Money.........it's A Drag.

[classic-chassis]

Just wondering if anyone has any info on shifting large sums of money INTO Thailand.

The money is not subject to income tax in the UK (I.E capital gains tax.) but I'd like to know,

if it is subject to Somchai tax. If so, how much?

Am I able to shift it over several years and avoid high tax?

Do I have to leave it in a BA in the UK for several months as cash so I can show it wasn't subject to tax in the UK?

Do I just have to be able to prove where it came from and that it's legal and pay no tax?

Is it a better idea to strap it to my chest like it was drug money and walk it in?

The reason I want to know is.........well, none of your business but I’ll paint a pretty picture just for the fun of it.

I met the woman of my dreams in Eden bar. After our 3 week whirlwind romance we've admitted we're deeply in love and have decided to marry. (I know it's great isn't it, we've even started to talk about children, that's if she can still have them after all the Ya Ba she done in.) I'd like to supply a nice life for my little Nok, it's the only thing a loving husband can do. I've decided to sell up in the UK and buy a house all in here name, I'm also going to buy a bar lease in Pattaya so we can have a very comfortable living. My Nok told me we'll make a killing, In fact she's that excited about it she was telling her brother and i heard her mention "making a killing" and "bar".

So i need to know how to get me hard earned life savings in to the LOS.

Thanks in advance.

Future balcony surfer

CC

(ok the first part is serious; the second isn't cheers chaps and chapets)

Edited April 16, 2008 by classic-chassis

[backflip]

"I met the woman of my dreams in Eden bar. After our 3 week whirlwind romance we've admitted we're deeply in love and have decided to marry."

Gosh, why did it take 3 weeks? You're a slowpoke!

[joskydive]

Just wondering if anyone has any info on shifting large sums of money INTO Thailand.

The money is not subject to income tax in the UK (I.E capital gains tax.) but I'd like to know,

if it is subject to Somchai tax. If so, how much?

Am I able to shift it over several years and avoid high tax?

Do I have to leave it in a BA in the UK for several months as cash so I can show it wasn't subject to tax in the UK?

Do I just have to be able to prove where it came from and that it's legal and pay no tax?

Is it a better idea to strap it to my chest like it was drug money and walk it in?

The reason I want to know is.........well, none of your business but I’ll paint a pretty picture just for the fun of it.

I met the woman of my dreams in Eden bar. After our 3 week whirlwind romance we've admitted we're deeply in love and have decided to marry. (I know it's great isn't it, we've even started to talk about children, that's if she can still have them after all the Ya Ba she done in.) I'd like to supply a nice life for my little Nok, it's the only thing a loving husband can do. I've decided to sell up in the UK and buy a house all in here name, I'm also going to buy a bar lease in Pattaya so we can have a very comfortable living. My Nok told me we'll make a killing, In fact she's that excited about it she was telling her brother and i heard her mention "making a killing" and "bar".

So i need to know how to get me hard earned life savings in to the LOS.

Thanks in advance.

Future balcony surfer CC

(ok the first part is serious; the second isn't cheers chaps and chapets)

I haven't laughed so much in ages! Keep them coming...........

Why don't you put your money in a e-savers account and as long as you can prove you don't spend longer than 90 days in the UK per year you pay no tax. You get a ATM card for this account and can use it here and also recieve 6.5% interest on your money.

[classic-chassis]

I don't really want to have it sitting in a bank account. We're not talking massive amounts, maybe about 80 to 90 thousand GBP.

I want to make it work but a bit better than that TBH.

I am thinking about a few things, (no beer bars, restaurants or guesthouses anywhere!) but that’s another story I’ll seek advice on another day.

I have come to the point of “you only live once.” In addition I have a family here so using cash here is not so threatening to my mind anymore. Regardless of what happens my daughter comes first. So, I’ve read the off / on shore thread. It’s over 20,000$ so I need to tell the bank before I send it and fill out any necessary forms.

I don’t need to worry as much as some regarding banks I suppose, my wife works for Apex Development as a lawyer. (Don’t know if that should make me feel safer or not!)

[Tomkagai]

Why dont you set up an offshore account in somewhere like Singapore...well away from the grubby little hands of the UK tax man, set up another account in Thailand with the same bank...set up internet banking and your transfers will be free..same bank to same bank..got an ATM card to use here and as the cash in not in Thailand...dont need to worry about Thai Tax man...

If for some reason things go peared shaped...and I hope they dont...cash is safe out of country...

[cclub75]

Why dont you set up an offshore account in somewhere like Singapore...well away from the grubby little hands of the UK tax man, set up another account in Thailand with the same bank...set up internet banking and your transfers will be free..same bank to same bank..got an ATM card to use here and as the cash in not in Thailand...dont need to worry about Thai Tax man...

If for some reason things go peared shaped...and I hope they dont...cash is safe out of country...

The money is clean and was fully taxed in the UK.

Meanwhile, you want to live in Thailand (or already).

So the best solution : the "third party".

As stated, Singapore. Put everything on foreign currency fixed deposits, rolling monthly... And just take the interests, via the ATM card (Visa) provided by the bank.

In Thailand, withdraw the cash with the card. Sabai.

The point is : in Singapore... no TAXES ON INTERESTS.

Therefore, you can get 6.50 % for instance with AUD. Net. Net. Voila.

http://www.dbs.com/ratesonline/fdacu.html

As for your girlfriend, well, we wish you all the good in the Eden, I mean in Heaven.

[Jeffery Stanthorpe]

Stock market !!!! my brother in-law sorts it out for me. He invested 200,000 US of my cash in a Uranium company 4-5 years ago, Last time I was talking to him it was up 8-900 %, company is called Camaroco or something like that ??

[classic-chassis]

Stock market !!!! my brother in-law sorts it out for me. He invested 200,000 US of my cash in a Uranium company 4-5 years ago, Last time I was talking to him it was up 8-900 %, company is called Camaroco or something like that ??

Wow, that's very helpful, my future sure gonna be secure now!

[JimsKnight]

On the Singapore bank account... Do you have to show up in person with a bunch of legal loopholes and papers to get one or can you get it done via the internet?

I'm thinking in person is the way but in this age of computer wizardry....

[Tomkagai]

All depends on which bank, I have a Citibank bank account and it was very easy to open an account, no legal loopholes to jump through, a lot of the Singapore banks will not touch you if you are not either Singapore Resident, or working/living in Singapore..

Should add here that this is Citibank International Banking, not Citibank Singapore, both in the same building on Orchard Road

Can fill in the paper work on line and they will send you a pack of forms to sign, already filled in, send a certified copy of your passport and done (I set my account up a good few years ago, so maybe some of the requirements have changed, you would have to check)

Will have your ATM etc in about a week/two weeks via courier..or if you go in, in person in the morning and come back after lunch and pick your ATM card up/set pass words on the online banking...been with them for quite a few years...excellent service always..

The principle (current) account needs to be in US$ (the one you draw from with your ATM card) but can have forgien currency sub-accounts..ie pound/Sing Dollar or Euro, pretty easy to move the money between the accounts on line..you can also receive forex into the sub-accounts directly...ie if paid in pounds will be deposited in your sub account in pounds...

To not attract bank fees need to keep the balance above US$ 20,000 in the primary account and withdrawals in Thailand on the ATM are free....

The only limitation on this set up is that they are seem a bit reluctant to set these accounts up for US citizens so I am told due the IRS etc etc..not saying it can't be done...but believe there is more paperwork to fill in as regards declarations, that you will be a good boy and tell the IRS you have an account etc....never affected me as on a British Passport.

On the on-line banking, you have an secure account email system, which is a good way of communicating with them and they can act on instructions via this email system..

hope this helps

[classic-chassis]

All depends on which bank, I have a Citibank bank account and it was very easy to open an account, no legal loopholes to jump through, a lot of the Singapore banks will not touch you if you are not either Singapore Resident, or working/living in Singapore..

Should add here that this is Citibank International Banking, not Citibank Singapore, both in the same building on Orchard Road

Can fill in the paper work on line and they will send you a pack of forms to sign, already filled in, send a certified copy of your passport and done (I set my account up a good few years ago, so maybe some of the requirements have changed, you would have to check)

Will have your ATM etc in about a week/two weeks via courier..or if you go in, in person in the morning and come back after lunch and pick your ATM card up/set pass words on the online banking...been with them for quite a few years...excellent service always..

The principle (current) account needs to be in US$ (the one you draw from with your ATM card) but can have forgien currency sub-accounts..ie pound/Sing Dollar or Euro, pretty easy to move the money between the accounts on line..you can also receive forex into the sub-accounts directly...ie if paid in pounds will be deposited in your sub account in pounds...

To not attract bank fees need to keep the balance above US$ 20,000 in the primary account and withdrawals in Thailand on the ATM are free....

The only limitation on this set up is that they are seem a bit reluctant to set these accounts up for US citizens so I am told due the IRS etc etc..not saying it can't be done...but believe there is more paperwork to fill in as regards declarations, that you will be a good boy and tell the IRS you have an account etc....never affected me as on a British Passport.

On the on-line banking, you have an secure account email system, which is a good way of communicating with them and they can act on instructions via this email system..

hope this helps

What're the interest rates?

Edited April 18, 2008 by classic-chassis

[barry1312]

Alternatively to the other answers you could set up an offshore bond in the Isle of Man or the Channel Islands with a company like Royal Skandia or Friends Provident, theres no reporting and no information given to any government worldwide, you can invest in any legitamately quoted vehicle worldwide without any tax, for instance if your looking for safety invest via the bond in a UK Building Society at the gross rate, because it's done via the life company you have no tax liability, be aware though there are charges for the bond which will come out of your profits. As someone suggested you could use Ozzie funds there are some offering 9.5% at present fixed rate but again be aware of currency fluctuation, but the Oz dollar is fairly robust at the moment.There are lots of low risk funds with 8-10% pa available in Sterling if you wish you can access all via a bond

Skandia allow you to link to a Lloyds TSB bank account so you can use an ATM card here to access your cash and they'll deal with the transfer paperwork for you

Generally the advantages over Singapore or other jurisdictions are ease os setting up you don't have fly there to do it, the paperwork can be done from whereever you are, better investor protection than a bank, easy access to any legitamate investment vehicle, you can get an investment expert to manage for you if you don't understand the best ways to get returns, easy access to cash, no tax and no reporting of profits.

Check on any of the companies websites for info on offshore bondsand info on how to do it.

Hope that helps

[bateman75]

I have an HSBC Premier account in the UK and have opened a Thai Baht account at the HSBC in Thailand.

I have brought over large sums several times but each time I have had to provide documented proof of what the sum is for.. i.e. house purchase, car purchase etc.

you can actually bring in the equivalent of 20000 US dollars everyday if you wish... but you must declare this as "personal expenses". The disadvantage to this being that it is extremely difficult if not impossible to get the money out of Thailand later.

I really don't see that you have a tax problem if you are going to be living outside the UK for the majority of the tax year.

I have personal money in the UK account but as a non UK resident I do not see how or why the taxman could want any of it.

[YoungFarang13]

you cant open a Singaporean bank account online.

[jaithai]

I had my brokerage wire $8,500.00 (US) to my Thai bank account. Because of a typo, $85,000.00 was sent. Although they tried to recall the money, it was no go. Impossible to get it back even though it was a bank to bank error.

[Tomkagai]

you cant open a Singaporean bank account online.

Yes you can.....

[astral]

Time for my sage advice.

Never invest more overseas, than you are prepared to walk away from.

Astral

[bartender100]

STRICTLY CONFIDENTIAL & URGENT.

I am a member of the Federal Government of Nigeria Contract Award and Monitoring Committee in the Nigerian National Petroleum Corporation (NNPC).

Sometime ago, a contract was awarded to a foreign firm in NNPC by my committee. This contract was over invoiced to the tune of US$21.5M.This was done deliberately. The over-invoicing was a deal by my committee to benefit from the project. We now desire to transfer this money which is in a Suspense Account with NNPC in any Overseas Account which we expect you to provide for us.

For providing the account where we shall remit the money, you will be entitled to 30% of the money, 70% will be for me and my partners.

I would require the following: 1) Bankers Name and Address (2) Telephone and Fax Number of Bankers 3) Sort/ABA/Routing Number of Bankers 4) Account Number 5) Name of Beneficiary/Company Name /Address. 6) Telephone and Fax No. of Beneficiary

The above information would be used to make formal applications as a matter of procedure for the release of the money and onward transfer to your account.It does not matter whether or not your company does contract projects of this nature described here, the assumption is that your company won the major contract and subcontracted it out to other companies. More often than not, big trading companies or firms of unrelated fields win major contracts and subcontract to more specialized firms for execution of such contracts. We have strong and reliable connections and contacts at the Apex Bank and Federal Ministry of Finance and we have no doubt that all this money will be released and transferred if we get the necessary foreign partner to assist us in this deal. Therefore, when the business is successfully concluded we shall through our same connections withdraw all documents used from all the concerned Government Ministries for 100% security. We are civil servants and we will not want to miss this opportunity.

Please contact me immediately through my above e-mail address or Tel/Fax number 234-90-401593, whether or not you are interested in this deal. If you are not, it will enable me scout for another foreign partner to carry out this deal. But where you are interested, send the required documents aforementioned herein without delay, as time is of the essence in this business.

I wait in anticipation of your fullest co-operation.

Yours faithfully, DR.SHERIFF LAWAL.

I am joking of course

Edited April 21, 2008 by bartender100