chiangmaibruce

Is SCB better than KBank for having an empty account with?

Is SCB the "right bank" for an account holding a large amount of money but earning interest at less than the rate of inflation?

You ask for opinions yet the only justification you provide for your unusual decision is that "it's the best option for me for a number of reasons"

Mum and dad always told me that if you can't say something nice about someone then don't say anything. With that in mind I'm handing the baton to the next reader

Just adding a couple of things to what Jim just wrote:

1. Before you open that term account you probably should check (with the staff of the Immigration office you attend) as to what types of accounts they will accept. Some Thaivisa users report that some staff insist the money is in a transaction account ... another 'rule' that is all over the place in practice

2. The tax mentioned is called "withholding tax" and if you do a thaivisa forum search on this then you should find earlier threads detailing the process of obtaining the refund. There is also an article on this issue in the web site of one of the Pattaya expat clubs (use google to locate)

To Clarify,

I will be depositing 400K Baht into a Thai bank for 2-3 years or more what bank account should I put it in?

My wife will be depositing 200k Baht into a Thai bank for 1-2 years what bank account should she put it in?

The answer depends on what you want/need to use the account/s for ... will it be related to your visa? do you need to have internet banking? debit card? etc. If none of the above apply to you, then have you considered and ruled out mutual funds, for example?

I'm not 100% sure i understand your question, but here goes:

There is a pinned topic about opening a bank account in the business forum page .. as well as frequent threads in the body of the forum - just search and/or scroll through threads to find them

If you are just asking about current interest rates for transaction accounts there look here: http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

See also this prior thread in relation to term-deposit accounts: http://www.thaivisa.com/forum/topic/262584-different-fixed-deposit-bank-interest-rates-for-foreigners/

At least for those paying tax in Thailand, there is some relief in that life insurance is a tax deduction (up to 100,000 bt)

http://www.rd.go.th/publish/6045.0.html

The Amity Treaty enables American citizens to own up to 1 rai of land. It has not been modified or annulled to date.

Thanks - I'll have to look that up.

Don't bother, it's a myth. The Treaty specifically excludes ownership of land

Foreigners already own 1/3 of all Thai land!!!

Do you have any source to support that statement?

Oops, OK, I'm with you now. I just read the xenophobic nonsense in this thread:

http://www.thaivisa.com/forum/topic/540327-crackdown-on-land-owned-by-foreign-residents/

Foreigners already own 1/3 of all Thai land!!!

Do you have any source to support that statement?

Some of these threads, like this one, err towards being dangerously simplistic. You can't really say say one route is "better" or "safer" for all people.

There are many routes to seek to own or control real estate in thailand. each has its own strengths and weaknesses from the perspective of each individuals own circumstances, and all feature a significant degree of uncertainty. None is perfect ... well the closest to perfect is probably the condo in your own name ... but that still doesn't make it a good idea from an investment point of view.

The OP needs to invest some hours/days to read threads and google on the topics to get a handle of the different variables of these and other different methods. Best starting point is probably a legal web site like samuiforsale or thailawonline. I don't mean to be rude, but if you are not prepared to spend the time and effort doing this then play it safe and rent. This advice applies even if you intend to use a lawyer.

With the company route, I think you need to differentiate between people who set things up prior to about 2007/8 and those doing so (or thinking of doing so) subsequently. At around that time the first of a series of strongly worded memos started emerging from Land Dept HQ out to the regions urging greater scrutiny of such arrangements. I believe that this has occurred, although perhaps unevenly from one region to the next. There would not appear to be any evidence that there was retrospective examination of earlier property transfers. Just because "thousands" MAY HAVE safely (SO FAR) gone this route, does not mean that someone trying it on now will also enjoy an easy ride.

<snip>The company is registered through BOI and the company can legally purchase land. <snip>

What I suspect that Khun Jean is hinting at is that the BOI-approved company route you have suggested (as a vehicle to buy land) is wildly impractical for the average Joe

Foreign companies with very substantial investments benefiting the Thai economy may have special privileges and exemptions for land ownership granted under section 27 of the Investment Promotion Act, Under section 44 of the Industrial Estate Authority of Thailand Act or section 65 of the Petroleum Act (only for the duration of their business in Thailand).

http://www.thailandlawonline.com/article-blog/property-laws-in-thailand.html

Section 27. A promoted person shall be permitted to own land in order to carry on the promoted activity to such an extent as the Board deems appropriate, even in excess of the permissible limit under other laws.

http://www.thailawforum.com/database1/investment-promotion-act-3.html

I didnt want to go to Thailand and just be cut off.

Oh don't worry about that, you'll always have Thaivisa ... your lifeline to the highest and very best elements of western culture

I really haven't had many sensible replies from members of this forum. I was looking asking for suggestions on where to live.

From over 140 replies the only two sensible suggestions were Chiang Mai and Hat Yai. Good luck with your move.

I didn't see your thread AOA but a lot of people post "how long is a piece of string" -type questions in Thaivisa. In my experience, most people get useful responses if they have done a little research before posting & then provide adequate detail in their post.

If I posted in an expat in USA forum ... hey, I'm coming to the USA where should I live? How much detail would I have to tell you to get a meaningful response? How much info did you provide when you posted?

There are a whole heap of issues here, and a lot of things you haven't explained .. for eg. how much time have you spent in Thailand previously? Apart from "finding a place for the Thai branch of your company" (not sure what that means) ... what other research have you done about running a biz here? Is your wife's family in Chiang Mai and how do you get on with them? etc etc

You can't do anything to "ensure" you'll fit in. What you can do is read up about "culture shock". People moving here typically go through different phases as they setlle in and you should read up about this so you can know what (maybe) to expect. You also could benefit from reading up a book or two about understanding Thai culture (serious ones not the little things you buy at the airport).

Money and income could also be problematic ... see my question above ... you really need to research this as it can be a tough environment in which to earn income .. and savings run out eventually. Also, I would not suggest buying land and building for (say) the first 12 months.

But if, as you say, you have everything organised then this could be a very exciting and fun time. Enjoy the ride

I was reading an article the other day concerning the pros and cons of buying a property in the name of a child in Australia. Refer http://discover.realestate.com.au/buying/property-childs-play-how-kids-can-own-homes

It raised an issue that I haven't read about occurring in Thailand. In Australia a contract can't be enforced against a minor. If a child was party to a contract in relation to (say) the purchase of a condo, and subsequently did not pay, then I gather no action could be taken to penalise them. As a result (the article stated) many vendors will not agree to a sale where the buyer is a minor. I guess that would mean that a parent would have to buy the property (pay stamp duty) then transfer to the child (and pay stamp duty again - depending on state laws).

Does anyone have experience of property vendors in Thailand refusing to enter into a contract of sale with a minor? Or (in Thailand) when parents buy property for a child do they sign the contract as guardian (if so, does this require court approval?) and thus they are held liable for non-performance? Most of the issues that occur when people go down this path in Thailand, seem to rise up later - mainly when trying to register the title change at the Land Dept

Could anyone who has been involved in a property puchase for a child please advise ... thanks

Please consider the unfortunate case of the child also passing.

Or the wife simply changing her mind and changing the will (either known or unknown to you at the time)

A properly registered usufruct does not in any way make chanote transfer difficult. Less attractive but not at all difficult.

Except where the transfer is to a minor

Manicminer: Your post is a bit confusing (as are many in this thread) but if a farang is left a property in a will then he/she doesn't need the court's permission to sell or transfer it. That situation only occurs when the property is left to a minor and then the guardian wishes to sell it

Go to the Thaivisa cars sub-forum and scroll down to find many prior threads on importing cars or motorbikes.

Alas, the consensus view is to only proceed if insane and/or a glutton for (financial and bureacratic) punishment.

On the issue of shipping in a 'freight' container to Thailand, try a thaivisa forum search (top right this page) to locate prior discussion threads

Can't find a quick answer about capital gains tax on Thai security investments. (I understand there's 15% on dividend income, right?) Is the above correct re: no tax on capital gains on bank mutual funds? (Not talking about long-term retirement funds.)

What about plain ol' securities. I buy shares of Siam Concrete, price doubles in two years, I sell: how much if any capital gains tax do I pay? Does the securities firm report the gain?

1. It's 10% (withholding tax) not 15% on direct shares and mutual fund holdings, but note the following ... "Taxpayer who resides in Thailand and receives dividends or shares of profits from a registered company or a mutual fund which tax has been withheld at source at the rate of 10 per cent, may opt to exclude such dividend from the assessable income when calculating [personal income tax]. However, in doing so, taxpayer will be unable to claim any refund or credit as mentioned in 2.4. " http://www.rd.go.th/...ish/6045.0.html

2. No capital gains tax on sale of shares/stocks

OP: The answer to your question - are their discount brokers of Thai mutual funds - is I believe - No. As a consequence you will generally have to pay an entry or buy-in fee (in addition to other fees). An alternative is a listed property fund where you will just pay a fairly minimal commission.

If you do a Thaivisa forum search (see top right this page) on both "mutual funds" and "property funds" you should be able to locate some useful and informative prior threads on both.

Only a sentence about a rental fee or making a certain amount of deposit account in the bank need be mentioned., which are everyday concepts, especially in a banking context.

1. All they would need is a prepared flyer half the size of an A4 sheet with the procedure and FAQ printed on it in English. They tear it off the pad and hand it to you. I have difficulty in fathoming this lack of initiative ... I guess it's what happens in an organisatonal culture where it is seen as appropriate to select bank staff on the basis of their appearance.

2. I have been through this process myself ... another example of the lack of brain-power being applied is the fact that you seemingly can't go into one branch of a bank and have them look up in a database to see which other branches do/don't have spare safe deposit boxes. Instead they will just say you'll have to go and ask at each bank to find out

Neither, in my opinion, is the lack of inflation proofing for ex-pat's pensions unfair.

The UK pensioner who remains in the UK spends his pension to the benefit of the local economy and further contributes to the national coffers by way of such things as VAT. The ex-pat, by choice, contributes to the economy of another country.

I beg to differ with your assessment:

1. Brits living outside the country don't draw on anything like their full entitlements (which they could if living in the UK) ... this is a saving to the community. There are stats available on this if you care to investigate

2. Some of the value of the financial benefits received by overseas Brits still "contributes" to the UK economy, for example via purchase of UK goods consumed overseas

3. You might also care to calculate and factor in the value of benefits paid by foreign governments to their nationals living in Britain, or in fact to resident Brits who have lived/worked overseas and hence qualify for payments/pensions from foreign governments

In responding it would help to be sure about: what country are you in? what nationality are the people involved? what language did you/they speak in/understand? etc. Can we assume Thailand and everyone understood what everyone else was saying ?

You did not over-react and you did the right thing ... some parents are just useless and will not control their children, particularly certain Thai women with their sons. Your daughter might like to try Muay Thai - at the Muay school our son goes to each weekend there are a number of girls and women .. the kids just do training and exercises, not fighting

We are just thinking of taking our child for their first visit to the dentist so I thought I would resurrect this thread to see if there were any further/newer tips.

Has anyone else tried the "Tooth Teeth" place mentioned earlier?

As an aside. I think dentaland was the first place in chiang mai to offer nitrous oxide (laughing gas) and then quite some time later Grace inroduced it (and perhaps others now?). The stinger though is that thay charge a hefty surcharge if you want it (unlike for example in Australia where there is no additional charge). I was told (it was while ago when I asked) that this was because in Thailand the law states that an anesthetist must be present in the room if it is used.

This same thread topics crops up every few months so if you use the forum search and do some scrolling you might come across one or more of these and get some general tips and ideas, which may or may not be appropriate given your individual circumstances.

The short answer is there is no one-size fits-all "best" investment. There are way too many individual variables to consider. This is why if you see a financial planner the first thing they will do is help you to complete a detailed questionnaire about yourself. If you're serious about this investment idea then spend some time googling and reading up about personal financial planning basics, incl. concepts like risk-profiling, diversification. With some (many) types of investment you will also need to then spend some time to study how they work before you commit to anything. The worst thing you can do is simply read one article about some particular whiz-bang go-get'em investment and put your money in that ... doubly so in Thailand

Just a footnote on the issue of fees for Thai mutual funds for anyone who may be interested ...

refer http://corporate.morningstar.com/us/documents/MethodologyDocuments/ResearchPapers/GlobalFundInvestorExperience.pdf

and check out page 43 and pages 133-137