Offshore saving accounts of US citizen are affected. The balance and income of those accounts are reported to IRS for tax purpose
A US citizen can legally open a bank account with the Philippine National Bank after filling out and submitting special paperwork required of US citizens. Many foreign banks are no longer willing to open accounts for citizens of the United States due to passage of the Foreign Account Tax Compliance Act (FATCA). The paperwork and reporting requirements required by foreign banks that allow US citizens to open bank accounts are so onerous that many banks simply refuse to open accounts for US citizens. In addition, there are severe penalties for both the banks and US citizens who inadvertently or deliberately violate the rules and regulations imposed by FATCA.
It doesn't. It's supposed to partly fund HIRE (Hiring Incentives to Restore Employment Act) by clawing back tax from US ex-pats. No I'm not defending it, it's nasty, costly and badly thought out but the that's not what you asked.
Yes, it is legal for a registered US citizen to have a Swiss bank account as long as they comply with US tax laws and report the account to the IRS as required by the Foreign Account Tax Compliance Act (FATCA). Failure to comply with these reporting requirements can result in severe penalties.
Yes, eels do sleep, but their sleep patterns are quite different from those of mammals. Eels experience a state of rest where their activity levels decrease, and they become less responsive to external stimuli. However, this sleep is not as well-defined as in many other animals, as eels can remain alert and responsive to threats even during these periods of rest.
A bill entited: Veterans' Compensation Cost-of-Living Adjustment Act of 2010, passed by both the House and Senate to increase, effective as of December 1, 2010, the rates of compensation for veterans with service-connected disabilities and the rates of dependency and indemnity compensation for the survivors of certain disabled veterans, and for other purposes.
Opening an NRI trading and Demat account with Definedge Securities is a straightforward process, but it does require some documentation and compliance with RBI and SEBI regulations. Here’s a step-by-step storyline to guide you through the process: Step 1: Decide the Type of NRI Account As an NRI, you need to decide whether you want to open an NRE (Non-Resident External) account or an NRO (Non-Resident Ordinary) account. NRE Account: Ideal if you want to repatriate your earnings abroad. Funds in this account are fully repatriable. NRO Account: Suitable if you have income in India (like rent or dividends). Only the principal amount is non-repatriable, while interest earned can be repatriated. Step 2: Gather Required Documents Definedge Securities will ask for the following documents: Identity Proof: Passport copy, Overseas Resident Card, or PIO/OCI card. Address Proof: Overseas address proof (utility bill, bank statement, etc.) and Indian address proof (if applicable). PAN Card: Mandatory for all investments in India. Photographs: Recent passport-sized photos. Bank Details: A canceled cheque or bank statement from your NRE/NRO account. Income Proof: Salary slips or employment contract (optional, but sometimes required). POI and POA: Proof of Identity (POI) and Proof of Address (POA) attested by the Indian Embassy or a notary in your country of residence. Step 3: Fill Out the Application Form Definedge Securities provides an online or offline application form for NRI account opening. You can download the form from their website or request it via email. Fill in the required details, including: Personal information Bank account details Tax residency details (for FATCA compliance) Nomination details (optional but recommended) Step 4: Submit the Documents Once the form is filled, submit it along with the required documents. You can either: Scan and Email: Send scanned copies of the documents to Definedge Securities. Courier: Send physical copies to their office in India. Some brokers also offer video KYC (Know Your Customer) for NRIs, which simplifies the process. Step 5: In-Person Verification (IPV) If video KYC is not available, you may need to complete an in-person verification. This can be done at the Indian Embassy or through a representative of Definedge Securities in your country. Step 6: Activation of Account Once your documents are verified and approved, Definedge Securities will: Open your Demat account (to hold shares electronically). Open your trading account (to buy/sell shares). Link your NRE/NRO bank account for seamless fund transfers. You’ll receive your account details, login credentials, and a welcome kit via email. Step 7: Start Trading Once your account is activated, you can start trading in the Indian stock market. Definedge Securities provides a user-friendly trading platform and research tools to help you make informed investment decisions. How Long Does It Take? The entire process usually takes 7-10 working days, provided all documents are in order. Delays can occur if there are issues with document verification or KYC. Pro Tips for NRIs: Repatriation: Understand the repatriation rules for NRE and NRO accounts before investing. Taxation: Consult a tax advisor to understand the tax implications on your investments in India. Brokerage Charges: Compare Definedge Securities’ brokerage fees with other brokers to ensure you’re getting a good deal. By following these steps, you can easily open an NRI trading and Demat account with Definedge Securities and start investing in the Indian stock market. Happy investing! 🚀