Financial Adviser.......

[choppychugger]

Hi

I am 28 years old and from the Uk, live in Phuket, work mainly in Australia for a company based out of Singapore, and get paid in US$ from Singapore.

I am currently looking into a Bradford&Bingley off shore account. At present I am payed every month into my Ayudhya bank account in Thailand.

I would like to either get paid in full every month to an offshore account and draw from it to my Thai account, or get paid into my Thai account and send over an ammount every month to the offshore account.

Ideally I would like to sit down ( over a beer or coffee )(( preferably a beer )) with someone in the know, to discuss my options.

Any one out there that can help?

Choppy

[Prakanong]

I just closed my Luxembourg offshore acount which may have been a rash move but they are very private (at least for the next 7-8 years or so till the EU gets its way) - it may be hard to get one of those now hough.

Most guy's I know in your situation have HSBC offshore accounts as they hold them locally in Singapore or Thailand etc too.

Then its easy to tranfer around.

This would be the same for your B&B to your Thai bank though would it not - a monthly SWIFT transfer?

PS: as an aside what about a non-resident account in Singapore - an option if it does not affect your tax status in Singapore due to you being paid from there???

[choppychugger]

Thanks for your reply Prakonong.

I thought about the HSBC account, but was under the impression that it isn't as flexible as the B&B account.

The B&B account can be opened with a minimum 1000 pounds sterling, and looks to be more flexible than other Offshore accounts I have looked into. With no penelty withdrawls no notice required, and a steady 5.45% annual gross. It also has all the transfer methods you can think of.

Paperwork can be sent off and the account opened in a matter of weeks.

My beef is - Do I get all monthly work payments directly into the offshore account, and transfer what I need into my Thai bank account, or vice versa??

The variable exchange rate from Baht to Dollar doesn't help matters, and I know in the long run I am loseing money every month the way I am doing things now.

Choppy

[Prakanong]

If it was me I would get paid offshore and only move what I needed into Thailand but yuor circumstances might be different.

Can you negotiate to get paid in Sing Dollars rather than USD?

[choppychugger]

I agree, but only recently have I been in the position to have the option of having money off shore.

As long as the Greenback is the " world " currency then unfortunately that is what I will get paid in every month.

Have just been pm'd by a financial service group, so will have a look see what they have to offer.

Cheers

[naka]

This really is a no brainer !

Get 100% of your salary paid into an offshore account in Channel Islands, IOM or Singapore.

I would go for Singapore, but can not be bothered arguing about it ... but will only say that

if you have a UK passport and a CI or IOM account then the UK tax man will be poking his

nose in even if you are a bona-fide non-resident

Do not even think about having most of your funds in Thailand !

Naka.

[choppychugger]

This really is a no brainer !

Get 100% of your salary paid into an offshore account in Channel Islands, IOM or Singapore.

I would go for Singapore, but can not be bothered arguing about it ... but will only say that

if you have a UK passport and a CI or IOM account then the UK tax man will be poking his

nose in even if you are a bona-fide non-resident

Do not even think about having most of your funds in Thailand !

Naka.

It may be a no brainer for you, but I wouldn't be asking if I new the answer - hence I am asking this forum for advice.

Thanks for your input.

NA-KHRUP.....

[Prakanong]

This really is a no brainer !

Get 100% of your salary paid into an offshore account in Channel Islands, IOM or Singapore.

I would go for Singapore, but can not be bothered arguing about it ... but will only say that

if you have a UK passport and a CI or IOM account then the UK tax man will be poking his

nose in even if you are a bona-fide non-resident

Do not even think about having most of your funds in Thailand !

Naka.

It may be a no brainer for you, but I wouldn't be asking if I new the answer - hence I am asking this forum for advice.

Thanks for your input.

NA-KHRUP.....

If it was me I would be going along with Naka's advice - Singapore are very quiet about money they have here and defy the EU about telling them when even the Swiss give in

I would not pay any financial advisors to help me on this simple matter either - save your money and spend it yourself. Those charlatans will try anything!

[naka]

This really is a no brainer !

Get 100% of your salary paid into an offshore account in Channel Islands, IOM or Singapore.

I would go for Singapore, but can not be bothered arguing about it ... but will only say that

if you have a UK passport and a CI or IOM account then the UK tax man will be poking his

nose in even if you are a bona-fide non-resident

Do not even think about having most of your funds in Thailand !

Naka.

It may be a no brainer for you, but I wouldn't be asking if I new the answer - hence I am asking this forum for advice.

Thanks for your input.

NA-KHRUP.....

No disrespect intended ... the word was simply used as an emphasis.

Naka.

[choppychugger]

Thanks for you points thus far.

Ideally I would like to sit down with someone in the know. I am not on the mege-bucks, so I think now that a financial/investment adviser/broker maybe a little over the top.

I want to have the best interest option for saving some of my money on a monthly basis, but have the flexability to have fairly quick access to that money aswell.

Am looking again at the HSBC off shore account.

Edited March 14, 2008 by choppychugger

[Prakanong]

Thanks for you points thus far.

Ideally I would like to sit down with someone in the know. I am not on the mege-bucks, so I think now that a financial/investment adviser/broker maybe a little over the top.

I want to have the best interest option for saving some of my money on a monthly basis, but have the flexability to have fairly quick access to that money aswell.

Am looking again at the HSBC off shore account.

See if you can just have a few beer's with an expat in the region then if your needs are not so spohisticated at the moment - as you say a Financial adviser is probably over the top and they would just be trying to sell you something.

Have a look at mutual funds etc for a monthly investment - I know the stock market is volatile at the moment though - just for example look at DBS Bank in Singapore to see how it works but you could choose to invest through anyone.

Basically choose which funds and pay a monthly sum into them - that buys you a number of units depending on the price they are when you buy them. You can then sell them if you need the money quickly - of course they might have gone down or up as with anything.

If its just cash savings then look at some of the offshore accounts in IoM, Channel Islands and you will not pay any tax as a non-resident in the UK

[choppychugger]

Okey dokey,

Thanks Prakanong

[Prakanong]

Okey dokey,

Thanks Prakanong

If you ever visit the Singapore office you can always give me a shout (there are other board members here too with a lot more finance nous than I as well)

[PattayaParent]

If its just cash savings then look at some of the offshore accounts in IoM, Channel Islands and you will not pay any tax as a non-resident in the UK

Be sure to give them a permanent residential address as Thailand, and your correspondence address outside the EU if you are working out of Thailand at the moment, otherwise you'll fall foul of the EUSD and they'll want to tell the UK taxman about your accounts OR withold 30% tax on your interest.

[Prakanong]

If its just cash savings then look at some of the offshore accounts in IoM, Channel Islands and you will not pay any tax as a non-resident in the UK

Be sure to give them a permanent residential address as Thailand, and your correspondence address outside the EU if you are working out of Thailand at the moment, otherwise you'll fall foul of the EUSD and they'll want to tell the UK taxman about your accounts OR withold 30% tax on your interest.

Good point that I did not mention.

As I am now domiciled in Singapore for UK Tax purposes it slipped my mind

[Korat88]

Thanks for you points thus far.

Ideally I would like to sit down with someone in the know. I am not on the mege-bucks, so I think now that a financial/investment adviser/broker maybe a little over the top.

I want to have the best interest option for saving some of my money on a monthly basis, but have the flexability to have fairly quick access to that money aswell.

Am looking again at the HSBC off shore account.

Be very careful who you sit down with, as even if you 'know' them it will not have been long and only via reference from your searches. There is one company, who contacted me via the PM facility here when I made my first post on TV.com, who I have heard negative feedback about (can't mention the name here but will privately if you PM me), who I am also sure must have seen your post and done the same thing to you. I would NOT go near them with a barge-pole

Just a piece of advice that you may wish to accept or not.

[Prakanong]

Thanks for you points thus far.

Ideally I would like to sit down with someone in the know. I am not on the mege-bucks, so I think now that a financial/investment adviser/broker maybe a little over the top.

I want to have the best interest option for saving some of my money on a monthly basis, but have the flexability to have fairly quick access to that money aswell.

Am looking again at the HSBC off shore account.

Be very careful who you sit down with, as even if you 'know' them it will not have been long and only via reference from your searches. There is one company, who contacted me via the PM facility here when I made my first post on TV.com, who I have heard negative feedback about (can't mention the name here but will privately if you PM me), who I am also sure must have seen your post and done the same thing to you. I would NOT go near them with a barge-pole

Just a piece of advice that you may wish to accept or not.

Good advice - I know some financial advisers in Bangkok and while I like them personally and are a great laugh in the bar's I would not let them near my money as they know less than I do and that is frightening (the fact they know so little)

To be honest though none of the ones I know have ever tapped me up for deals. Two have in the past asked me for a list of the expats I know and deal with or at my company to which I have politely refused and it as never mentioned again.

Thing is those in Thaland are not allowed to deal with guy's in Singapore (unless they are licensed and you will not find many in Thailand able to work in Singapore) so even asking for contacts is dodgy.

If I need an adviser the first place I would go is my bank - its free. I can then take their advice or leave it as well as do further research myself about who is good and who is not.

[choppychugger]

Great advice,

Thanks,

[chiang mai]

Hi

I am 28 years old and from the Uk, live in Phuket, work mainly in Australia for a company based out of Singapore, and get paid in US$ from Singapore.

I am currently looking into a Bradford&Bingley off shore account. At present I am payed every month into my Ayudhya bank account in Thailand.

I would like to either get paid in full every month to an offshore account and draw from it to my Thai account, or get paid into my Thai account and send over an ammount every month to the offshore account.

Ideally I would like to sit down ( over a beer or coffee )(( preferably a beer )) with someone in the know, to discuss my options.

Any one out there that can help?

Choppy

I have been in a similar situation to the one you describe for many years. Everybody will have a slightly different answer on this but for me the correct answer was/is:

Have your salary deposited in an HSBC multi currency account in Hong Kong (or Singapore if you prefer).

Use the HSBC internet facilities to move cash around as you need to. If you want to invest in offshore deposits in say the Channel Islands or IOM, transfer funds to the UK or to Thailand, all can be done easily with a minimum of hassle. The key I think is to have a secure and reputable deposit taker hold your incoming payments, one that has global reach and ease of use - HSBC fits that bill for me and has proved to be consistently reliable. That is not to say that you will leave your money with HSBC, transfer it around as needed or as investment opportunities arise but use them as the deposit taker.

Finally, I would caution against your use of Bradford and Bingley since they are one of two UK banks that are the subject of much speculation about following Northern Rock - A & L is the other.

[choppychugger]

Hi

I am 28 years old and from the Uk, live in Phuket, work mainly in Australia for a company based out of Singapore, and get paid in US$ from Singapore.

I am currently looking into a Bradford&Bingley off shore account. At present I am payed every month into my Ayudhya bank account in Thailand.

I would like to either get paid in full every month to an offshore account and draw from it to my Thai account, or get paid into my Thai account and send over an ammount every month to the offshore account.

Ideally I would like to sit down ( over a beer or coffee )(( preferably a beer )) with someone in the know, to discuss my options.

Any one out there that can help?

Choppy

I have been in a similar situation to the one you describe for many years. Everybody will have a slightly different answer on this but for me the correct answer was/is:

Have your salary deposited in an HSBC multi currency account in Hong Kong (or Singapore if you prefer).

Use the HSBC internet facilities to move cash around as you need to. If you want to invest in offshore deposits in say the Channel Islands or IOM, transfer funds to the UK or to Thailand, all can be done easily with a minimum of hassle. The key I think is to have a secure and reputable deposit taker hold your incoming payments, one that has global reach and ease of use - HSBC fits that bill for me and has proved to be consistently reliable. That is not to say that you will leave your money with HSBC, transfer it around as needed or as investment opportunities arise but use them as the deposit taker.

Finally, I would caution against your use of Bradford and Bingley since they are one of two UK banks that are the subject of much speculation about following Northern Rock - A & L is the other.

Ok thanks for that.

So how long did it take you to open your HSBC account ? From sending in the paperwork to usage of the account.

Choppy

[chiang mai]

I already had a UK account with HSBC so it was an easy matter to ask them to open one in Hong Kong - just ask them to refer back to your UK account if you have one. Otherwise I'm afraid I suspect you may have to go their in person although you may be able to open it via the internet, not sure. Worth the effort and cheap enough for a day trip out of Thailand though.

[egg6447]

not being a financial wizard, not sure what you,re asking. you ask for financial advise then it seems to me all the replies and your comments are all on savings. history reveals all. read hindsite. man have i got some hindsite. its not your saveings you should be squireling away, although a fool and his money is soon parted. you should be worrying about your investments. at 27 do you own your own properties?, if not get on the band wagon. three houses paid for and rented out you can retire on, the climate at the moment is just comeing to fruition for buying cheap. get to it lad , we all need cash flow but worrying about a few bob saveings my god wheres your father.

[choppychugger]

not being a financial wizard, not sure what you,re asking. you ask for financial advise then it seems to me all the replies and your comments are all on savings. history reveals all. read hindsite. man have i got some hindsite. its not your saveings you should be squireling away, although a fool and his money is soon parted. you should be worrying about your investments. at 27 do you own your own properties?, if not get on the band wagon. three houses paid for and rented out you can retire on, the climate at the moment is just comeing to fruition for buying cheap. get to it lad , we all need cash flow but worrying about a few bob saveings my god wheres your father.

hi,

I have been out of my home country uk for many years now, so my credit rating has taken a bit of a nose dive. I earn good money by western standards - I own a car, a couple of motorbikes, and rent a comfortable house. Have held a joint bank account with my g.f for a few years here in Thailand, finally our bank recognised us the other month, and gave my g.f a credit card with a healthy 76,000thb limit ( good for here I thought ). She doesn't work and hasn't done for years, but still they gave it to her. The main reason of getting the card was for emergencies, but also to test the water with our bank and show them we can use credit, if not me then my g.f.)

Because I don't have a work permit ( don't need one as my work is outside of Thailand ), the banks do not recognise me here for any sort of finance ( understandable but frustrating, as I spend 80% of my money in this country).

We would love to buy our first house, and feel equaty is the best form of future saving, and something to build our future, if not for ourselves but for our 18mth old son.

This is why I feel the urgency to put aside some of my money and get the best out of it in some sort of savings account, so we can get on the ladder of our own backs albeit taking longer than we would like.

Recently met a local land owner, who was prepared to spread payments on his land for us, but it was a little out of my reach as he wanted it payed over one year. I like this option, as long as there is a watertight contract in place.

So if there is anyone out there that has some land or a house for sale that they can spread payments on for a little while pm me....

All a little frustrating, am sure we will get there in the end.

Choppy

[egg6447]

I have been out of my home country uk for many years now, so my credit rating has taken a bit of a nose dive. I earn good money by western standards - I own a car, a couple of motorbikes, and rent a comfortable house. Have held a joint bank account with my g.f for a few years here in Thailand, finally our bank recognised us the other month, and gave my g.f a credit card with a healthy 76,000thb limit ( good for here I thought ). She doesn't work and hasn't done for years, but still they gave it to her. The main reason of getting the card was for emergencies, but also to test the water with our bank and show them we can use credit, if not me then my g.f.)

Because I don't have a work permit ( don't need one as my work is outside of Thailand ), the banks do not recognise me here for any sort of finance ( understandable but frustrating, as I spend 80% of my money in this country).

We would love to buy our first house, and feel equaty is the best form of future saving, and something to build our future, if not for ourselves but for our 18mth old son.

This is why I feel the urgency to put aside some of my money and get the best out of it in some sort of savings account, so we can get on the ladder of our own backs albeit taking longer than we would like.

Recently met a local land owner, who was prepared to spread payments on his land for us, but it was a little out of my reach as he wanted it payed over one year. I like this option, as long as there is a watertight contract in place.

So if there is anyone out there that has some land or a house for sale that they can spread payments on for a little while pm me....

All a little frustrating, am sure we will get there in the end.

Choppy

well i was meaning that you buy in uk, property that is, the market will be great for you now or soon. safe for your babys future too. a buy to rent mortgage. your credit rateing ? why is that affected because your out the uk? uk assets are safe from your g/f also. yes i understand she is different. ive never met a guy that married a bad girl. ive never met a guy that devorced a good girl. understand the point rather than the fact. there are very few if any investments in los , your money is on a one way ticket here im afraid. if your income is so good the quicker you pay for your hyperthetical uk house the stronger you will be in all financial deals. the first one is THE one the rest come easier. sounds to easy, yes it is if all you say is correct and you have the desire. good luck best wishes.

[barry1312]

Hi Choppy

I work in Phuket and deal with all the major financial institutions around the world,I can give you advice on the differences between all the major banks and building societies, minimum amounts, charges etc, onshore, offshore, tax implications for UK non residents.

Happy to sit down over a coffee and give you some advice if you want, you can buy me a beer if you find it useful!!! Drop me a line at [email protected] if you want

Barry

[Captain Chaos]

If its just cash savings then look at some of the offshore accounts in IoM, Channel Islands and you will not pay any tax as a non-resident in the UK

Be sure to give them a permanent residential address as Thailand, and your correspondence address outside the EU if you are working out of Thailand at the moment, otherwise you'll fall foul of the EUSD and they'll want to tell the UK taxman about your accounts OR withold 30% tax on your interest.

Good point that I did not mention.

As I am now domiciled in Singapore for UK Tax purposes it slipped my mind

Sorry to be a picky bug*er Prak - but are you sure you're actually domiciled in SG? I ask as this is an important distinction (plus I'm a anally retentive accountant ) ...

So far as the UK is concerned, if you're living outside the EU, it is relatively easy to become non-resident / non-ordinarily resident (the distinction is subtle so I won't bore you all with it here) and therefore NOT subject to UK income tax on earnings arising from work performed outside the UK, or bank interest (ie. not earned from income) arising anywhere - you may however still be subject to Capital Gains Tax in the UK depending on how the gain arises.

However, even getting PR will NOT lead to you becoming not domiciled in the UK - you would usually have to gain nationality in another country to achieve this, which would then take all of your estate outside the UK tax regime for most practical purposes (including Inheritance Tax - the nasty one).

HMRC are looking at the issue of so called "non doms" at present though - these are wealthy foreigners living part/full time in the UK but paying no UK income tax by arguing that their domicile lies elsewhere ... in principle this could be a positive move for those of us living outside Blighty but don't hold your breath!

Short version - the above is hideously simplified so probably worth investing a hundred bucks in some professional advice in this area if in doubt - you could potentially be in for a nasty surprise so I'd rather be safe than sorry...

(Note: I am NOT in public practice so (i) I have no personal interest in getting people to use these services and (ii) I'm probably wrong anyway ... so there )

CC

[choppychugger]

Thanks barry ,,, may try to hook up with you when I am back in the country, in the next 2 weeks or so.

[Prakanong]

CC

Thats it I am not resident in the UK for tax purposes

Forget domiciled

[choppychugger]

well i was meaning that you buy in uk, property that is, the market will be great for you now or soon. safe for your babys future too. a buy to rent mortgage. your credit rateing ? why is that affected because your out the uk? uk assets are safe from your g/f also. yes i understand she is different. ive never met a guy that married a bad girl. ive never met a guy that devorced a good girl. understand the point rather than the fact. there are very few if any investments in los , your money is on a one way ticket here im afraid. if your income is so good the quicker you pay for your hyperthetical uk house the stronger you will be in all financial deals. the first one is THE one the rest come easier. sounds to easy, yes it is if all you say is correct and you have the desire. good luck best wishes.

Hi egg,

I am actually going back to the uk middle of next month with my family. Will have a sit down that end and see what's what in the uk. Thanks for your advice.

Choppy