Posted by: sajalshakya September 7, 2023
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Thanks Ehho2 , Ajit for keeping this discussion alive.
Things will not be 100% clear until the details of the new Niyamawali are published. Will the new NRN citizenship be better than just the NRN card issued currently by Ministry of foreign affairs or embassies , and in what ways?
1. Property purchase - currently NRNs with the NRN card still need ok from ministry of foreign affairs to buy property and it is a complicated process. Will the new change allow NRN citizens to buy property exactly like regular citizens or will there still be limitations, and will this property be reported to the foreign government where the NRN has their passport from, especially US govt?
2. Banking - kyc - currently NRNs can only open special NRN bank accounts . Will that change? do the new NRN citizens still need to declare on kyc form their foreign status/citizenship and will banks report the amount to the foreign government where the NRN has their passport from? I think it is required by FATCA ( Foreign Account Tax Compliance Act for US citizens) and Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) for us citizens.
3. Ancestoral property - how will ancestoral property like land and buildings and , especially cash received in nepali rupees from the sale of ancestoral property or cash/ cheques received in Nepal rupees as your share when ancestoral proprerty is sold and divided in the family be treated? Do these also get reported to the foreign government of the country where you hold your passport? Will you have to pay foreign taxes on this income? How do you keep this money in a nepali bank?
3. Income in Nepal - will this be reported to foreign tax authorities, especially the US tax authorities?
I would imagine that Nepal as a nation and nepali banks still have to comply with international banking regulations .
Things will not be 100% clear until the details of the new Niyamawali are published. Will the new NRN citizenship be better than just the NRN card issued currently by Ministry of foreign affairs or embassies , and in what ways?
1. Property purchase - currently NRNs with the NRN card still need ok from ministry of foreign affairs to buy property and it is a complicated process. Will the new change allow NRN citizens to buy property exactly like regular citizens or will there still be limitations, and will this property be reported to the foreign government where the NRN has their passport from, especially US govt?
2. Banking - kyc - currently NRNs can only open special NRN bank accounts . Will that change? do the new NRN citizens still need to declare on kyc form their foreign status/citizenship and will banks report the amount to the foreign government where the NRN has their passport from? I think it is required by FATCA ( Foreign Account Tax Compliance Act for US citizens) and Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) for us citizens.
3. Ancestoral property - how will ancestoral property like land and buildings and , especially cash received in nepali rupees from the sale of ancestoral property or cash/ cheques received in Nepal rupees as your share when ancestoral proprerty is sold and divided in the family be treated? Do these also get reported to the foreign government of the country where you hold your passport? Will you have to pay foreign taxes on this income? How do you keep this money in a nepali bank?
3. Income in Nepal - will this be reported to foreign tax authorities, especially the US tax authorities?
I would imagine that Nepal as a nation and nepali banks still have to comply with international banking regulations .