clinique Posted January 31, 2010 Share Posted January 31, 2010 (edited) Does anyone else out there think it would be an idea to set up (subject to legal checks) a local Fund for farangs, amongst ourselves,,,basically it could operate like a Building Society but on a private basis.. No Thai banks involved.!!> As a retired banker/fund manager it seems that foreigners could get together as there are 2 related problems here in LOS; 1) lousy deposit rates, 2) inability/difficulty of foreigners to borrow for property,,, A community Fund would solve both issues.. Monies lodged for deposit would be lent to other foreigners for property purchase. Rates for deposits and loans set by a Board of Trustees. Anyone interested , lets have your comments, feedback..Thanks. Edited January 31, 2010 by clinique Link to comment Share on other sites More sharing options...
naboo Posted January 31, 2010 Share Posted January 31, 2010 Who's going to check that you don't run away with all my money? Besides, you used to be a banker, quite possibly, given the global goings on, the worst admission you could make. I'm out already. Link to comment Share on other sites More sharing options...
FarangCravings Posted January 31, 2010 Share Posted January 31, 2010 We cant buy property except condos Link to comment Share on other sites More sharing options...
clinique Posted January 31, 2010 Author Share Posted January 31, 2010 The post does say "subject to legal checks" . I "used" to be being the operative word - in the good old days. anyway... thanks for your 2 cents worth,,, Link to comment Share on other sites More sharing options...
surayu Posted January 31, 2010 Share Posted January 31, 2010 what about the local laws in place proibhiting foreigners getting involved in many activities that only thai nationals can do.....? Link to comment Share on other sites More sharing options...
L&J Posted January 31, 2010 Share Posted January 31, 2010 Nice concept but wouldn't want to go into why it isn't a good idea here . However if you ever want to discuss setting up a micro loan system to work with poor Thai, hill tribe and refugee people let me know. Know no profit to be made but the investment would be small and you'd be dealing with better clientele. Link to comment Share on other sites More sharing options...
jackdawson Posted January 31, 2010 Share Posted January 31, 2010 put me down 4 1,000 shares but serioiusly, invest $$$ in this country ? i don't get it go on line and play in new york or london Link to comment Share on other sites More sharing options...
maewang99 Posted February 1, 2010 Share Posted February 1, 2010 (edited) lousy rates? many rock solid SET listed companies provide double digit yields year in and year out and then you get to add the extra gravy of refunds of corporate level tax as long as you are in Thailand more than 180 days and use a Thai broker (foreign brokers' Thai depositaries always use a Thai nominee and the Chiang Mai Revenue Dept. won't accept TSD receipts that are not in the foreigner's name and possession (as well as not commingled..... which is also why many "foreigners" are not foreigners... give up voting rights in exchange for being able to...... Edited February 1, 2010 by maewang99 Link to comment Share on other sites More sharing options...
ThailandTommy Posted February 1, 2010 Share Posted February 1, 2010 Good idea in principle, however to cover yourself you would have to apply for a work permit, this would put you and more importantly your investors hard earned immediately on the local Governments radar, I got a sneaky feeling that very quickly some enterprising official would find a way of relieving, you of a substantial amount of money. That is my initial thought, I could go on with 100's of other reasons why I don't think it would work and why I wouldn't be interested. Nice thought though! Perhaps you should establish something similar within the local Thai community just to see if it takes off? Good luck Link to comment Share on other sites More sharing options...
alant Posted February 1, 2010 Share Posted February 1, 2010 (edited) initial thoughts seem positive, but then i started to think about the potential legal costs for any loan etc. i figured sorry this wont work! so sorry no Edited February 1, 2010 by alant Link to comment Share on other sites More sharing options...
highonthai Posted February 1, 2010 Share Posted February 1, 2010 " a local Fund for farangs, amongst ourselves" I would not trust anyone here that does not have an overseas bank account in addition to their Thai Account and has to rely on farangs Foreingners to help keep his bank account full. As a matter of fact I just don't trust any FOREINGNER that talks about money. Link to comment Share on other sites More sharing options...
uptheos Posted February 1, 2010 Share Posted February 1, 2010 " a local Fund for farangs, amongst ourselves"As a matter of fact I just don't trust any FOREINGNER that talks about money. Absolutely! When the foreigner starts talking about his invesments or the Dow or the FTSE, that's my cue to leave. Most people who 'really' have money and strong investments don't usually talk about it, they just go about their business quietly. Link to comment Share on other sites More sharing options...
clinique Posted February 1, 2010 Author Share Posted February 1, 2010 Thanks for the input so far. still like to hear more... Link to comment Share on other sites More sharing options...
BigWheelMan Posted February 1, 2010 Share Posted February 1, 2010 No thanks. Wouldn`t touch it with a barge pole. Link to comment Share on other sites More sharing options...
clinique Posted February 2, 2010 Author Share Posted February 2, 2010 thanks again for the input, this was meant to be an offer of a "community" type service.. obviously the sense of community is not quite up to it ! Sad. Link to comment Share on other sites More sharing options...
mccw Posted February 3, 2010 Share Posted February 3, 2010 thanks again for the input,this was meant to be an offer of a "community" type service.. obviously the sense of community is not quite up to it ! Sad. Nice idea but like everyones basically said they're afraid of loosing money. Maybe if you started it up on a small scale yourself and it was shown to work and be running for a few years with out mishap more people might be interested. Right now i'd not put anything for sure though, for countless reason Link to comment Share on other sites More sharing options...
clinique Posted February 3, 2010 Author Share Posted February 3, 2010 thanks again for the input,this was meant to be an offer of a "community" type service.. obviously the sense of community is not quite up to it ! Sad. Nice idea but like everyones basically said they're afraid of loosing money. Maybe if you started it up on a small scale yourself and it was shown to work and be running for a few years with out mishap more people might be interested. Right now i'd not put anything for sure though, for countless reason Thanks for that. We had considered what you suggested,, untill we read the feedback on TV which more or less says that foreigners in CM are not worthy of lending to. Borrowing to buy property is a normal practice (hence i do not agree with some posts saying the opposite) BUT the ability and more importantly the attitude of borrowers towards reapyment is paramount ! Based on what we have feedback on TV we have stepped back as it appears the borrowers would either have no ability or the wrong attitude.. However we do not believe that that can be true for the entire Foreign CM community ?? Any more thoughts ? Ofcourse the last thing we want is to end up in legal battles with defaulters,,even though the lending criteria would be very strict and monitored/managed by a local 'board' cheers Link to comment Share on other sites More sharing options...
orang37 Posted February 3, 2010 Share Posted February 3, 2010 (edited) ... snip ... Any more thoughts ? ... snip ... Thank you for providing another interesting case study for our on-going project to document "Farang Grandiosity Syndrome" (FGS) ! We have filed your posts under the category : "Wow, I think I'll Start A ..." At the end of this year we intend to provide well-deserved recognition to the depths of narcissism and solipsism revealed on ThaiVisa CM with awarding a prize to be called the "Best Objective Organizational and Business International Entrepeneur" prize, or "BOOBIE" prize, for short. Since we want to assist you as much as possible in your fantasias, and, frankly, you are way behind the "Think Tank" hallucinations of Khun Vibe in the current ratings; and : since we like to see good healthy competition : may we give you a "hint" to "keep you in the running," as it were : revise your proposal to include printing and circulating your own currency for Farangs ? While, of course, a "good business consultant," like Khun Vibe, would be the place for you to go to work out your business plan covering every possible interaction of two-hundred-and-fifty interacting variables for the next fifty years before taking one step toward implementing your plan (and in the process end up deeply in debt, but with a great latex mattress cover to sleep on on the street), we will, with modesty, suggest what we think would be a "catchy" name for this new currency (which should certainly have your picture on its bills and coins) : How about "Boner" as a name for the basic unit of currency ? best, ~o:37; Edited February 3, 2010 by orang37 Link to comment Share on other sites More sharing options...
caf Posted February 3, 2010 Share Posted February 3, 2010 thanks again for the input,this was meant to be an offer of a "community" type service.. obviously the sense of community is not quite up to it ! Sad. Nice idea but like everyones basically said they're afraid of loosing money. Maybe if you started it up on a small scale yourself and it was shown to work and be running for a few years with out mishap more people might be interested. Right now i'd not put anything for sure though, for countless reason Thanks for that. We had considered what you suggested,, untill we read the feedback on TV which more or less says that foreigners in CM are not worthy of lending to. Borrowing to buy property is a normal practice (hence i do not agree with some posts saying the opposite) BUT the ability and more importantly the attitude of borrowers towards reapyment is paramount ! Based on what we have feedback on TV we have stepped back as it appears the borrowers would either have no ability or the wrong attitude.. However we do not believe that that can be true for the entire Foreign CM community ?? Any more thoughts ? Ofcourse the last thing we want is to end up in legal battles with defaulters,,even though the lending criteria would be very strict and monitored/managed by a local 'board' cheers "that foreigners in CM are not worthy of lending to." it's not that. put bluntly many people in chiangmai have been badly caught by foreign investment advisers. one poster said he could not comment on the open forum. what does that tell you caf Link to comment Share on other sites More sharing options...
Thaifan2 Posted February 3, 2010 Share Posted February 3, 2010 Its like the telephone call i got recently here in Chiang Mai from an English gent ( wanke_r ) about investments in the Channel Islands and Isle of Man .I interrupted his spiel in order to tell him to go <deleted> himself . Link to comment Share on other sites More sharing options...
surayu Posted February 3, 2010 Share Posted February 3, 2010 Clinique i am sorry to see you are getting some very harsh words, honestly, assuming you are doing this in "good faith"(as i think you are)there are many dangers that make people decline your very good idea and untill you came up with some sort of "bullet proof" demonstrable solution, i doubt you are going to get many subscribers (if any at all), one of the main problem is the actual protection investors are going to get in this semi-savage undeveloped country, not to mention the political instability that can one day lead us all somewhere else (either willing or unwilling), it's really like a big gambling to invest here, you spotted a market that have a great potential but is also at great risk, so if you really believe in it, do your "due diligence" and see if you can make all this work in a legal way, it's not going to be easy but i am sure that if you find the right way (if there is one) the rewards will be worth all the time you spent on it, a very good luck to you! Link to comment Share on other sites More sharing options...
clinique Posted February 4, 2010 Author Share Posted February 4, 2010 Clinique i am sorry to see you are getting some very harsh words, honestly, assuming you are doing this in "good faith"(as i think you are)there are many dangers that make people decline your very good idea and untill you came up with some sort of "bullet proof" demonstrable solution, i doubt you are going to get many subscribers (if any at all), one of the main problem is the actual protection investors are going to get in this semi-savage undeveloped country, not to mention the political instability that can one day lead us all somewhere else (either willing or unwilling), it's really like a big gambling to invest here, you spotted a market that have a great potential but is also at great risk, so if you really believe in it, do your "due diligence" and see if you can make all this work in a legal way, it's not going to be easy but i am sure that if you find the right way (if there is one) the rewards will be worth all the time you spent on it, a very good luck to you! Thank you ,, at last a professional response.. I doubt there is a"bullet proof" solution to anything in this world that we currently live in.. However investigations to date , legal and practical indicate there is a strong potential for this. Also, this is not a case of an 'investment adviser' wanting anyones money and running it off to Channel Islands on Island of Dreams (ie: non existant) in the Pacific,,,..... its a 'community' fund - agreed by, rules set by, managed by, overseen by, executed by, the local community itself... we accept perhaps our initial string was lacking somewhat in detail... negative feedback and sarcasm does not deter us. thank you for your input..if you dont mind as things progress will keep you informed.. cheers. Link to comment Share on other sites More sharing options...
caf Posted February 4, 2010 Share Posted February 4, 2010 Clinique i am sorry to see you are getting some very harsh words, honestly, assuming you are doing this in "good faith"(as i think you are)there are many dangers that make people decline your very good idea and untill you came up with some sort of "bullet proof" demonstrable solution, i doubt you are going to get many subscribers (if any at all), one of the main problem is the actual protection investors are going to get in this semi-savage undeveloped country, not to mention the political instability that can one day lead us all somewhere else (either willing or unwilling), it's really like a big gambling to invest here, you spotted a market that have a great potential but is also at great risk, so if you really believe in it, do your "due diligence" and see if you can make all this work in a legal way, it's not going to be easy but i am sure that if you find the right way (if there is one) the rewards will be worth all the time you spent on it, a very good luck to you! Thank you ,, at last a professional response.. I doubt there is a"bullet proof" solution to anything in this world that we currently live in.. However investigations to date , legal and practical indicate there is a strong potential for this. Also, this is not a case of an 'investment adviser' wanting anyones money and running it off to Channel Islands on Island of Dreams (ie: non existant) in the Pacific,,,..... its a 'community' fund - agreed by, rules set by, managed by, overseen by, executed by, the local community itself... we accept perhaps our initial string was lacking somewhat in detail... negative feedback and sarcasm does not deter us. thank you for your input..if you dont mind as things progress will keep you informed.. cheers. Your business proposition is sound but you don't seem to like what you call " negative feedback and sarcasm" What you need to work on, if your ego will allow - but the tone of your posts suggest you will not- is countering the perception here that foreign investment advisers and those in charge of funds can not be trusted. This is the point being made to you by many posters. Your response was to attack them for negativity. I like the idea of a mutual fund and would support it, but it has to receive a measure of confidence which at the moment you seem to be evading. caf Link to comment Share on other sites More sharing options...
clinique Posted February 4, 2010 Author Share Posted February 4, 2010 caf, thank you for your feedback. it was the non-constructive comments we were talking about, apologies if the ego seemed to be running high, unintended ! we have tried (but perhaps not made clear) to make clear this would be a 'community' fund established, regulated, articled/constitioned, managed, operated by the community it represents , or members of that community. it is not , and is not intended to be an investment advisor product or scheme, whereby money is raised for some scheme in a " Far Off Island of Good Breaks" (ie: non-existant). we mentioned that again in our last post. we welcome all comments, including critical, as this will provide a base of concerns that need to be addressed before the project moved forward. and before any money was mentioned. if you have comments as to how we can alay the concerns you mentioned please let us know, or any other input you may have be welcome too. cheers Link to comment Share on other sites More sharing options...
clinique Posted February 6, 2010 Author Share Posted February 6, 2010 legal investigations underway,, get back to you. thanks. Link to comment Share on other sites More sharing options...
tilac2 Posted February 7, 2010 Share Posted February 7, 2010 Great idea. The farangs here in Thailand are so honest, aren't they? Or not... There's a certain financial advisor, for example, name of A***, who has taken several falangs to the cleaners. Link to comment Share on other sites More sharing options...
Benjie Posted February 7, 2010 Share Posted February 7, 2010 legal investigations underway,, get back to you. thanks. So what's in it for you then? Link to comment Share on other sites More sharing options...
clinique Posted February 8, 2010 Author Share Posted February 8, 2010 Great idea. The farangs here in Thailand are so honest, aren't they? Or not...There's a certain financial advisor, for example, name of A***, who has taken several falangs to the cleaners. Thanks for the info.. not sure the Mods will like it. As we have said in our posts this is NOT intended as a financial advisor product/scheme. Link to comment Share on other sites More sharing options...
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