Originally Posted by
BANANASBANANAS
Am I right in thinking that for non US citizens with an offshore US$ account, the full declared value of the Prov Fund can be deposited in US$ into your personal offshore US$ account and you can then do what you wish with it from there?
That's exactly what I did. So, yes. And actually US citizens can do the same, if they can find an offshore bank that will accept "US Persons" as clients! Most will not anymore, thanks to the FATCA overreach. So I did not have any transfer fees, limits, or exchange issues whatsoever.
Originally Posted by
The Outlaw
Nolimit,
Did you choose the option where your provident fund was wired to your home country directly by the company? Many of us can't use that option as we would be considered re-patriated and resident before the provident fund arrived making it subject to tax. What is the best way to get all money back to the home country (with perhaps the exception of the retention money) before you leave the UAE?
As above, yes to having the provident fund wired directly, no, not to my home country. In my case I didn't return to my home country, so the repatriation issue was moot. I know the issue you mention though, the tax advisors I spoke to said that it really depends on the country you are repatriating to. Some will allow you to have the money follow you tax-free IF you declare it at the time you officially repatriate (similar to your household "goods-to-follow"). If not, another option is to take a little vacation in a third country while the transfer goes through. I believe you are referring to Canada - I know some Canadians spend time in the US before heading back to Canada for just this reason.
Or, languish in Dubai fighting with HSBC. I know which option I'd prefer.
Above all, obtain advice from a professional
with experience specific to your country and situation.