mama, just to settle back into where he will, where he was born, grew up, went to school. He, and he had a bank account from him, like since he was a teenager or whatever, and he wanted to transfer the money that he’d been making outside back into his European country of origin. And guess what the bank said, well, you know, we’ll, hold on. Where’s this money coming from? And of course he explained that, well, don’t, you know who I am, you know, I’m a DJ, this is what I’ve been doing, whatever. But the bank was just very cautious and they wanted to see, well, I understand what you’ve said, and I understand how claim to earn that money, but can you prove it? And you know, different banks or different financial institutions, different countries, they have different levels of proof. The burden of proof is going to be different. But I think what most people would agree is that a bank will feel comfortable if the money is supported by a document issued by another country. Because if you invoice has given anybody two minutes of Microsoft Excel, they can produce invoices, right. And receipts. So that means nothing. But if you have a tax return that you filed back in Bali or Chang Mai, Bangkok, or Singapore, or wherever it is, you were, if you have a tax return, when you go back to your bank who feel comfortable. Yeah, this money’s okay, this money is legit. You know, this is the amount and you pay taxes on it. But if, you know, forget immigration fee, you know, forget whether you pay tax back in that country. The problem is if you want to move that money from bank to bank, you may have a problem. And then we’ve had other clients they’re not trying to move the money. They’ve just left the money in there. And then the bank manager, the bank officer with whom they’ve had a great relationship for years and years has then, you know, send them an email. We need to talk and come on in. And so they go, and I know you’ve been with us for a really long time, but we’re getting pressure from, we’re getting a lot of pressure from upstairs for our paperwork. Can you show US tax returns? Can you show us how you’ve been earning this money? I know how you’ve been earning the money. You know, you and I we’re friends, we know each other. Right. But do you have any paperwork? And if you don’t have any paperwork, we’re going to have to give you 30 days to get the money out of our bank. Otherwise we will prepare a check and we leave it for you to pick up. So you basically be kicked out to the back and that is happening more and more often. So if it is your perpetual nomad, if it is that you, because there’s so many websites where this is hotly debated, traveling the world, living tax-free from an immigration point of view. Yeah. Maybe able to do it if you’re not American from a tax perspective. Yeah. Maybe you’d be able to do it as well. But from a banking perspective, you may find yourself locked out of the banking system and yeah. So over to you, I hope that helps answer your question, sir. All right. I’m just going to have a quick check to see whether there are any more questions. And I don’t think there is a right. Thank you for joining us. And as I mentioned, each widget, our tax have a look. We do it. We do this every week. Just different jurisdictions, different topics.If you want to reach out to Dicky and his team in Indonesia office, in Bali and in of course, main office feel free to do so. I just, I had the website on the screen earlier. It’s Mooresrowland.com and you’ll see Dicky and all his colleagues. And you see all the contact details, feel free to reach out in that case. Thank you very much. And we’ll see you next time. Bye.

VOICE-OVER:

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Table of Contents: [ HTJ Podcast ] WEBINAR – Taxes for Digital Nomads in Bali – 18th November 2021

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