Naam

has anybody looked into the rare element Unobtainium?

Standing in front of us is the greatest transfer of wealth in history. When the dust settles, those holding the gold will make the rules.

ohmygosh! does that mean i will be even more hen-pecked?

Naam is correct. The US Foreign Income Exclusion only applies when one works abroad for specific amunts of time. US retirees world wide are introduced to the joys of US Income Tax on their interest, dividends, etc.

there was a time when U.S. citizens could [illegally] use the Foreign Income Exclusion without resorting to derive income from trusts (as described by LivinLos) which is as illegal! but the activities of The Right Honourable Osama bin-Laden, Esq., various other terrorists, drug dealers cum money launderers, etc. made that nearly impossible nowadays although there are still ways. because it might be against forum rules i refrain from describing the method.

edited for adjusting a sentence.

Naam: an interesting topic. Anglo Irish received until now bail-out cash equivalent to 15% of Ireland's GDP (not to talk about the cash which was pumped into other irish banks). until a few weeks ago, whatever was done was considered "sufficient". but the pundits have voiced new doubts and rumour has it that additional cash is required to save the bank. if this is really the case it will cause additional strain on the currency of €UR-Land.

but you should elaborate why the EUR should fall heavily on the Germans heads. did the German army march into Ireland, Greece, Spain and force the governments of these countries to cheat, lie, forge, commit fraud, etc. to abolish their currencies and adopt the EUR?

um not really would just be interested to see how it all pans out, euro was considered a big joke for a long time, Ireland did well out of it. Would kind of be happy to see how the allemandies who have a habit of criticising other currencies in the region deal with the latest challenge were it to be pulled down by combined, greek , irish and some new eastern european members contributions.

Purely on a scientific basis mind, what would the impact be on europe? strong gold backing them up, it would be very interesting, since the germans took it upon themselves to be head of the euro currency

let's be fair. that the "allemandies" criticised or have a habit to criticise other currencies is either a wrong perception or a fairy tale. eastern european countries do not play a big role as far as the EURo's future is concerned. but the EURo's present status might be well brought down by the debt problems of Greece, Spain, Italy, Portugal and Ireland if those can't be solved. the conception of the EUR was never a joke and for a certain timespan all members benefitted immensely until the irresponsible political clowns in the afore-mentioned countries abused the system and piled up debt because suddenly the 14% interest of the Peseta, the 12% interest of the Lira, the 15% interest of the Drachma, the 12% interest of the Escudo (don't remember pre-€ irish interest rates) were replaced by extremely low € interest.

a breakdown of the existing EUR-zone would have a global impact, sovereign €-debtors would default thus causing tremendous risk aversion which would endanger other sovereign debtors globally, even on other continents, and their ability to refinance their debt. in short, we would see a domino effect with implications we can't fathom presently.

needless to say that Great Brittania and Brits, Scotland, Wales and Northern Ireland as well as their inhabitants would receive a very hard economic kick in their àsses too.

by ze vay, did i mentchion zat i'm a Tchermann?

Good for us Thais. We can get more Euro, Dollar, Pound, Franc, Mark, Drachm, Lira, Gulden, Shiling, Escudos, Koruna, Pesetas, Tolar, etc.

no you can't!

Its all a bit naive though, as the currency grows stronger the export buisness suffers, since thai is no.1 ( not sure if still the case) producer and exporter of rice other countries will look elsewhere, same goes for rubber, sugar( though not this year apparently) etc

So in some ways beneficial in other ways not,

I am interested in watching this euro drop though and the dollar, I think it ought to deter some of the sex tourists god willing

hmmm, I would be interested to see what the irish situation is doing to the euro too, down with the euro and may it fall heavily on the germans heads

an interesting topic. Anglo Irish received until now bail-out cash equivalent to 15% of Ireland's GDP (not to talk about the cash which was pumped into other irish banks). until a few weeks ago, whatever was done was considered "sufficient". but the pundits have voiced new doubts and rumour has it that additional cash is required to save the bank. if this is really the case it will cause additional strain on the currency of €UR-Land.

but you should elaborate why the EUR should fall heavily on the Germans heads. did the German army march into Ireland, Greece, Spain and force the governments of these countries to cheat, lie, forge, commit fraud, etc. to abolish their currencies and adopt the EUR?

Thailand is less and less attractive a destination. TBH won't stay this strong as we head out of world recession though.

and the LORD sent one more prophet to guide us on the future of THB exchange rates

Well this may come as a bit of a shock then Mr Know it all. Those who have served in the UK armed forces and are in receipt of a Goverment service pension will pay income tax at source back in the UK, regardless of where you live or retire in the world.

we were of course discussing and referring to THAI income tax. it is well known that some unfortunate citizens have to pay income tax no matter where they live. but the fact remains that most retirees live in Thailand tax free. no need to accuse them of drinking too much beer or booze because you are angry and envy their status.

US also require you to pay tax no matter where you are in the world, but...if retired and your only income is investments, that tax can be 15% AND the first 75k is not taxed at all.

Despite Nam's issues of not paying taxes to his country that afforded him the oppty to make those funds...

The US allows many very, very legal trusts to operate. These are not without costs such as giving away the assets often times. But LivinLOS is correct, very legal, SOP for many wealthy persons.

that is BS²! as the "Foreign Earned Income Exclusion" applies only to those who work and live abroad; the emphasis is on the word "earned"! the amount is presently USD 91,500 and my american friends who retired in Thailand would be happy to collect that much of their investment income tax free.

if you have no idea i suggest you inform yourself before spreading wrong information.

BB said "Despite Nam's issues of not paying taxes to his country that afforded him the oppty to make those funds..."

Cant comment for Naam, only myself, my country didnt afford me the opportunity to make those funds, I worked overseas in a country where there was no income tax, and structured my funds in such a way that they dont come under the jusisdiction of my home country.

I will admit to having some funds in my home country, but as I am no longer resident there for tax purposes I am not taxed. Thankfully Uncle Sams long arm doesnt apply to me, but I feel your pain.

the same applies to me. for nearly 20 years i worked my àss off in the desert, the jungle, the swamps and the bush. working not 5 days a week from 9-5 but 7 days a week and most of the time 12-15 hours a day. if i had died, incapacitated by an accident or something like that, my country would have cared a <deleted> about me or my family except perhaps for some welfare entitlements. besides, during the years when i owned a house in Germany but did not live there (a fact that made me liable to pay income tax for my worldwide income) i paid a multiple of taxes that my average country fellow pays in a lifetime.

it is interesting that the thread has changed to "morality of paying or not paying taxes" from "no longer a cheap retirement destination" and even the tax topic changed from "paying taxes in Thailand" to "paying taxes in your home country".

He borrwed my screw drive to unlock the tank cover and - well yes - it was due to be emptied sometime soon.

you obviously don't know that you can't check visually whether a septic tank is "due to be emptied". simple reason: a septic tank is always full. only if the amount of solids exceed a certain height (which means the septic system does not work) the tank has to be emptied. a properly designed septic tank does not need to be emptied for up to two decades.

this advice is free of charge!

China may just have lost half a Trillion $ in UST

= rumours, unfounded speculations, nose poking, hypothetical extrapolations

retire in sihanoukville in cambodia, miles better, no s**y visa regulations as thailand has

What "s**y visa regulations" are you talking about?

Thailand must rank up there as one of the easiest countries to live in (if married to a Thai) or retire to.

The zero income tax is pretty nice as well, when compared to countries such as Canada or Australia.

You just got off the boat??.

You think current Thai Immigration requirements a breeze for retirement or extension on support Thai wife, + 90 day address reporting etc etc!!.

Have another sip of Chang, do some research and report back!.

In fact, stay off the booze, Just noticed your comment on zero income tax

perhaps that applies to you? or are you not aware that a retiree in Thailand does not pay any income tax?

1. I can't help but chuckle at your comparison of MAS/SEC. The SEC make themselves look like choirboys (and that would be a flattering comparison) without any help whatsoever from MAS ! The US regulatory enviironment is a shambles these days. Buiter was spot on when he talked about "cognitive regulatory capture" a couple of years ago. Shame he sold out and works for C now !!!

2. I don't remember you being much of a fan of gold (other than via your wife's jewelry). When did you start buying 999 bars ?

1. i am happy that somebody with indepth knowledge agrees with my statement :jap: and i can't help smiling when somebody mentions FDIC

2. i am still not a fan of gold and i am not buying any (except for a short excursion to chinese goldmine shares). our gold business is handled by stubborn and pigheaded Mrs Naam who started to buy physical gold in 2007 and who has not stopped buying since then... and may go on buying till we have to live like paupers

Indeed, dealing with "many" banks does have it's hassles, though I sleep better because of it. Having worked in banks and other financial institutions most of my adult life, in various roles from trading to internal audit, I have an unshakable distrust of them *all*, including your beloved CS, haha (worked for CSFP/FB in the late 80s / early 90s - actually it was my first job !). If I had to choose one I distrust the least it would be Julius Baer.

Dragon, take a wild guess which (out of three) is our really beloved bank but J.B. has its limitations too. trading in slightly exotic/illiquid assets is too sluggish for my liking and any indicative prices a trader reads from a Bloomie or Reuters screen are of no interest to me. in this respect nobody beats UBS in obtaining tradeable prices/volumes within minutes. with CS we are still because of a long relationship, private connections and some special services which other banks do not offer.

I agree for the most part as well. Not to quibble though, but the west is not in recession, great or otherwise. The economies are just growing so slowly it will take quite some time to work out the whole created in 2007/8. The massive deficit spending is certainly playing a big part in the exchange rate. The odd thing to me is the JPY strength, Japans economy is as bad as Europe or the US. Bound to be killing their exports...

reason = risk aversion and therefore carry trades JP¥ vs. a bunch of HY currencies unwinding.

that might work perhaps in your or any home country where the taxman is a dummy², but not in mine!

Its not a question of can work, it does work, its not illegal.. You just have to be very careful on the issue of 'ownership' of the blind trust and administration.

If your not technically the owner of the trust, its not your assets, and you dont have to pay tax on them.

i does NOT work in a country where the taxman is not utmost stupid. you can't live in a mansion, enjoy the service of domestic staff, drive expensive cars, etc. (all expenses paid for by an offshore trust) without being liable for income tax which is equivalent, respectively in relation to the total expenditure. in most countries (including the U.S. of A.) perks are taxable. the IRS even estimates and taxes the tips of waiters!

in countries which are not tax havens you can only avoid income tax if the proceeds of the trust are not distributed and you live like a pauper. i am talking of european countries such as Germany, France, Spain, Austria and especially all scandinavian countries. by the way, the latter (scandinavian countries) have a tax load which makes the hardliner taxmen of Germany and France look like forlorn orphans in the dark woods.

did i mention that taxes, trusts, legal tax saving schemes and making money is my major hobby since decades?

CS 999 bars are available in Singapore to clients of CS.

The combination of a Swiss bank in Singapore is a good one as far as safety is concerned. Personally I'm quite cautious in this regard. I only keep original documents in my box, and I spread my dealings among many banks in several jurisdictions.

I'd avoid Thai bars unless you are 100% sure you will be selling them in Thailand.

long time no hear from you Dragon. we missed your professional input! in our case "many" banks, i. e. more than those three we are banking with, would involve too much organisational hassle. reason: all our holdings are in corporate portfolios, integrated in a trust, which is administered by a singaporean company for fiduciary services.

as far as the risk of a bank failure is concerned there is nothing to worry because losses in case of a bank failure can only occur if cash is not guaranteed by the government of the relevant jurisdiction (i don't know of any jurisdiction where this is the case presently).

all our non-cash assets (bonds) are not held with any bank but with Euroclear, Brussels respectively Clearstream, Frankfurt. the only possibility to touch these assets is fraud in combination with the bank's failure. to the best of my knowledge this has never happened with any multinational bank but there was an "incident" a few years ago with the broker house "REFCO". in this context i repeat for the umpteenth time that i wouldn't entrust any broker with a value that exceeds an excellent dinner for two accompanied by a good bottle of wine.

4. Credit Suisse 999 bars do not require any documentation.

Are those readily available in Sing ?? yes

I note many local buyers opt for the baht bars and multiples of, but I see liquidation issues for those outside of the baht weight system.

5. our banks and bank lockers are located in Singapore.

I am always concerned about the possibility of banking failure.. I have read that its possible that safety deposit boxes can become the property of the bank to be used in settlement with creditors if the bank collapses. Tho I understand this is regional rules etc the whole thing can be messy, no FDIC for those of course. Does singapore make this clear ??

you must be joking! by the way, compared to the M.A.S. (Monetary Authority of Singapore) the SEC is a bunch of choir boys.

"Still I would point out that those who think they are being funny by their baht is really Bt35 that the BoT is spending their reserves on propping up the baht, foreign investors are liquidating holdings in the SET to unwind their carry trade etc, are really establishing a humor level of a twelve year old rather than anything else."

Abrak,

why waste time to discuss the colours of a beautiful sunset with blind people?

Copy of US State Department Filing against Victor Bout

This appears genuine. Interesting read.

So obvious that this is a fake. No body use type-writer anymore. The document is from a type-writer.

impossible! the "Greatest Nation on Earth™" can't do no wrong and it is only a matter of time till FAUX News will present evidence that Victor Bout was the one who delivered those infamous weapons of mass destruction to Saddam Hussein.

to all of you who offered soothing words a big thank you. believe it or not, it means something!

1. In Thailand there is no VAT tax.

2. Is there a commission beyond the commission already added into the price listed in the window?

3. Do you get any discount for purchasing a larger quantity?

4. Do they give you documentation to make it easier to trade the gold back in the future?

5. Why does your wife prefer to buy gold in Singapore as opposed to Thailand?

1. Singapore VAT applies only to gold brought into the country. when buying locally VAT applies on coins and jewelry, not bars. VAT is refunded when exporting locally purchased coins, jewelry.

2. there is no price list in any window as the international gold price can move within seconds.

3. no discount, but big bars have a slightly cheaper per ounce price.

4. Credit Suisse 999 bars do not require any documentation.

5. our banks and bank lockers are located in Singapore.

From my reading... India will give 10yrs to Americans and 5 years to Brits without financial requirements.

you need reading glasses! multiple entry visas valid for several years are indeed issued for a maximum stay of 90 days and then it's visa runs till you exceed 183 days in a calendar year. after that immigration will ask for a tax clearance certificate as you are liable to pay indian income tax on your worldwide income.

You see the blind trust owns the home, buys the cars, pays the maids, does whatever it wants too (with the added advantage in my home country that overseas entities pay no capital gains on property taxes last time I checked) which can of course be passed to heirs (blindly) totally inheritance tax free. Then you have an employment contract from that company, with a token modest income, paying a small amount of tax, and a gold card for 'company expenses' as provided in your contract.

that might work perhaps in your or any home country where the taxman is a dummy², but not in mine!