Plan before you leave. It prevents a lot of future headaches. Before I retired to the Philippines I dissolved my assets and ensured that the proceeds were secure. I set up a USD account in the Philippines for myself and a joint Peso account with my wife. I bought property - as a foreigner I cannot own land but as a major shareholder (though not majority)in a registered Philippines business I can. The rental income we garner from our properties goes directly into a company account. I established educational funds for my children. I took out health insurance for my family. I created a stock portfolio. I bought transportation. This took about a year in total to achieve. When I was in my twenties I simply hopped on a flight with my rucksack and a few bucks in my pocket and went travelling without a care. Now I am older, it's a bit different since I have patience and foresight.
Yes, just be sure to let the IRS know about your accounts, peso and dollar, by filing your FBAR every year. If you have $10,000.00 or more in all your bank accounts, IRS wants to know it. You do not have to pay anything by filing FBAR. For as long as you paid in your taxes the interests that your accounts made. IRS needs to know of any property you have outside of US. You have to file for that too. Perhaps you already know that.
Thank you for the transparency and info you provide. Awesome channel and I am currently in the beginning stages of making the leap over to the Philippines. Your videos have helped greatly!
Hello attorney can you still dowing IMEGRESTIONS pepper,,in the Philippines 🇵🇭,,,because i have family members that i like them to come in to usa just for visa for 30 days only,,,
hi good day , could you please explain how an expat can legally work in the Philippines from what i heard, the labor law prohibits tourists in getting employment so is there anyway i could get around ? i have considerable money that i want to invest to allow me to have a business where i can do productive work, since im a construction guy , this could be a good thing to do in that coountry. my initial plan is to find a muslim filipina and marry one who can legally establish and own and operate a business (named in the permits) , while i will be the technical consultant and handle the finances i prefer the muslim filipina because they are loyal to their husband and very good at sex , and i can marry up to three as we can agree on. I've visited there many times for the last 6 years but just as a tourist and had several girlfriends on-off, now i'm dead set in settling there for the rest of my life, , i'm 43 now, and willing to convert to islam religion since my mormon wife divorced me 8years ago because i did not allow her to mate with another man. however i fear that because there is divorce in muslim marriage there in the philippines , my investments may be disolved if she leaves me. what are your general thoughts on my plan , is there a slim chance of realizing this,, ( only feasibility, not talking about complete success yet as there is much i will have to learn. ) What would be my legal protection for my investments , iknow i can have ownership only on personal property . thanks for your kind reply , hope to meet you there, i'll be there in december this year, just finishing some prior projects
I got a south dakota residency (no income tax) Used America's mailbox. You need 1 night's hotel/rv camp receipt and a mail forwarding service (America's mailbox) there's other ones but their the biggest. Take that to the courthouse/dmv, and your a legal s.d. resident for 5 years with a driver license. Started at 9a.m finished at 11am. And 30 minutes away I visited Mount Rushmore. I use P.O.D payable on death (poor man's will) with Bank of America. Listed my son as beneficiary, all he needs is my death certificate, and i.d and they cut him a check for my funds. My dad set me up with a p.o.d. I was in and out of Bank in about 45 minutes with a cashier check. Works very easy.
I went with South Dakota too. Spent a couple weeks there setting up bank accounts and getting new cards with newer expiration dates. It’s also part of America that I won’t mind going back to…. In the summer 😎
Taxes are definitely a complex problem if you're an American living and earning money in another country. The laws are different everywhere but from my experience unless you renounce your US citizenship you still have to pay US income tax for money earned and certain forms of income can be taxed in the Philippines also. Like you said it's best to do your research to avoid a bad situation and avoid paying 2 income taxes 👍
It seams crazy that the US government taxes US citizens while they are living outside the country. Is it really the land of the free? Sounds very oppressive to me.
glad am Canadian , those rules dont work like that here , how ever if you do have business , then your income will always be coming to you all the time ...., how ever Philippines is cheap to live , but you better have at lease 100k in account in case you get your self in hospital , they dont do free health checks up , and meds cost money . yes having house in the Philippines is very cheap depending which island your on and what areas your in , cars cost about the same as any where else and insurance is very cheap comparing to canada car insurance will cost 4k per year lol
My wife and I are moving out of California straight to PI in a couple months. My wife and I will be keeping our dividend income at 27,700 or less annually. Not going to be filling taxes, and not going to some other state before heading to PI..
Expatriate has a connotation of traitor to their country I feel. Sounds like you arent patriotic. Maybe its a common term to just say you are leaving your native country to live elsewhere, but seems like the word infers disloyalty to your native country. I dont know if foreigneris much better. Westerner doesnt seem insulting. Just philosophizing a bit lol.
Have a health power of attorney so the doctors know what to do with you if something happens to you. Like when you have a coma. What should they do. Never give a durable general POA, unless the person is someone you really trust. If everything is conjugal, in the US, I believe, everything goes to the spouse except if a will exists. Although there are stuff that should not be willed. So, if everything is conjugal, the spouse still needs your health POA, even DNR document. They ask that in the hospital or the first responders. There are second marriages or third marriages wherein the spouse does not know anything about a safe deposit box of the other spouse. Let your spouse know about it and put her name on it because the State will not allow the widow/widower to open the safe deposit box. The Clerk of Court will inventory the contents and then the surviving spouse has to file for letters of administration to the Court in order to have possession to the contents or even close it. Before you expatriate to another country, it is better to establish residence in a State where you do not pay state tax. Please attorney, correct me if I were wrong on any of these so not to mislead your followers. I thank you! You are doing a good job helping people.
So what about pension ... VA disability, or SS? I am coming up very soon to move there (Main island) and will have all that and would need to know what I can get by with
I agree with what you suggest but I went a different route. Basically I have one bank account, as I only have one income, VA disability. What I did do though was put my brother on the account. He has full access to it as I trust him fully. Of course he is also a bookkeeper. As far as the tax thing fir me it is not an issue. My income is tax exempt. I have to ask my dad if my wife makes money is that taxable since she is not a US citizen and has never been to the US. Although we do plan on visiting the US, we will continue living in the Philippines. I prefer raising our son here with the education issues in the US. Good info still.
Well I thought I had all the bases covered but didn't think about a durable power or attorney for incapacitation, I need to add that to my to do list quick.
*I saw your neighborhood in this video, and I loved it. Where is it? My Filipina and I are looking to move out of the cronic heavy traffic congestions. Here in Santa Cruz Laguna Philippines.*
Do you close certain ports on your computer to close holes for security? It's common knowledge and really available... See if it's not your industry you don't know about it. LOL Be fair to people. That being said this is a lot of good info that none lawyers would not be aware of or even think of. Also would love to see going into those 2 things to meet the requirement for income would be awesome!
This is some good information. Do these documents(POA,healthcare proxy etc.) need to Apostilled before you arrive in the Philippines or draft new ones when you arrive?
Some people execute that anytime. Even after marriage. It's purpose is not for anyone to go abraod. It is for us just in case something happens to us at anytime. Although we can include a phrase " if something happens to me abroad, I want ______".
My best buddy died last december in Luzon ,his GF is okay as he took care of her financial future with a house and some rentals ,he alledgedly left a will here in the UK ,the problem is ,no one knows where it is , so his daughters whom he has not spoken to or had any communication with in 15 years are now grabbing his assetts
That is rough. I have seen the worst come out of people when dealing with estates. Siblings turning on each other and all kinds of stuff. The kids who refuse to speak to their dad's coming out of the woodwork always left a sour taste in my mouth.
![Yailin La Mas Viral, @kreizyk.official - Dale 2 (Remix) [Video Oficial]](http://i.ytimg.com/vi/JaYHBzgqz94/mqdefault.jpg)
Thank you Bro, I’m guilty on Taxes lol but headed back to USA soon, I used JRC for my legal here, God Bless Brother, Belus
Plan before you leave. It prevents a lot of future headaches. Before I retired to the Philippines I dissolved my assets and ensured that the proceeds were secure. I set up a USD account in the Philippines for myself and a joint Peso account with my wife. I bought property - as a foreigner I cannot own land but as a major shareholder (though not majority)in a registered Philippines business I can. The rental income we garner from our properties goes directly into a company account. I established educational funds for my children. I took out health insurance for my family. I created a stock portfolio. I bought transportation. This took about a year in total to achieve. When I was in my twenties I simply hopped on a flight with my rucksack and a few bucks in my pocket and went travelling without a care. Now I am older, it's a bit different since I have patience and foresight.
What bank did you use for USD? I’m planning to move here too
@@armastus1474 BNP. It's a pretty solid bank.
Yes, just be sure to let the IRS know about your accounts, peso and dollar, by filing your FBAR every year. If you have $10,000.00 or more in all your bank accounts, IRS wants to know it. You do not have to pay anything by filing FBAR. For as long as you paid in your taxes the interests that your accounts made. IRS needs to know of any property you have outside of US. You have to file for that too. Perhaps you already know that.
Metro Bank, as well and BDO.
PNB used to be a government bank. It was sold way back.
PNB good bank for Social Security pension???
Thank you for the transparency and info you provide. Awesome channel and I am currently in the beginning stages of making the leap over to the Philippines. Your videos have helped greatly!
Your area reminds me of UP Diliman ❤❤
Good stuff. Thank you
Great Video.
Hello attorney can you still dowing IMEGRESTIONS pepper,,in the Philippines 🇵🇭,,,because i have family members that i like them to come in to usa just for visa for 30 days only,,,
What about paying federal tax on Social Security we still have to do that probably imagine there’s no legal way around that?
No. If SSA is your only income, you will not have any taxes. There is a good chance you will have a refund. Good luck.
hi good day , could you please explain how an expat can legally work in the Philippines from what i heard, the labor law prohibits tourists in getting employment so is there anyway i could get around ?
i have considerable money that i want to invest to allow me to have a business where i can do productive work, since im a construction guy , this could be a good thing to do in that coountry.
my initial plan is to find a muslim filipina and marry one who can legally establish and own and operate a business (named in the permits) , while i will be the technical consultant and handle the finances
i prefer the muslim filipina because they are loyal to their husband and very good at sex , and i can marry up to three as we can agree on.
I've visited there many times for the last 6 years but just as a tourist and had several girlfriends on-off, now i'm dead set in settling there for the rest of my life, , i'm 43 now, and willing to convert to islam religion since my mormon wife divorced me 8years ago because i did not allow her to mate with another man.
however i fear that because there is divorce in muslim marriage there in the philippines , my investments may be disolved if she leaves me.
what are your general thoughts on my plan , is there a slim chance of realizing this,, ( only feasibility, not talking about complete success yet as there is much i will have to learn. ) What would be my legal protection for my investments , iknow i can have ownership only on personal property .
thanks for your kind reply , hope to meet you there, i'll be there in december this year, just finishing some prior projects
I got a south dakota residency (no income tax) Used America's mailbox. You need 1 night's hotel/rv camp receipt and a mail forwarding service (America's mailbox) there's other ones but their the biggest. Take that to the courthouse/dmv, and your a legal s.d. resident for 5 years with a driver license. Started at 9a.m finished at 11am. And 30 minutes away I visited Mount Rushmore. I use P.O.D payable on death (poor man's will) with Bank of America. Listed my son as beneficiary, all he needs is my death certificate, and i.d and they cut him a check for my funds. My dad set me up with a p.o.d. I was in and out of Bank in about 45 minutes with a cashier check. Works very easy.
I went with South Dakota too. Spent a couple weeks there setting up bank accounts and getting new cards with newer expiration dates.
It’s also part of America that I won’t mind going back to…. In the summer 😎
@keith, the whole process was so easy. Summer yes, no winter lol
Excellent comments. I hope more people will take heed of your good advice.
Taxes are definitely a complex problem if you're an American living and earning money in another country. The laws are different everywhere but from my experience unless you renounce your US citizenship you still have to pay US income tax for money earned and certain forms of income can be taxed in the Philippines also. Like you said it's best to do your research to avoid a bad situation and avoid paying 2 income taxes 👍
It seams crazy that the US government taxes US citizens while they are living outside the country.
Is it really the land of the free? Sounds very oppressive to me.
can i renounce my american citizenship and be accpted in the Philippines as a citizen ?
@@leusmaximusx if you are receiving pension fron US gov't, it might stop if you renounced your citizenship. Yap IRS follows your money.
When a U.S. attorney speaks on this subject, piques my interest.
glad am Canadian , those rules dont work like that here , how ever if you do have business , then your income will always be coming to you all the time ...., how ever Philippines is cheap to live , but you better have at lease 100k in account in case you get your self in hospital , they dont do free health checks up , and meds cost money .
yes having house in the Philippines is very cheap depending which island your on and what areas your in , cars cost about the same as any where else and insurance is very cheap comparing to canada car insurance will cost 4k per year lol
My wife and I are moving out of California straight to PI in a couple months. My wife and I will be keeping our dividend income at 27,700 or less annually. Not going to be filling taxes, and not going to some other state before heading to PI..
Expatriate has a connotation of traitor to their country I feel. Sounds like you arent patriotic. Maybe its a common term to just say you are leaving your native country to live elsewhere, but seems like the word infers disloyalty to your native country. I dont know if foreigneris much better. Westerner doesnt seem insulting. Just philosophizing a bit lol.
Have a health power of attorney so the doctors know what to do with you if something happens to you. Like when you have a coma. What should they do.
Never give a durable general POA, unless the person is someone you really trust.
If everything is conjugal, in the US, I believe, everything goes to the spouse except if a will exists. Although there are stuff that should not be willed. So, if everything is conjugal, the spouse still needs your health POA, even DNR document. They ask that in the hospital or the first responders.
There are second marriages or third marriages wherein the spouse does not know anything about a safe deposit box of the other spouse. Let your spouse know about it and put her name on it because the State will not allow the widow/widower to open the safe deposit box. The Clerk of Court will inventory the contents and then the surviving spouse has to file for letters of administration to the Court in order to have possession to the contents or even close it.
Before you expatriate to another country, it is better to establish residence in a State where you do not pay state tax.
Please attorney, correct me if I were wrong on any of these so not to mislead your followers. I thank you! You are doing a good job helping people.
So what about pension ... VA disability, or SS? I am coming up very soon to move there (Main island) and will have all that and would need to know what I can get by with
Depends if you have to go back to California where my family is, I'm worried they will nab me tax wise.
I agree with what you suggest but I went a different route. Basically I have one bank account, as I only have one income, VA disability. What I did do though was put my brother on the account. He has full access to it as I trust him fully. Of course he is also a bookkeeper. As far as the tax thing fir me it is not an issue. My income is tax exempt. I have to ask my dad if my wife makes money is that taxable since she is not a US citizen and has never been to the US. Although we do plan on visiting the US, we will continue living in the Philippines. I prefer raising our son here with the education issues in the US. Good info still.
You are so smart to do that.
Why did I think you were a doctor? I could have sworn you were a medical doctor.
Make a longer video about the two tests for the FEIC.
Well I thought I had all the bases covered but didn't think about a durable power or attorney for incapacitation, I need to add that to my to do list quick.
*I saw your neighborhood in this video, and I loved it. Where is it? My Filipina and I are looking to move out of the cronic heavy traffic congestions. Here in Santa Cruz Laguna Philippines.*
I think that is not Philippines although it is in Asia.
I've been here six times, I arrived in January for good and have yet to find a store that takes American credit cards
It’s a cash culture
We only use credit cards here when we buy tickets to fly. Never on food. Appliance centers and some department stores accept credit cards.
I thing jou are in the 3 world and jou come from the 2 but me from the 1 think about
????
@@ziggarillo !!!!!!??????
Do you close certain ports on your computer to close holes for security? It's common knowledge and really available... See if it's not your industry you don't know about it. LOL Be fair to people. That being said this is a lot of good info that none lawyers would not be aware of or even think of. Also would love to see going into those 2 things to meet the requirement for income would be awesome!
Thanks for your excellent helpful video
Gotta love Crocodile Park. Great place for a picnic with the family, heck I even saw a white guy flying a smaller RC plane there last year!
Do you have a video on how to earn income while living abroad? :)
Beautiful scenery! 🌴
how about if your exiting a state like texas which has no state income tax?
Lucky you. You do not have to pay State tax.
This is some good information. Do these documents(POA,healthcare proxy etc.) need to Apostilled before you arrive in the Philippines or draft new ones when you arrive?
Some people execute that anytime. Even after marriage. It's purpose is not for anyone to go abraod. It is for us just in case something happens to us at anytime. Although we can include a phrase " if something happens to me abroad, I want ______".
I’m planning a trip for August or September, from Ohio . Any tips on the cheapest plane ticket ? I’ve never flew
Skyscanner has been best for me I fly next week from Chicago to Manila for $1,100 round trip
@@hatchetdog that's awesome!
My best buddy died last december in Luzon ,his GF is okay as he took care of her financial future with a house and some rentals ,he alledgedly left a will here in the UK ,the problem is ,no one knows where it is , so his daughters whom he has not spoken to or had any communication with in 15 years are now grabbing his assetts
Wow....not cool.
That is rough. I have seen the worst come out of people when dealing with estates. Siblings turning on each other and all kinds of stuff. The kids who refuse to speak to their dad's coming out of the woodwork always left a sour taste in my mouth.
He might have a safe deposit box somewhere. That is sad! He might be crawling in his grave.