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Topic: Where is my kid tax resident?  (Read 278 times)

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Where is my kid tax resident?
« on: April 25, 2019, 09:39:41 PM »

I'm trying to get an HSBC account for my 12 year old son. It shouldn't be a big deal, it's a special kids saving account with a debit card.   He has a passport for the US, UK and France.

The questions that I don't know how to answer is "Where are you tax resident?"  They would also like us to supply TINS for other countries or explain why he doesn't have them. 

What should I answer for his tax residency ?  I hope it's not the US because he doesn't have any accounts or money there .  Other than the occasional grandmother gift as he's only 12. 

Do I have to apply for a TIN for any of the countries he has passports for?

Thanks in advance


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Re: Where is my kid tax resident?
« Reply #1 on: April 25, 2019, 10:31:09 PM »
Tough one since as a USC he is always tax resident in the USA. Like myself and my wife, living in the UK makes us tax resident in both the USA and UK and rely on the DTA between the 2 countries as to what taxes get paid to which authority and we have to file taxes in both countries.
Dual USC/UKC living in the UK since May 2016


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Re: Where is my kid tax resident?
« Reply #2 on: April 26, 2019, 01:50:45 AM »
durhamlad is spot on. Be very careful to follow all tax laws for the USA as well as the U.K.  If an account goes over $10,000, don’t forget to file the US FBAR. Once income has begun, make sure to file US taxes as well.


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Re: Where is my kid tax resident?
« Reply #3 on: April 26, 2019, 07:46:29 AM »
Thanks for the answers  both of you. 
Does anyone know about the TIN bit?  I've only briefly looked at it and getting a TIN seems like it will take some trouble.  Is it necessary?


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Re: Where is my kid tax resident?
« Reply #4 on: April 26, 2019, 08:50:03 AM »


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Re: Where is my kid tax resident?
« Reply #5 on: April 26, 2019, 08:52:51 AM »
Yup, the TIN is his SSN.


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Re: Where is my kid tax resident?
« Reply #6 on: April 26, 2019, 09:09:58 AM »
Yup, the TIN is his SSN.

It certainly is and since he has a US passport he probably also has a SSN already.
Dual USC/UKC living in the UK since May 2016


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Re: Where is my kid tax resident?
« Reply #7 on: April 26, 2019, 10:16:41 AM »
Thanks guys!


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Re: Where is my kid tax resident?
« Reply #8 on: April 26, 2019, 11:15:43 AM »
For French tax, the TIN is the No. de Securite Sociale. Pre-Brexit, it's unlikely he would be resident in France for tax purposes.

For tax obligations for French citizens abroad, see the following (for you - in English):
http://www.droitissimo.com/sites/default/files/formulaires/Cerfa_50318-21_2041E-NOT-EN_Notice_declaration_retenue_source_2017.pdf



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Re: Where is my kid tax resident?
« Reply #9 on: April 26, 2019, 01:44:27 PM »
Thanks OAP, you know me well.


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