Moving to Romania - Need Tax Advice

Hey let me go ahead and contact a Romanian Tax Attorney for you to see what they say.

I'll be back in touch shortly!

*Hint, Read Between the Lines*

Cool bro you're sarcastic and funny, give yourself a pat on the back.

Anyways, if anyone has a similar situation and some experience with some knowledge they can share it would be appreciated.

If you wana be the guy above, then no need since one of those types is enough and he wins the award at jumping the gun to be the first douche.

Oh ok, so you and the guy above just troll around these forums looking for threads where people ask questions that you can come into and make sarcastic snidely remarks to get your post counts up.

Since you both have a high amount of posts (which i'm assuming the majority are these type) you go around sticking up for each other.

Congratulations you've managed to derail my post and my question. Give yourselves a pat on the back, you're having a very productive day. Clap clap for you two.

You're making a few assumptions which are likely wrong. For starters, just because your bank account is in the US does not mean you are earning revenue in the US.

Example: if you are sitting at home in Romania doing your websites, making sales, and but having funds deposited in a US bank, I would say you are making money in Romania.

Wouldn't it be nice if we could do business online and avoid taxes by having payment deposited in a bank account in a different jurisdiction! It doesn't work that way.

I would assume, but do not know, that Romania would want taxes paid on money earned by a citizen and someone physically within its borders. The US IRS, a bigger blood sucker that Romania vampires, always wants a cut. To get a definitive answer you need someone familiar with how Romania handles this situation, but I don't know anyone on this board with that expertise. But, maybe someone will pop up. I'm always surprised at how many attorneys lurk around here or do not disclose they have a legal background.

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You are still in the US so you should call your US accountant and ask. When you arrive to Romania, you call a Romanian accountant there and ask. That's it.

BP, an hour of tax advisory with a Romanian accountant/lawyer is very cheap given that you're living and making money in the US. I would strongly recommend you contact one instead of relying on advice people give on public boards. Law and medical matters are the two things the average person knows mostly nothing about.

Good luck.

Amazing and much appreciated posts from the last 3 members. Very good advice given and now I have much more of a foundation on the matter and what further questions to seek!

Thanks

+1 kindsvater
+1 Joe Ray
+1 Lucian Lada

You're best bet would be to go and find a tax specialist in Romania and ask for advice.

None of us can give you exact answers on that subject unless we specialize in tax laws in your particular country.

Hi Business Partner,

From my understanding I was under the impression that USA citizens were taxed on their total income,
so that would cover your income from worldwide sources. There would be the possibly facility to offset the double taxation problem if the Romanian tax officials also taxed you on the Romanian income.
(So you would need to check double taxation treaty with USA / Romania)

It was reported sometime last year that European banks were refusing to take on USA Citizens due to the paperwork and rules of the USA IRS, it was also said that USA citizens were giving up their USA citizenship due to problems of the USA IRS.
(Check advantage of giving up USA citizenship)

You will have to decide which route to take which will depend on citizenship, beneficial tax regime and simplicity of tax paperwork. Also consider that you will come under EU rules on VAT.

So as others have suggested it would pay to check both sides of the coin with Tax advisors both in Romania and USA.

Good Luck and save as muck tax dollars as possible :-)

OK I'll give you a straight answer to your question: I don't know.

Hope that helped.

Don't really have any advice for you but just wanted to say I love it in Romania. Lived in Bulgaria for a bit and made constant trips over the border into Romania! You'll prob live like a king if you are bringing a USD $ income over there with you..

I have double nationality and moved to Turkey years ago. Had to hire an accountant and pay my taxes here. So I would assume you have to declare all that comes in to your bank account in the country you are currently a resident in.

First I'm not tax law person so get one but I heard if you American's go to Mars and make a dime you have to file to your government and you are the only people to have this represive law from what I hear. I might be wrong. I know if German moves to Australia they file in Australia but not Americans so I think you have to file in Romania and your old country, but again i'm no pro I might be wrong. Good luck.