Relocating To Thailand From Uk

[paulnuek]

When we relocate to LOS this year we will have sold the house/cashed in endowments etc to get an acceptable lump sum that we will live off in LOS.

Question is where in invest the lump sum?

Has anyone got any advice on best Banks and which accounts pay the best interest rates?

I have been told that offshore accounts in Jersey/Guersey are paying quite good interest rates but I haven`t been able to find these "good interest rates" when i have looked on the net.

[vinny]

Worth considering: Nat West e-savings

[doodex66]

Interest rates these days are between 4 - 4.5.

OFFSHORE ACCOUNT

[Rinrada]

Local UK banks up to 5.15 gross.

Dont forget if you stay in the colonys you can clain your Tax back.....

http://www.betterfinance.co.uk/financedir/...accounts/62-273

and

http://www.shopsdirect.com/sdn/finance/sav..._accounts/28-32

[GuestHouse]

Go speak to a finacial adivisor.

Sit down and write out an expendature sheet (be realistic) and then talk to your advisor about how much investment you need to meet your expendature.

Get that figure sorted out and then discuss how you can achieve it.

Cashing in endowments ealry (I presume you are cashing early) is going to cost you a packet - The penalties are going to make the difference between investing the residue on/off shore pale into insignificance.

[paulnuek]

Dont forget if you stay in the colonys you can clain your Tax back.....

Do you mean I can claim the Tax back when living in LOS.

I would love it if I didn`t have to pay Tony any more tax

Thanks for all the links.

Plenty of banks to choose from.

Just wondered what banks the expats were using.

I am sure that you all have already done all the legwork.

It is a minefield looking at all the different accounts.

I looked at some Thai Banks but decided that i needed more of a return that 1%

[Anon999]

Dont forget if you stay in the colonys you can clain your Tax back.....

Do you mean I can claim the Tax back when living in LOS.

I would love it if I didn`t have to pay Tony any more tax

Thanks for all the links.

Plenty of banks to choose from.

Just wondered what banks the expats were using.

I am sure that you all have already done all the legwork.

It is a minefield looking at all the different accounts.

I looked at some Thai Banks but decided that i needed more of a return that 1%

The UK Inland Revenue have a contra agreement with Thailand so any money coming from the UK is subject to tax and you should complete a tax return every year. You should be so lucky!

Maybe the option is to open an account in Panama which operates in the same way as Lichtenstein and is just as secretive. I'm investigating this option at the moment as I'm planning to open a Foundation Company there for my UK property.

You can ask for monies to be paid gross to your UK bank account.

Just to cheer you up the Inland Revenue will tax you on your estate in any country in the world that they have an agreement with and any part of the estate that is returned to the UK over and above the IHT threshold. Not sure if changing your domicile makes any difference unless you possess dual nationality. In this case getting a Thai passport after 5 years residency.

Edited February 18, 2006 by Anon999

[GuestHouse]

Again, I would go talk to a finacial advisor.

I've been living overseas for almost twenty years, I'm a high earner and I still receive consistant advice not to bank offshore.

You should be looking at ISA's and looking into the new pension laws (Changing very much in favour of people with cash to invest after April).

I presume we are talking about your life's savings and that you are intending to retire - Hence your savings are irriplacable - You really ought to be looking at Security as your first priority.

I have colleagues who have invested and banked off shore and who I know have regretted doing so.

[Jersey_UK]

I have colleagues who have invested and banked off shore and who I know have regretted doing so.

As someone who makes their living in the offshore finance industry I would like to disagree. But I can't.

You do need to know what you are doing yourself - I would hesitate to suggest relying on anyone else, especially "offshore" - apologies to all my current and former work colleagues!! - 9/10 firms in 20 years (I work work contracts - am not on the run!), a good living to be had sorting out c#ck ups and incompetence.............and fighting the "War on Terror" (LOL)

I am not a Tax Advisor, but I KNOW their is no such thing as cheap tax advice. If it is cheap now (or free on the Internet!) then odds on it will work out expensive later. Of course no guarantee that your expensive tax advice will be much cop either - especially if you do not keep on top of the rule changes. Just because something worked 10 years ago doesn't mean it still does.

Plus any savings you make from tax can easily get swallowed up in the extra costs and charges and aggravation in setting yourself AND maintaining yourself "properly" offshore IF you are able to do so and get legitimate benefits - so, as always, it is a question of how much you have.

IMHO the UK govt and tax system almost encourages tax evasion and money laundering - I am not going to give out "tips"! - apart from saying that if anyone from the UK wants to go down the "Mark 1" Tax planning route - probably better of avoiding the UK offshore Islands. I would favour Luxembourg - where Tax evasion is not a reportable offence, ironic really given all the c#ap that the EU gave us over recent years (admitedly not entirely without justification - as I said, 20 years at 9/10 firms means I have seen a bit - mainly due to incompetence )............of course unlike Jersey, Luxembourg has a seat at the "top table" in the EU which no doubt helped them retain this "competitive advantage" LOL.

Switzerland off course politely told the EU to f#ck off - but then again they "Know where the bodies are buried" a lot more than us. In many cases literally.

Sorry folks, I am digressing!! - but to sum up for OP, I agree with the others go see a UK Financial Advisor. Actually I would suggest seeing a couple.

And if you still want to go down the offshore route I suggest that you speak to at least 2 firms for their a"dvice" and if this involves any time cost charges then "Suck" all the information you can out of them at the enquiry stage. And when you are comfortable with what you want and what they can provide offshore go and set up with the 3rd firm you speak to - otherwise all your initial queries will end up on your bill........at £200 an hour (or part thereof). (BTW if you get to this point you will probably know as much if not more than your Offshore counterpart).

[paulnuek]

Again, I would go talk to a finacial advisor.

I've been living overseas for almost twenty years, I'm a high earner and I still receive consistant advice not to bank offshore.

You should be looking at ISA's and looking into the new pension laws (Changing very much in favour of people with cash to invest after April).

I presume we are talking about your life's savings and that you are intending to retire - Hence your savings are irriplacable - You really ought to be looking at Security as your first priority.

I have colleagues who have invested and banked off shore and who I know have regretted doing so.

The more I look into ofshore accounts the more I think "Don`t do it".

Still looking for the best interest rate though.

Not at the retirement age yet.....Thats why I am looking for a high interest rate that I could live off in LOS.

I will be consulting a financial adviser,but I am looking for advice from expats who are in the same boat as me.

5.15% gross is the best I have found at this time ICICS Bank.

But still looking

I have colleagues who have invested and banked off shore and who I know have regretted doing so.

As someone who makes their living in the offshore finance industry I would like to disagree. But I can't.

You do need to know what you are doing yourself - I would hesitate to suggest relying on anyone else, especially "offshore" - apologies to all my current and former work colleagues!! - 9/10 firms in 20 years (I work work contracts - am not on the run!), a good living to be had sorting out c#ck ups and incompetence.............and fighting the "War on Terror" (LOL)

I am not a Tax Advisor, but I KNOW their is no such thing as cheap tax advice. If it is cheap now (or free on the Internet!) then odds on it will work out expensive later. Of course no guarantee that your expensive tax advice will be much cop either - especially if you do not keep on top of the rule changes. Just because something worked 10 years ago doesn't mean it still does.

Plus any savings you make from tax can easily get swallowed up in the extra costs and charges and aggravation in setting yourself AND maintaining yourself "properly" offshore IF you are able to do so and get legitimate benefits - so, as always, it is a question of how much you have.

IMHO the UK govt and tax system almost encourages tax evasion and money laundering - I am not going to give out "tips"! - apart from saying that if anyone from the UK wants to go down the "Mark 1" Tax planning route - probably better of avoiding the UK offshore Islands. I would favour Luxembourg - where Tax evasion is not a reportable offence, ironic really given all the c#ap that the EU gave us over recent years (admitedly not entirely without justification - as I said, 20 years at 9/10 firms means I have seen a bit - mainly due to incompetence )............of course unlike Jersey, Luxembourg has a seat at the "top table" in the EU which no doubt helped them retain this "competitive advantage" LOL.

Switzerland off course politely told the EU to f#ck off - but then again they "Know where the bodies are buried" a lot more than us. In many cases literally.

Sorry folks, I am digressing!! - but to sum up for OP, I agree with the others go see a UK Financial Advisor. Actually I would suggest seeing a couple.

And if you still want to go down the offshore route I suggest that you speak to at least 2 firms for their a"dvice" and if this involves any time cost charges then "Suck" all the information you can out of them at the enquiry stage. And when you are comfortable with what you want and what they can provide offshore go and set up with the 3rd firm you speak to - otherwise all your initial queries will end up on your bill........at £200 an hour (or part thereof). (BTW if you get to this point you will probably know as much if not more than your Offshore counterpart).

Sounds like you know what you are talking about.....

Still not sure if offshore is the best option for me.After reading you post,probably not

Still looking at the moment.Will do a search on Luxembourg banks.....

[Guest endure]

If you declare yourself non-resident to the Inland Revenue you can get 4.7% (which is equivalent to 5.8% if your money's onshore) at Nationwide International:

http://www.nationwideinternational.com/int...es/sterling.htm

[TBWG]

When we relocate to LOS this year we will have sold the house/cashed in endowments etc to get an acceptable lump sum that we will live off in LOS.

Question is where in invest the lump sum?

Has anyone got any advice on best Banks and which accounts pay the best interest rates?

I have been told that offshore accounts in Jersey/Guersey are paying quite good interest rates but I haven`t been able to find these "good interest rates" when i have looked on the net.

Hi Paulnuek

I am advised not to use Channel Islands as they are in bed with UK

revenue.

Best rates currently (in civilised world) are available in NZ.

You could open an HSBC account in Uk which will enable you to open a foreign currency (GBP)account in NZ HSBC branch without going in person.

They are paying approx 7+% gross, however you would be liable to NZ tax which is high.

As for me I still have not deceided what to do, it is a case of comparing net rates Worldwide and the more I research it the more confused I become.

I know everyone says refer to an FSA, but I have had advice in the past which has cost me dearly and experiences like that make one cynical.

At the end of the day it is something you have to feel comfortable with and the UK even with its tax regime is not so bad, at least you can sleep at nights.

TBWG

[Dave the Dude]

I have an HSBC Offshore a/c in The Isle of Man and they recently told me that they are about to roll out an E-banking account with high interest. No details yet but may be worth checking out ??

[Guest endure]

When we relocate to LOS this year we will have sold the house/cashed in endowments etc to get an acceptable lump sum that we will live off in LOS.

Question is where in invest the lump sum?

Has anyone got any advice on best Banks and which accounts pay the best interest rates?

I have been told that offshore accounts in Jersey/Guersey are paying quite good interest rates but I haven`t been able to find these "good interest rates" when i have looked on the net.

Hi Paulnuek

I am advised not to use Channel Islands as they are in bed with UK

revenue.

If you're non resident for tax purposes the Inland Revenue are irrelevant to income/interest earned outside the UK.

[Prakanong2005]

"I would favour Luxembourg - where Tax evasion is not a reportable offence, ironic really given all the c#ap that the EU gave us over recent years (admitedly not entirely without justification - as I said, 20 years at 9/10 firms means I have seen a bit - mainly due to incompetence whistling.gif )............of course unlike Jersey, Luxembourg has a seat at the "top table" in the EU which no doubt helped them retain this "competitive advantage" LOL."

Hmmmm - Now I know why my management agency puts us through Lux even if the funds not paid as salary keep changing from the likes of BVI, Mauritious etc etc ;-)

I think its a 10 year exemption Lux got on this - funnily enough they were supported by Belgium and Austria on this - most of the Belgian politicians hide their money there I bet

I went through the agency and opened an account with no problems but when a pal went down there and wanted to open an account and transfer funds from Citibank they would not even let him in the door

It is a well known bank as well which operates in the three countries I am intersted in!

Edited February 19, 2006 by Prakanong2005

[paulnuek]

If you declare yourself non-resident to the Inland Revenue you can get 4.7% (which is equivalent to 5.8% if your money's onshore) at Nationwide International:

http://www.nationwideinternational.com/int...es/sterling.htm

So how long would I have to be out of the UK to be classed as non-resident?

Paul

[Jersey_UK]

Hmmmm - Now I know why my management agency puts us through Lux even if the funds not paid as salary keep changing from the likes of BVI, Mauritious etc etc ;-)

I think its a 10 year exemption Lux got on this - funnily enough they were supported by Belgium and Austria on this - most of the Belgian politicians hide their money there I bet

I went through the agency and opened an account with no problems but when a pal went down there and wanted to open an account and transfer funds from Citibank they would not even let him in the door

It is a well known bank as well which operates in the three countries I am intersted in!

It's all essentially Boll#cks really.

Had one Client, we managed to trace his source of wealth back to the 12th Century, with a lot of the history in between. I wasn't allowed to put the "Source of Wealth" explanation down as "Enslaving and starving peasants in Central Europe for several hundred years".

[Guest endure]

If you declare yourself non-resident to the Inland Revenue you can get 4.7% (which is equivalent to 5.8% if your money's onshore) at Nationwide International:

http://www.nationwideinternational.com/int...es/sterling.htm

So how long would I have to be out of the UK to be classed as non-resident?

Paul

It runs tax year to tax year. Essentially you have to convince the IR (usually by selling up and leaving the country) that you've gone for good - for the time being - you can always go back later

Yiu are allowed to visit the UK but only for limited periods. More good stuff here:

http://www.hmrc.gov.uk/pdfs/ir20.htm#leaving

[paulnuek]

If you declare yourself non-resident to the Inland Revenue you can get 4.7% (which is equivalent to 5.8% if your money's onshore) at Nationwide International:

http://www.nationwideinternational.com/int...es/sterling.htm

So how long would I have to be out of the UK to be classed as non-resident?

Paul

It runs tax year to tax year. Essentially you have to convince the IR (usually by selling up and leaving the country) that you've gone for good - for the time being - you can always go back later

Yiu are allowed to visit the UK but only for limited periods. More good stuff here:

http://www.hmrc.gov.uk/pdfs/ir20.htm#leaving

Thanks for the link...

Will try to read it all tonight...

Cheers

Paul

[Larsbo]

Hello Paulnuek.

I just read your questions today.

I am in the same situation as you, sold all my proberty and money moving from bank to bank ,but noone give me a good interest.

I have been looking in to ofshore banking in Singapore and other countries , but are advised not do do so.

I like to hear from you - what you in the end found. The ICICS bank with 5.3 % sounds very interesting but is it safe ?

I will have to move my money to some kind of bank in asia who will give a visa or mastercard to use from.

thank you from Larsbo

When we relocate to LOS this year we will have sold the house/cashed in endowments etc to get an acceptable lump sum that we will live off in LOS.

Question is where in invest the lump sum?

Has anyone got any advice on best Banks and which accounts pay the best interest rates?

I have been told that offshore accounts in Jersey/Guersey are paying quite good interest rates but I haven`t been able to find these "good interest rates" when i have looked on the net.

[technocracy]

I think many people are confusing a non-resident UK citizen using off-shore account and resident (in tax terms).

If you are non-resident and have completed your P85 informing the IR of your departure then you have no worries regarding the IR and off-shore accounts. Since they no-longer have there fingers in your tax. The idea is that where ever you move to the 183 day residency deal comes into play - i.e. if you stay in a country for 183 days in a tax year then you're classified as resident and should be paying local tax.

As long as the address on the off-shore account is outside the UK the IR won't give a toss (if they have access that is!). I use the Barclays IoM - which has received a fishing trip from the IR but they are looking for people with Off-shore accounts with UK addresses (rather stupid!).

If resident then you're flying by the seat of the pants - if the IR gets wind of your accounts and any unpaid taxes you're in the sh*t.

If non-resident and you're account address is overseas . . . they ain't got any concern with you!

[en184]

I can suggest Dexia Bank in Luxembourg. You can make online transfers anywhere in the world including to thailand within 2-3 days, and hold multi currency accounts and securities on many different exchanges.

www.dexia.lu

It might be adviseable to actually visit Luxembourg to open the account.

For a list of banks in Luxembourg, you can look at www.bank.lu

Banking secrecy is very strict in Luxembourg. I know people lost thier job for breaching it.

[Jersey_UK]

I can suggest Dexia Bank in Luxembourg. You can make online transfers anywhere in the world including to thailand within 2-3 days, and hold multi currency accounts and securities on many different exchanges.

www.dexia.lu

It might be adviseable to actually visit Luxembourg to open the account.

For a list of banks in Luxembourg, you can look at www.bank.lu

Banking secrecy is very strict in Luxembourg. I know people lost thier job for breaching it.

I thought the contact details were "[email protected]"

And in Luxembourg Foreign Tax Evasion is not a reportable crime........one of the benefits of having a seat at the big boys table is you get to write the rules - or at least obtain the exemption......not that this will be off any interest to folk here of course.............

[true blue]

I have an HSBC Offshore a/c in The Isle of Man and they recently told me that they are about to roll out an E-banking account with high interest. No details yet but may be worth checking out ??

just done it 6%