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sfokevin

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Posts posted by sfokevin

  1. I will retire to Thailand in two years at the ripe old age of 48. I will have a bit more than $1million. $500K will be locked in a 401K Rollover account and the other $500K in a regular stock fund. Both are under my total control and direction. I also will have my BKK condo completely paid off. I assume I will withdraw and transfer $50K a year to Thailand for life starting at 48 :>

    The worry I have is that the value of the US Dollars will steadily decline over the next 30 years relative to other currencies ( I do not subscribe to the gloom & doom scenario of the Dollar collapsing – if that happens the rest of the world will be worse off than the US… and I have land in rural Montana :o )

    I would predict that the dollar to baht rate will erode to a 20 to 1 rate over the next 20 years… My question is what I could invest a portion of my portfolio in to hedge the decline of the dollar?

    I presently have the funds in a group of well diversified mutual funds. I was thinking of investing 1/3 of the funds in some investment (preferably one that could be purchased thru my US Fidelity stock account) that is invested in assets outside the US that has a track record stability and return?

  2. I use my US Citibank ATM card - no fee

    You exchange $1000 thru WF at their website rate of 36.2 and get 36,200 baht

    or you exchange at Airport and get a rate of 38+ say 38,000 to 39,000 baht.... 1,800-2,800 baht more...

    Thats about $50-75 more in baht in your pocket for the boatride back to China....

    PS - The best rate is at one of the "Non official" exchange places all the Thai business owners go to...

  3. The rate you get is 36.20 baht to the dollar plus the $8.00 charge (Not very good)

    Better to exchange a small amout at the airport right outside customs (there are a bunch of stalls) just enough to get you to your hotel ($40) then look for a place that will give you a rate closer to market 38.00+ or just withdrawl baht from ATM - The best way to get baht at a good rate.

    I believe there is a ATM is the airprt but not sure where it is?

  4. Take a look at this: (They ship world wide)

    http://cgi.ebay.com/VoIP-IP-Phone-UTStarco...1QQcmdZViewItem

    You should go to the Vonage site too and look there - not sure if they will ship outside origin counrty -

    But they will give you a phone that will work right out of the box - In theory! :o ... $15 month for a local number in your country of origin...

    http://www.vonage-forum.com/article1769.html

  5. I travel to BKK about every 3-4 months, when there I use my phone very little so few minutes are used. I want to keep the same number from visit to visit. I want to find a prepay card that has more than a 30 day time limit or one that allows you to refill and have the time cumulative... Any suggestions? What is the maximum time you can buy?... I searched the other threads and they suggested the Orange Nan Jing Jing because it had a 60 day refill for 300 baht and you could accumulate 360 days - but I think Orange has been bought by someone else?

  6. Hi, I haven't been to the LOS for a while, but I was talking to someone in a pub, who was going to Thailand on a single ticket, ( he had an O visa ), he said it wasn't necessary anymore to have a booked return flight, which I always thought was illegal under Thai law. I'm coming over later in the year myself, intending to get the same visa, but I asked at Hull and I ended up more confused than before I phoned them !! Can anyone simplify what the rules are ? I would prefer an open ended return ( to England), it's a lot cheaper to buy a single ticket than a long stay return one.
    See here.

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

    Maestro

    Maestro excellent Government resource! - This site is concise and to the point about what they need & expect for visa processing - If they would have included their application forms it would have been perfect...

    http://www.thaiconsul-uk.com/visas1.asp

  7. Can I get an Investment Visa under this scenario… I am splitting the cost of purchasing a condo that is being built by Sansiri. The total cost is 10 million baht. My Thai partner and I have set up a company to hold the condo ( I own 49% he owns 51%) My Thai partner will pay 5 million baht into our company and I will transfer a total of 5 million baht into our company (From the US) to pay for my share of the newly developed condo.

  8. The general corporate tax rate in Thailand is 30% for companies with a paid up share capital of more than 5 Million Thai Baht. The government has reduced corporate tax rates to promote specific business sectors and small and medium enterprises. The tax rate for companies with a paid up share capital not more than 5 Million Thai Baht at the end of its tax year shall be taxed at rate of 15% over the first one million Thai Baht profit, 25% over the profit between one million and three million and 30% for profits over three million Thai Baht.

    Capital can have several meanings in Thai law, but paid up capital means the paid up registered share capital of the company. The total capital or money invested in the capital or assets of the company can be several times this amount.

    Most foreign managed companies have a registered capital of 2 million Baht - as this will allow one foreigner in the company to apply for a work permit - 4 million Baht share capital will allow 2 foreigners to apply for a work permit.

    C

    N

    Would the Government infer that any money in the retained earning category be “Paid in Capital”?… For example additional paid in capital in excess of the 2 million stock par?... Or if you characterize it as a loan and make it a liability are you not then required to pay interest to yourself and then declare that interest as ordinary income that puts you right back in the high tax bracket?... Where can you classify the invested cash to keep under the 5 million rule? And as a general question how much is a respectable income & tax for a company that has 10-20 million baht in real estate assets and keep me out of the tax man's office :o ?...

  9. A big flashy building with big flashy tenants that come and go are not our style. We chose Baan Sansiri 31 for its quiet (just over 100 units in 25 story building) and understated style on a quiet soi. We bought the top floor (Not penthouse... but its still available - I'm thinking ;>) for the price of a mid-floor somewhere else - and their designers will customize the interior to our tastes...

  10. I am setting up a company to hold my property (Condo) - Total Value about 12 million baht. I understand the Corporate tax rates are less (15%) for a company that is considered "Small Company" (Less than 5 million paid in capital - http://www.rd.go.th/publish/6044.0.html ) Is this just the cost of stock or does it include additional paid in capital and retained earnings?... Guess I could treat some of the 12 million as loan to company but then I'd have to pay myself interest and that would most likely be considered ordinary income to me?

    How can I structure this so I can be considered a small company?

    PS - I do not want to own my condo outright for personal reasons (Share with my Thai partner)

  11. Amarka,

    I have a contract with Sansiri for a unit in their Baan Sansiri 31 with completion date of September 2007. My contract has a clause that gives me .01% reduction in the selling price for every day the project is delayed... Does your contract have any such clause? Also the lack of a return email should not be taken as ominous... In my condo search I found many developers who NEVER seem to answer their emails - RR included...

    Sansiri have a very solid reputation among Thais; how have you found their service Sfokevin?

    Amarka - hope all works out well, it seems like they are at least diong something to the site when I went past yesterday, so that is somewhat promising. I still think if you can wriggle out, now is the time to do so; see what they say. There are deals to be had around town with some other buildings and some of these will be perhaps more popular with the local market compared to an on the main road property; hard to say until the Regent is finished and we can see if they deliver what they have promised of course...on paper looks great but.....

    The people at Sansiri have been most cordial and professional. They offer complete after sale maintenance of the building and priority showing of future developments. I know I am paying more than market (I think a steal at 100K/sm) for my space but I was not looking for a deal or investment but a nice quiet place in the city for me and my partner. And I half expect that my unit will not be completed and decorated in the stated time.

  12. Ah that's a good question... as there's a difference between Amex issued cards and bank issued Amex cards.

    Same same, just another branding.

    no, there is a difference.

    if your amex card is not connected directly to a checking account with some bank or brokerage account, then, you would be getting "cash advances" when you use the amex card to withdraw money. thus, you would be charged "cash advance fees" which can be high.

    on the other hand, if your amex card is connected directly to a bank or brokerage checking account, then, it is effectively also functioning as an atm card. when you use the amex card, money is taken directly from the checking account immediately to pay for whatever you purchased.

    that is how my amex card works.

    the brokerage I use is fidelity. www.fidelity.com

    check it out.

    I have a Fidelity AE too... Is there any fee from the Thailand bank (Any suggestion of which Bank to use) on your statement and how is the exchange rate?

  13. Amarka,

    I have a contract with Sansiri for a unit in their Baan Sansiri 31 with completion date of September 2007. My contract has a clause that gives me .01% reduction in the selling price for every day the project is delayed... Does your contract have any such clause? Also the lack of a return email should not be taken as ominous... In my condo search I found many developers who NEVER seem to answer their emails - RR included...

  14. I don't know for sure but they aren't stupid and don't like being taken for stupid.

    I think they would look at the market and see what comparable properties rent for.

    So I am more confused about the strategy of using Company to buy a House... You put up all the money to buy the house then you must also rent it to yourself at market rates... Would not the Thai owners that have 62% ownership be entitled to 62% of the rent revenue?... seems like you are paying for the property twice.... Can someone clarify the strategy...

  15. One Year Multiple Entry NON-B Visa Renewal Question

    I am a 45 year old US citizen. I have purchased a condominium from Sansiri and plan to relocate/retire to BKK when the unit is finished and decorated (Sept 2007). At that time I will not be 50 so it seems the One Year Multiple Entry NON-B Visa from Sunbelt is the way to go for the 2 ½ year gap to get me to 50.

    My question is what do I do after 15 months when the visa runs out? Can an extension be applied for and issued from Thailand or will I need to leave Thailand and apply for a new visa? Will they issue another visa back to back for the same business purpose?

    Also, once I turn 50 and get a Retirement Visa what is the exact rules on work? Mainly can I own and operate a business? Can I work on premises or must it be a total investment that I can not actively participate in?

    Thanks

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