International Banking for Musicians
Many music artists are taking advantage of the tax-free opportunities of working and living abroad. For those that still have their bank accounts with bills to cover back in their home countries, their money from working abroad needs to be transferred electronically back and declared to the tax office.
drummer wanted abroad for performers are approximately three to six months in duration (depending on the country’s law and employment period), often paid in cash and are tax-free. Many drummers, male and female singers and other types of musicians list themselves as self-employed and declare their earnings in their home countries. As a musician can be represented by many agents and employed by various venues to perform, it’s easier to handle their own tax as self-employed in this way.
The most lucrative way to transfer money from abroad to a bank account is to open an account with a reputable bank and transfer it internationally. This option offers lower rates than one off transfers and it’s a secure means of tracking funds when moving money from country to country. In some countries, banks and financial companies (like UAE) allow international transfers without opening up an account with them. This is useful for musicians with a short-term contract. Depending on the country, a passport with certain type of working permit and valid documentation are both required to open an account. The bank will need to see evidence of the employer’s details, normally a work contract outlining the length of the contract, salary and accommodation and travel confirmation will suffice.
An alternative way of wiring money internationally is via Western Union or Moneygram, however it does not go to a bank but a person who collects the monies with proof of identification. The cost charged for each transfer is substantially higher than bank rates. If clearing bills, then the recipient of the funds would need to deposit the money into the musician’s account as well. This may not be a convenient way of sending money back if needing to reach a specific bank account by a certain time.
When declaring earnings to the tax office in the country a musician is from, it is fairly straightforward and does not necessarily require an account to complete the tax return. Most tax returns are available to complete online therefore can even be completed whilst living abroad.
To find out more about working abroad as a musician with tax-free benefits find an agent in the musicians’ classifieds in newspaper and on the internet. It is also useful to review expat blogs of live music scenes abroad to find out where the best music venues are and then contact that venue to find out who books the bands that perform there.
There is much money to be made working abroad, whilst seeing the world and playing live music everyday. Whether settling any debts, saving or investing, the options of sending funds back are really reliable and worldwide banking houses are experienced in this field.
The author is a music band owner which offers its services to a variety of class especially five star hotels in Asia. There are several music bands which performs live shows six days a week. The band offers Music Jobs and Musician Jobs across the world.
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