double citizen and property abroad

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biz_it
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double citizen and property abroad

Post by biz_it » Wed Mar 08, 2017 2:35 pm

If someone is a Finnish citizen and also a citizen of a non-eu country and he or she owns some property in the home country, do they have to report it here in Finland tax return. Also, if the property is just lying around and there are not profits or losses, do they still have to report it every year

Also, if the country does not have any agreement with finland and the person pays tax when selling the property in that country, does he or she also have to pay tax in Finland

and one last question. if the person acquires Finnish citizenship and is not living in Finland, do they still have to report it here?


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rinso
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Re: double citizen and property abroad

Post by rinso » Wed Mar 08, 2017 2:58 pm

citizenship has nothing to do with it.
If you are a resident in Finland you have to report your financial situation to the taxman.
What you have to pay depends on the situation, treaties, exceptions and so on.
You can only get a detailed answer from vero itself.

(some countries require their citizens to pay tax, no matter where they live)


Upphew
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Re: double citizen and property abroad

Post by Upphew » Wed Mar 08, 2017 3:15 pm

biz_it wrote:If someone is a Finnish citizen and also a citizen of a non-eu country and he or she owns some property in the home country, do they have to report it here in Finland tax return. Also, if the property is just lying around and there are not profits or losses, do they still have to report it every year

Also, if the country does not have any agreement with finland and the person pays tax when selling the property in that country, does he or she also have to pay tax in Finland

and one last question. if the person acquires Finnish citizenship and is not living in Finland, do they still have to report it here?
Have you tried to ask these from www.tax.fi?

Afaik Finland doesn't tax properties outside its jurisdiction. Profits are taxed if you have them. Losses would be in your interest to declare as it will affect your taxes.

If you have lived in your house abroad for two years, then the sale is tax free, just like here. Else it is just like any income or profits and will be taxed.

Iirc you'l need to be living here to get the citizenship.
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tjawatts
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Re: double citizen and property abroad

Post by tjawatts » Sat Apr 01, 2017 10:05 pm

Property tax is not levied on properties abroad (the annual tax you pay on owning a property).

If resident in Finland and you sell a property abroad, any profit you make is taxable in Finland. If they have a double taxation agreement with the other country then you only pay the extra that you didnt pay in the country of the property.

And by profit that also includes not only profit from selling but also from renting it out or anything like that.

Like said earlier, if you lived officially in that property for more than 2 years as your main residence then the profit from selling the property is not taxable in Finland.

(Recently sold my own property in Denmark, only lived in the property for 14 mths even I owned it for more than 2 years, was tax free in Denmark, but taxable in Finland).

T


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Oombongo
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Re: double citizen and property abroad

Post by Oombongo » Sun Apr 02, 2017 7:33 am

that begs another question. Do majority of people really play nice and report their properties to tax authorities? :)
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tjawatts
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Re: double citizen and property abroad

Post by tjawatts » Sun Apr 02, 2017 8:45 am

Well that is for an individuals consience. But if you want to bring that money to Finland (or most other countries), these days you need to have a good trail of the source of that money.

And of course, if you get caught not paying the bill can be quite high.

T


inkku
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Re: double citizen and property abroad

Post by inkku » Sun Apr 02, 2017 1:40 pm

you have to submit your annual returns for three following years, after you left Finland though you might not be liable to any taxes. "rajoitetusti verovelvollinen"


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