JB300

Nobody is disputing what you say, I've no doubt you have a Citibank IPB I was just pointing out to the OP that there's a difference so if he's rejected, he's asked for the wrong account.

Lol... Having an account with one of the largest US banks is surely a way #not# to avoid those inane USA Patriot Act banking laws!!! But seriously, from reading about it I don't think any accounts (that you & I could afford) anywhere will be immune to FACTA.

 

 

Fairly simple to go to Citibank singapore web site and check?


Sent from my iPad using Thaivisa Connect Thailand

 
You want the Citibank International personal banking (IPB) section, not Citibank Singapore per se, there is another section for IPB on the Citi Sing website.

And that's the difference ... It's not possible to open a "Normal" Citibank account in Singapore unless you have some firm of residential status (I believe this includes being a non-resident if you own property) but you can open an International Personal Banking account.

FACTA is US citizens only & all countries need to observe it or face significant penalties from the US http://thunfinancial.com/fatca-foreign-account-tax-compliance-act-what-american-investors-need-to-know-now
 

 
But Citi IPB is based in Singapore is it not dear boy ?....and what is the difference between a "normal" Citibank account and an "abnormal" Citibank Singapore IPB account then ?....I have one, can get a mortgage off them, credit cards, investment accounts, etc etc..

No idea old chap, but an IPB is what it says on the tin... An #International# Personal Bank Account so I'm assuming the charges / minimum requirements are different for one.


IPB: http://www.ipb.citibank.com.sg/english/static/el_inaccount.htm?icid=IPBGNAGAENHOMEHB02

i have been many times to both

Siem Rep BUT a week is to long

3 days at temples, 1/2 day out to Kampong Phluk ( the fishing villgae on stilts in the Tonle sap lake)

one day Museum and walking around/hanging out

5 days max VOA, no haasle at airport $20 and a pic.

Penang great for 2-3 days

Or $21 if you don't have a picture (muppet here forgot until I got there, but it was no hassle just cost me an extra $1USD)

If you haven't been to SR is definitely worth the trip, but Penang is nice & staying at Batu Ferenghi (spelling???) is very chilled & cheap

Fairly simple to go to Citibank singapore web site and check?


Sent from my iPad using Thaivisa Connect Thailand

 
You want the Citibank International personal banking (IPB) section, not Citibank Singapore per se, there is another section for IPB on the Citi Sing website.

And that's the difference ... It's not possible to open a "Normal" Citibank account in Singapore unless you have some firm of residential status (I believe this includes being a non-resident if you own property) but you can open an International Personal Banking account.

FACTA is US citizens only & all countries need to observe it or face significant penalties from the US http://thunfinancial.com/fatca-foreign-account-tax-compliance-act-what-american-investors-need-to-know-now

Interesting news over on the UK Pensions thread... http://www.thaivisa.com/forum/index.php?/topic/540525-UK-pensions/page__view__findpost__p__7909401

Tell Us Once allows citizens to inform authorities of a birth or bereavement just once – rather than contacting a series of different branches of government. It now covers:

local authorities

DVLA

HMRC

HM Passport Office

DWP

So obviously they are able to link an individual across the different departments (including Tax, Passport & DVLA) how long till they start expanding this beyond Births & Deaths (e.g. Notify the central department of a change of address and they'll update all of the other departments)?

I think the gripe most under 50s (I'm 48 & 1/4, not like I'm counting) have is that there's no mechanism to obtain the equivalent of the retirement visa even if they have the financial means to have retired, in the case of military personnel etc... May have "Officially" retired in their home country.

Retiring from a job (e.g. the military) is NOT the same as being retired. If you are from the US, full retirement age is not reached until one's 66th birthday (note, it may be 67 today).

That's not to say that you cannot collect retirement benefits from your employer from the day you "retire" from them, but your country may view your status in a different light.

Thailand happens have to have a low age threshold for retirement. Unless you are making a huge sum from your retirement, I would recommend that, if possible, you consider spending another 10-15 years working with a different employer so that you can qualify for even more retirement benefits.

The very definition of retirement is to leave ones job and not work anymore...

Retirement. 1. the action or fact of leaving one's job and ceasing to work.

(http://www.oxforddictionaries.com/definition/english/retirement)

But I take your point that there is a difference between an "Official" retirement age & the age that somebody may choose (or be forced to) retire.

As to whether to carry on working or not, everybody's circumstances are different & it's a balance between having an extra 10-15 years enjoying retirement vs having an extra £xxx amount of money per month.

#IF# the assets you already have are enough for your wants/needs & #IF# you can cope with retirement (I wouldn't underestimate the importance of planning this side of things) then why not retire?

I think the age restriction (I don't believe Thailand has an official retirement age) is there because of the risk of people not having these 2 points covered before retiring & so end up working illegally for the cash or to relieve the boredom, obviously there's a risk that you can be any age & in the same boat but it was decided that an appropriate age was 50.

With the re-introduction of the Thailand Elite Card, "Cashed Up" under-50s do have a way of "Retiring" in Thailand, my #Personal# view is that if you cannot afford one of these then maybe you're cutting it a bit close & should consider stockpiling more assets.... Again, this is a personal view & everybody needs to work it out for themselves.

Having read through all the foregoing posts I would recommend that this topic contains a very large warning symbol!

There are so many conflicting pieces of information it would be easy for someone to take the wrong message. Caveat Emptor - do your own research using the links mentioned.

Couldn't agree more, but it is amazing what you can learn from these forums & most (serious) posters will post a link to an official site where you can validate/learn more.

E.g. 1 major takeaway I had from the UK Pensions thread was around the rules on tax for UK dividends for non-uk taxpayers, I thought I knew exactly how it worked but somebody corrected me and pointed me to the official HMRC page that explained how it worked.

Do you have a link that explains more about the SIPP rules?

Cheers

JB

Redirecting UK Mail, UK and Overseas can be done for £24.99 for each name. and choice of 3- 6- 12 months

True, but you can only redirect mail for a maximum of 2 years

Is the address on the license your address in Thailand or an address in the UK?

I suspect the latter & when signing the form you would have declared that you live there (plus declared previous addresses if you'd lived elsewhere in the past (iirc) 5 years) and unfortunately the onus is on you to tell them irrespective of whether they sent you a form to Thailand & you signed it in good faith (The online application is much clearer on this)...

Came across this Interesting link... http://www.betterregulation.gov.uk/ideas/viewidea.cfm?proposalid=c3718894e4ee4cd385e06c0a7173e336&tunnel=bl

Nb... The Official response

Thank you for your Better Regulation proposal about driving licence application forms. Your proposal has been passed to the Driver and Vehicle Licensing Agency (DVLA), an executive agency of the Department for Transport, for consideration.

You suggested that driving licence renewal application form D798 should be downloadable via the Internet. However, we have determined that your proposal should not be taken forward.

The D798 has an adhesive window to cater for the driver’s new photograph to be secured to the form. This feature could not be replicated on a downloaded form.

Also, the law requires that UK driving licences can only be issued to UK residents. This helps to ensure that people are not able to obtain a licence in two or more countries, possibly to escape the consequences of a disqualification.

In the circumstances, no further action will be taken regarding your proposal, but we hope that this has explained the position. We would also like to extend our thanks for your time and effort in participating in this process.

Interesting one as I think they've very recently changed the rules so you can get treatment on the NHS if you've paid at least 7 years NI

With regards to the NHS and availability of it for expats please see the following from a British MP which was in reply to a rant of mine on this very subject.

"From: [email protected]

To: NickNick

Subject: Expat eligibility to the NHS

Date: Mon, 19 May 2014 16:24:09 +0000

<<<>>>

This change will make NHS rules consistent with the principles of ex-pat eligibility for UK pensions and other state benefits

I can't see it happening (or can I ), but that paragraph could imply a different level of eligibility to NHS based on where you're an expat ala the different pension rules between Thailand & Philippines.

Thanks Partington (and I do know the Conan Doyle story, just hadn't twigged the plans were called that)

I did indeed misunderstand ur post & as I've always (since the age of 19) had to complete a self-assessment return That link, looks very informative (should my investments ever get back to paying decent dividends!)

Sell shares that you legitimately purchased unless you still hold a U.K. address.

Agreed, but you can transfer them to another person.

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Would they not in turn be liable to capital gains as it would be a gift?

I know we are moving a little off topic but I am intrigued by the replies. I have been non resident for tax for 22 years. I bought all my shares through my company schemes (a large British Defence Company ) these shares are managed by a group called Capita, ( sorry if I just broke a rule there) these are the people who keep on informing me I need a U.K. bank account even though I did not have one when I purchased the shares!! If anyone knows anything I do not please pm me. Many thanks.

It is absolutely not true that you cannot legally sell shares that you acquired before you left the UK, and it is absolutely not true that you cannot legally buy and sell shares while you are non resident, using a UK broker. The UK HMRC site in fact has many informative pages dealing with tax resulting from sales of shares and bonds while non-resident, and would not give this information if it was not in fact legal to do so!

e.g. http://www.hmrc.gov.uk/international/tax-incomegains.htm

There may be a problem in finding a broker that will continue to provide an account if you inform them you are no longer resident in the UK, but ones that do allow expat accounts certainly exist, as I have an account with one: Charles Stanley.

Moreover if you are absent for five continuous tax years you are not liable for capital gains tax, nor are you liable for any tax on dividends or bond interest payments other than that (if any) already withheld before payment (providing you do not claim your personal allowance in your annual tax return).

The tax benefits for share and bond investors are huge for UK expats, so you should be aware of and take advantage of them, if possible - and not believe completely incorrect information like the quoted post above.

Excellent summary except for the part about tax withheld on dividends, you cannot offset your personal allowance against this even if you have no other income in the UK (i.e. you cannot get the Tax back no matter what) but you can still use the full personal allowance against other income streams (which are considered as coming 1st when calculating Tax) if you do.

I very recently learnt (from another thread on this site) that the tax withheld is the only tax you pay on dividends, even if you're paid enough dividends to take you into the higher rate tax bracket.

AhFarangJa, I don't believe partington meant any criticism to you or your post, if you look at the links I posted you can see lots of Brokers will refuse to let you trade if you don't have a UK bank account but as he & I are trying to highlight, it's perfectly legal to do & there are brokers out there who will happily take you on as a customer if yours isn't.

partington, is that where you're from in the UK as it's not far from where I'm from (Martinscroft, Warrington).

Cheers

JB

Edit: one of the companies listed on the above URL explicitly says non-UK residents can trade http://www.guardianshares.com/apply_for_an_account.php

Interesting article here... http://the-international-investor.com/2011/uk-stock-broker-accounts-nonresidents

You're definitely not liable for CGT then, very (VERY) worse case for a UK citizen buying shares in the company they work for is they owe a small amount after 10 years but as a non-UK resident even this doesn't apply to you.

However the company you're dealing with might need a UK Bank account to do business with them, check out some of the other Brokers & see if they all require a UK account (http://www.moneysupermarket.com/shares/ is a comparison) or ask your Broker if you can use something like an international HSBC account.

Sell shares that you legitimately purchased unless you still hold a U.K. address.

Why not??? - one of the good things about not living in the UK is you can Buy & Sell shares without paying Capital Gains Tax (as long as you're a non-UK resident for tax for at least 5 Tax years or bought the shares after you became a non-UK tax resident)

If you're having problems with your broker, try Barclays Stockbrokers.

Shares need to be bought and held offshore to take advantage of that as far as I am aware.

Sent from my GT-I9500 using Thaivisa Connect Thailand mobile app

Not to the best of my knowledge, I held shares when I left the UK & have traded semi-frequently ever since (as recently as last Thursday) with no problems and no Capital Gains to pay.

However if I was to return to the UK (or UK resident for Tax purposes) within 5 complete Tax Years I would need to declare the gains on any stocks that I owned before I became a non-UK tax resident.

I seem to recall it's covered by the P86 form you should complete when moving back to the UK (you should have completed a P85 when you left ).

Edit:Seems the p86 has been withdrawn now & it's covered by SA1.

Sell shares that you legitimately purchased unless you still hold a U.K. address.

Why not??? - one of the good things about not living in the UK is you can Buy & Sell shares without paying Capital Gains Tax (as long as you're a non-UK resident for tax for at least 5 Tax years or bought the shares after you became a non-UK tax resident)

If you're having problems with your broker, try Barclays Stockbrokers.

Lol... I'm not denying that people might tell the odd porky [emoji6] but trying to get a list of things that "Legitimately" (my definition is not tell porkies/omit the truth) cannot be done.

Almost derailed the UK Pensions thread by getting into a debate on renewing a UK driving license so thought I'd start a new topic on the things you cannot legitimately do (by this I mean not falsely declaring you live at an address in the UK or failing to update the relevant authority that you no longer live there) if you live in Thailand.

1. Get the annual State Pension cost of living increase

2. Renew your UK Driving License

3. Play the National Lottery

4. Add additional funds to your ISA (assumes you're non-UK resident for Tax Purposes)

5. Invest in the upcoming TSB flotation

Would be interested to learn if there were any other things that I'm not aware of.

Cheers

JB

as the other thread was closed, I'd like to continue the convo on non-B visa/BOI... So, from what I understood, you pay them some money (I'm guessing some larger investment + a monthly fee for accounting), you get a non-B + your own work permit and that it might be an option for freelancers, is that right? Now, the problem is that as a freelancer, you don't always have a steady income, so that might be a problem? Or it's no big deal unless you can pay the fee? Hope it's not too OT

---------------------------

No.

As I think you very well know there is no such thing as a Work Permit for "freelancers".

And I very much suspect you have no intention of paying the Thai taxes on any income you get anyhow.

So please stop slinging that load of "bull - - -t" about and just admit you are doing, have been doing, and intend to keep doing; which is to work illegally in the future without obeying the Thai laws or paying Thai taxes.

So get all that nonsense done and over with now.

If you can't come up with the funds to start a Thai company legally, hire the required 4 employees, and pay income tax as well as the health insurance benefits for them you are required to do by Thai law, then stop slinging "Bull - - - t" around.

Are there no Freelancer "Managed Service Providers" / "Umbrella" companies in Thailand that provide temporary IT Resources? As what seems to be being described is kind of how they operate in other countries (you work for them, they provide work permit & place you in another company).

E.g. Optimum in Singapore (http://www.theoptimum.net/new/managed-service-practice.asp) & Parasol in UK (http://www.parasolgroup.co.uk/) both of whom I've had resources from that they have arranged the work permit (backed by invitations letters from a in-country MNC) for.

Perfectly legitimate elsewhere (everybody is paying taxes & has the necessary paperwork) & seems to be a growing business with more. & more demand for resources on 3-12month "Contracts".

Got to hotel (majestic suites) at 9pm, rushed round to Nana which was more or less closed so hit Hillary's 2 (open to 11pm) then some bars further down Soi4, leaving at 2am (bar was still open [emoji106])

Did Hilary 2 actually close at 11PM?. The word was they would be open until 5am......

I don't know, it was a little quiet in there so we wandered further down Soi4 to a couple more bars.

Everywhere was rocking yesterday afternoon [emoji106]

Got to hotel (majestic suites) at 9pm, rushed round to Nana which was more or less closed so hit Hillary's 2 (open to 11pm) then some bars further down Soi4, leaving at 2am (bar was still open [emoji106])

they better fix it up and quick, I'll be back in 5 days.

Sure...It will be fixed just for you LOL

Any chance you can get it fixed for tomorrow, due to arrive at 8pm

IMHO Singapore PR is pretty pointless nowadays unless you have young children (have better chance of getting them in a good school) or are on a lower wage (minimum salary criteria for Employment Passes tends to rise faster than your salary)

It's biggest draw was the ability to purchase HDB housing, but the criteria for this has changed so much that even that's not worth it nowadays.

Upshot is, If I didn't work here, I wouldn't live here (it's only cheap due to the low levels of taxation on your income).

A good and not so far away place to check it out is Singapore's residency rate. Please update us.

No (significant) fees in getting a Singapore PR & the minimum amount of time you need to be resident here before you can apply is only 6 months, but that's the kicker, if you're not resident here (I.e. Working or have s$20Million in the bank for an investment visa), you can't apply.

you can't obtain Permanent Residency in Singapore just after working there 6 months!

You can #apply# for PR after 6 months, there's a 6 month waiting list for the initial appointment than approx 4 months for your application to be considered so a minimum of 16 months (unless you have s$20Million lying around).

"The first question that typically comes to the mind of majority of the work pass holders: when can I apply for my Singapore PR?

Theoretically, you can apply for Singapore permanent residence the day you start working in the country as an EP holder. However, one of the requirements is to provide salary slips that go back six months from your Singapore employer which means you should wait for at least six months.

In practical terms, how soon you can apply for PR status also depends on the type of work pass you are holding and the unofficial annual quota set by the government. If you are holding a P1 pass, your chances of approval are high if you apply after 1 year. If you are holding a P2 pass, you are likely to have a good chance if you apply after 2 years. If on the other hand, you are holding a Q or S pass, it is recommended that you apply after 3 years to have a decent chance of approval."