Roth Ira /thai Broker Accounts

[spurs]

Hi guys,

I'm wanting to open an investment brokerage account so I can start a roth IRA. I know of good usa accounts but non here in thailand. Does anyone know of a good brokerage in Thailand and also roth IRS's?

I'm british and have been living and working out here for 4 years. I have a work permit / visa etc. Thing is, I'm considering moving to Australia within the next 2 years or so and wondered if it's a good idea to set up a Roth IRA In bkk. Is it possible to open one and then transfer it to an austrailian one?

any advice would be awesome guy's

thanks

Spurs

[oldgeezer]

Why would one want a Roth outside the U.S? That is to shelter otherwise taxable income. Are you talking about money earned in the U.S??

Not saying its not possible, just never heard of it.

Edited February 7, 2010 by oldgeezer

[spurs]

Why would one want a Roth outside the U.S? That is to shelter otherwise taxable income. Are you talking about money earned in the U.S??

Not saying its not possible, just never heard of it.

thanks for the reply,

I have no money in the states. What is the thai equivalent of a Roth then? I just want the best way to invest for my retirement. I want to put away about 10% each month and have read that Roth's are the best way.

What is the best way to invest 10% for my retirement, noting that I live in Bkk now and aim to live in oz within 2 years? i'm 31.

thanks again for the reply,

Spurs

[el jefe]

Why would one want a Roth outside the U.S? That is to shelter otherwise taxable income. Are you talking about money earned in the U.S??

Not saying its not possible, just never heard of it.

thanks for the reply,

I have no money in the states. What is the thai equivalent of a Roth then? I just want the best way to invest for my retirement. I want to put away about 10% each month and have read that Roth's are the best way.

What is the best way to invest 10% for my retirement, noting that I live in Bkk now and aim to live in oz within 2 years? i'm 31.

thanks again for the reply,

Spurs

A Roth IRA isn't even the best way for most Americans to save for retirement. Anyone who contributes to a Roth IRA will not have to pay taxes the the US IRS when the withdraw the funds.

You should find a lawyer or financial adviser in Bangkok with knowledge of Thai taxes, Australian tax, and the tax laws of your home country, if different. I specialize in US tax law but know nothing about Australian taxes.

[rfukata]

Why would one want a Roth outside the U.S? That is to shelter otherwise taxable income. Are you talking about money earned in the U.S??

Not saying its not possible, just never heard of it.

thanks for the reply,

I have no money in the states. What is the thai equivalent of a Roth then? I just want the best way to invest for my retirement. I want to put away about 10% each month and have read that Roth's are the best way.

What is the best way to invest 10% for my retirement, noting that I live in Bkk now and aim to live in oz within 2 years? i'm 31.

thanks again for the reply,

Spurs

A Roth IRA isn't even the best way for most Americans to save for retirement. Anyone who contributes to a Roth IRA will not have to pay taxes the the US IRS when the withdraw the funds.

You should find a lawyer or financial adviser in Bangkok with knowledge of Thai taxes, Australian tax, and the tax laws of your home country, if different. I specialize in US tax law but know nothing about Australian taxes.

Roth IRA Withdrawal Rules

In general, you can take a distribution from your Roth IRA once you've reached age 59 1/2 and after the 5-taxable-year period (which starts with the first year you made a contribution to a Roth IRA) has passed. Unlike a traditional IRA, you're not required to take a minimum required distribution from a Roth IRA.

If you make a withdrawal that is not considered a qualified distribution, then the money may be taxed as ordinary income and subject to the additional 10% early withdrawal penalty. Even if a contribution had been included in taxable income in earlier years, a distribution before the 5- taxable-year period expires on a Roth conversion may be subject to this 10% penalty.

Roth IRA Early Withdrawal Exceptions

Just like the traditional IRA, there are three exceptions to the early withdrawal rules that apply to Roth IRAs mentioned above.

Beneficiary of an IRA - If you were to expire before reaching age 59 1/2, then your Roth IRA can be distributed to your beneficiaries or estate free from the early withdrawal tax penalty.

Disability - If a physician determines that you are unable to do any substantial gainful activity due to physical or mental conditions, then you can make withdrawals that are not subject to the 10% tax penalty.

First Time Homeowner - You can make an early withdrawal from a Roth IRA if you use the money to purchase, rebuild or build your first home. Qualified costs include the main home of a first time home buyer who is yourself, your spouse, your children, grandchildren, a parent, or another ancestor.

[spurs]

Thanks for the replies guys that's awesome!!!!!!!

However i'm still unsure as to the best way to invest 10% of my salary in thailand. What is the Thai equivalent of a Roth? or doe's anyone know of a decent pension scheme out here?

thsnkd again

spurs

[thaihome]

I think what people are saying is that the Roth IRA is not an investment vehicle in itself. It is a type of account with certain tax rules specific to the US.

The closet thing in Thailand is the deduction for Long term equity fund up to 500k baht. But since you do not appear to earning Thai income, you have no need to shelter anything from Thai income tax.

If you want to invest 10% of your income in Thailand, I would recommend doing some research on the many Thai mutual funds and picking one or two of them to put a monthly amount into.

TH