Banks & Money

[Steve Ireland]

Hey Guys,

I arrive December 28th for good on Non imm - B (the sunbelt bunnies tell me) and will have circa 5,800,000 available funds. Would be interested in hearing opinions as to whether I should transfer total ot part of same to Thai bank account or simply draw on my Irish account as and when required? Will be renting both house and car for 1st 12 months so large cash is not a particular issue. However, If I leave in my Irish account for 12 months I get hit for DIRT Tax here (Deposit Interest Retention Tax). I have one business in mind (research ongoing - and no, not a bar) but when I find another (I want two - eggs, baskets and all that, I can address cash required for that at that time. What to do?

Cheers,

Steve

Any other advice for a soon to be newly imported farang (35 yrs old) would be most welcome.

[astral]

Keep you money in Ireland where it will earn interest until you need it.

Due to the tax you might want to look at the offshore Irish banks based in the Isle of Man,

if you cannot claim exemption from the tax as you will be resident overseas.

Then open a Thai account and TT money over as you need it.

[naka]

Agree with Astral ... THIS IS A NO BRAINER. Go offshore.

Naka.

[Khun ?]

Paying tax means you are making money, thats good. Think you will also pay tax on what you are paid interest in Thailand. Problem is the interest amount in Thailand for a foreigner is about nothing so the taxes on it will be about nothing.

Take your time before you do anything and read very careful. Relax and haste makes waste.