Thai Bank Term Deposit

[Ned]

I've been here on a non O (retirement visa) for a number of years. I was wondering if I can open a term deposit account in A$s.......or is this reserved for locals only? I'm paying 29% tax on my aussie earnings as a non resident and was thinking about bringing some of it over here and putting it into a term deposit for 6 month terms or whatever. I'm sure the Thai taxman will get a cut but that's something I'm going to have to look into. I was wondering if anyone out there has such an account here.

Thanks

[rgs2001uk]

ned,

yes it can be done, banks such as the hsbc will allow you to open an account in australian dollars, however i dont know what the interset rate will be, the thai taxman man will take 15% of interest earned.

you will have to do the maths to see if it is worth your while paying 29% tax on whatever interset rate you earn in australia, or getting a lower interest rate here and paying 15% tax.

if you dont mind me asking, why are you being taxed if you now reside in thailand?

[cclub75]

I've been here on a non O (retirement visa) for a number of years. I was wondering if I can open a term deposit account in A$s.......or is this reserved for locals only? I'm paying 29% tax on my aussie earnings as a non resident and was thinking about bringing some of it over here and putting it into a term deposit for 6 month terms or whatever. I'm sure the Thai taxman will get a cut but that's something I'm going to have to look into. I was wondering if anyone out there has such an account here.

My god, we should create a "pinned" article in this forum, about time deposit accounts... and taxes on interests... and the fact that there is no such tax in Singapore.

If you make a quick search here, you'll find dozen of threads about this issue.

To summarize :

-no tax on interests earned in Singapore

-OCBC, DBS banks offer a wide range of time deposits, in many currencies, and with good interest rates

-the only small drawback : you need to open an account. For some it's easy (particularily if you apply for "premium banking" with over 200 000 SGD put on the table), for other it could be harder (you need bank references... they love european banks for instance)... some said that a US citizenship can be scary for some bankers....

Anyway, the bottom line : it's worth to try, to ask, to call, to go overthere. There is no point to continue to give money to the stupid (choose your call) australian, british, french, german state, or whatever...

Tax free ! This is the future. And some countries in Asia understand this very well.

We endure global competition... The states have to endure it too !

Edited May 20, 2008 by cclub75

[Ned]

rgs

Thanks for your reply. I'm being taxed in oz because I have oz earnings ie a rental property and a managed investment account there.

[bkkblueeyes]

rgs

Thanks for your reply. I'm being taxed in oz because I have oz earnings ie a rental property and a managed investment account there.

Good boy!! pay your aussie taxes go to bed early and you will wake up feeling fine and forgetting all about it.

Christ.

[Ned]

Gee Bkkblueeyes..... So you don't pay tax. Wow. You sound like a really tough guy. Bet the chicks love those eyes of yours....or at least the kratoeys do.

[Chang_paarp]

Just remember that investments in Thai banks are about as secure as the government rules that back them. Paying tax in Oz has a litlle advantage of a stable economy, stable banking system, the same could be said of Singapore too.

Interestingly investment in Malaysia can get a "Malaysia my second home" visa the benifits include property ownership, tax free car, tax holiday for some investments.

[naka]

Thai banks pay very poor rates compared to your Aussie bank which probably pays bette than 7%

( check their websites ) so probably better to pay the tax.

Or as previously said Singapore banks pay much better rates, have a look at

HSBC Singapore's website as an example.

Naka.