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Everything posted by timendres
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Today’s banking adventure
timendres replied to poppysdad's topic in Jobs, Economy, Banking, Business, Investments
In my experience, if you act as though you really enjoy creating mountains of paperwork, you will be treated with the utmost respect. -
Selling 1 oz gold bar in Bkk?
timendres replied to wjmark's topic in Jobs, Economy, Banking, Business, Investments
I would sell it before I came to Thailand. Many shops will not want to buy it, and those that will are going to offer less than it is worth. There is no advantage to selling it in Thailand.- 24 replies
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work permit with own company
timendres replied to nera123's topic in Thai Visas, Residency, and Work Permits
If it were me, I would not be talking to a lawyer initially. I would be talking to an accountant. One who handles a company that has foreign ownership. They will be much more informative. -
In case of death or incapacitation
timendres replied to THAIPHUKET's topic in Real Estate, Housing, House and Land Ownership
Maybe offer the landlord two or three months of extra deposit to change the contract to your partner's name. Explain that if you die, your partner will take a couple of months to move back home. That should make it an easy decision for the landlord. And now the police have no reason to "lock the place up", since it is not in your name. It would also help a lot to have a Thai will that explains what happens with your possessions. If the will says it all goes to your partner, then the police should honor the will and have no reason to intervene. -
Messed up my marriage visa?
timendres replied to nailbrains8's topic in Thai Visas, Residency, and Work Permits
It is pretty rare that the "under consideration" period is longer than one month. So you should be fine if you can apply by Sept 1. -
This is actually a side affect of the way the US divorce laws work. Marriage and divorce are State level actions. Each State has different laws, especially regarding divorce. So, many people will attempt to file for divorce in another State to get better treatment (e.g., laws favorable to them). Thus, each State will have a rule that you must reside in that State for X number of months before you can legally file for divorce there, to prevent these attempts to "game" the system. Of course, it makes no sense in cases like mine, but the majority of the time the rules reduce attempts to game the system.
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ADVICE NEEDED. Executing a foreigners Thai will.
timendres replied to MUSTYJACK's topic in Marriage and Divorce
I think this is a good reminder for those of us here. If you know you are coming to the end, it is much easier for all involved to liquidate and distribute all wealth in Thailand before you check out. Leaving this process to someone else is a real burden. -
Thaiger burgers in Bangkok did exactly this. A large van converted into a popup restaurant that can locate anywhere. Very very successful. There are other examples. It has a large appeal, as you can move your location to where the action is. Of course, that assumes you can make a deal with some property owner to park at their location, and you must pay for that privilege, and you run the risk of not being able to locate where you want to be. It has the added advantage that you can simply "close" without any cost - as opposed to renting a location where you pay the rent open or not. It is worth consideration, but has a higher upfront cost in the vehicle. It may not be the best choice for your concept. So I would plan for 50,000 per month. Ask yourself, can you get to break even on that number within 12 months? You will be paying for accounting on a monthly basis, but it should be less than 5K. Work Permit.
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Two naked bodies found in shallow grave in Chokchai district, Korat
timendres replied to webfact's topic in Isaan News
As someone who has dug a few holes, I would not call 1.5 meters "shallow". With 1.5m of depth, this seems so unlikely. -
If you are a US citizen, you can own 100% (well, 99% in reality) of the company under the Amity Treaty. If you are not a US citizen, but you know a US citizen you trust, and they are interested in partnering, the same applies. Personally, I would never start a company I did not own. Especially as a foreigner in Thailand. That said, many foreigners have successfully run businesses with 49% ownership. Do not use random Thai citizens for partners. You need a reputable legal firm who can setup the ownership for you in a way that you have voting control and get the majority of the profits. The startup costs will be higher, but worth the investment. Hopefully they can assist you with locating your Thai partners. More ideal is a legitimate Thai partner who is investing alongside you, and stands to profit from success, but this may not be easy to find, and can still present risks. As for your work permit, I would not worry too much about this. With a good agent, this should never be a problem. You also need to have a very reputable accounting firm supporting you. This is important. As for the renting of the shop, this is possibly your highest risk of a problem if you are successful. There are not many ways to reduce this risk. Having a proper lease agreement that has been vetted by your lawyer is about the best you can hope for. Being a solid tenant helps, as landlords know what bad tenants can do to their cashflows. And having a lease agreement that guarantees the landlord increasing rents, which you will be happy to pay if you meet with success, will also help. You also need to factor in expenses that are not immediately obvious. Accounting fees, legal fees, immigration costs, work permit costs (you do not want to handle the work permit on your own), bad employees costing you money, theft from the cash register, equipment failure, inflation, etc. It is very high risk. Period. But, if you are willing to fully risk your initial investment, and you enjoy running a business (many people just see the success and profit, not the hard work and risk), and you plan on being in Thailand long term, then it may be a good endeavor regardless of the outcome. You will certainly learn a lot and build a network that you would never acquire sitting in your room. Sometimes this first failure can lead to the second success.
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Why isn't every male in the UK living in thailand?
timendres replied to Grecian's topic in ASEAN NOW Community Pub
Shhh..... -
Of course they can be depressed. But they are less inclined to share it with others. My ex-wife was diagnosed with clinical depression. She was on and off meds for years. But in public, you would never know it.
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Capital gains tax
timendres replied to dj230's topic in Jobs, Economy, Banking, Business, Investments
For a US citizen, you pay your normal taxes on capital gains in the US. If the money earned is not transferred into Thailand during the year that it is earned, but in a later year, it is considered "savings" and it not taxed when transferred to Thailand. However, if the money earned is transferred into Thailand during the same year that it is earned, then it is considered income and taxed accordingly. In other words, the money you transfer to Thailand should always come from prior years' earnings to avoid income tax. Also, if you do actually have to pay income tax in Thailand on that money, then in theory, you can deduct this tax paid from the taxes owed to the US government. But I believe this only applies if you can pass the "foreign residence" test. For example, since my income in Thailand is taxed by the Thai government, I do not need to pay income tax on that income to the US government. -
Wise, lousy service
timendres replied to luckyblock token's topic in Jobs, Economy, Banking, Business, Investments
Still do. My last bank transfer via SWIFT took three days to complete.