Finland Wealth Tax

[echang36]

Considering moving to Finland on an expat for 2 years starting in
June 2005.

Does anyone know the applicability of the Finland Wealth Tax on
"worldwide net worth" to an expatriate moving Finland? From what
I read, once you become a resident then the Wealth Tax is applicable.

In my situation, since I will be there 2 years, then I will be a resident.
Thus be subject to the Wealth Tax. Is this correct? Any exceptions to
this?

Second, worldwide net worth implies everything one owns anywhere
in the world less any outstanding liabilities. So if I keep my house in
the US then this still counts as an example. Correct?

Advance thanks for any feedback.

[superiorinferior]

We are in Finland.

We know not of this "wealth."

[tjawatts]

It doesnt matter if you keep your house or sell it, at the end of the day it is still your wealth whether it is in propery or cash and therefore taxable (unless you get it in some tax free investment of some kind).

T

P.S. There are special rules for short term expats. If you are indeed wealthy you could get an advisor (or the company sending you could).

[Mook]

How exactly are the Finnish tax office going to know that you have a house in the US?

Another thing to check is if the US and Finnish tax authorities have any treaty on information sharing (Typically there is one between EU countries)

[Nathan Lillie]

If you're working for a US firm for a set period in Finland the tax treaty says you don't pay Finnish taxes, just US.

And the IRS says you get to deduct the first 80000 in withholding if you meet the "physical presence test". So if you make less than that, pretty much you just pay SS.

If you are working for a Finnish firm, then you will have to pay Finnish taxes. I don't know about any "wealth tax," since I don't have any, but they do like to dip into that monthly paycheck quite a bit.