Declaration of savings and foreign assets

Questions and Answers > Category: Taxation of IP > Declaration of savings and foreign assets

Vitaly 4 years ago

Good evening!
Moved to the Netherlands earlier this month (February 2020) as Kennismigrant. In Russia, there are still open interest-bearing bank deposits and accounts. In addition, securities can be used through an account with an American broker, to which personal income tax was previously paid in Russia. Due to my incomplete knowledge of local taxation, I am trying to figure out how to do the right thing so that after withdrawing funds from this brokerage account to an account with a local bank or when transferring from Russia here, I have no problems with the local tax authorities. I understand correctly that:

I have to file a tax return early next year and submit it on Form M, since I became a tax resident only in February? And what to do with January then?
in the third box, I must declare my savings, including my assets in the brokerage account, so that after that I can use them normally and there are no questions for me?
if in the third box I do not declare some part of my savings or assets and within a year I make a transfer from abroad, can problems arise?
if I have 30% ruling, then I have the right not to disclose my savings and foreign assets in the third box? But then will there be any questions for me if I make a withdrawal to a local account? And what will happen in a few years when taxiing ends?
from the sending side (from the Netherlands) when transferring funds from a local bank to their overseas accounts (for example, to a Russian bank or replenishment of a brokerage account) there are no restrictions, and I will not have any problems?

1 response

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Nalog.nl Admin 4 years ago

Good evening, Vitaliy!

1. Absolutely correct, Form M declaration, submission at the beginning of 2021. Until the date of registration in Gement, you are not a tax resident of the Netherlands; accordingly, income received in January will be taxed in the country of your residence - in Russia
2. As a Dutch tax resident, you are required to declare foreign real estate, accounts, shares. If you have a ruling, you do not disclose this information during the validity of the ruling.
3. With this option, there are risks on the part of the bank - you may be asked to explain the sources of funds. If you can explain the source of origin and show documents, then the risks of closing the account are reduced. If you want to reduce these risks, you can include the assets you want to sell on your return.
4. With taxiing, you do not disclose foreign real estate, accounts, etc. As mentioned above, there are risks that you will be asked to explain the origin of the funds. When taxing ends, you will become a full tax resident and will be required to declare all assets in full.
5. It is better for you to clarify this information with the bank in which you plan to make such calculations. Mainly controls the money that goes into the bank account

Best regards, Nalog.nl team