American Born Entrepreneur Becomes Billionaire In Thailand

[webfact]

American Born Entrepreneur Becomes Billionaire In Thailand

BANGKOK: -- American born entrepreneur William Heinecke, 64, makes his debut among the world’s billionaires, thanks to a surge in the value of his Minor International hotel and food company.

Shares of the outfit, in which he has a one third stake, were up 5% on Thursday; they have nearly doubled in the past year. Minor, which he founded nearly five decades ago, is now the largest listed hotel operator in Thailand and manages the Four Seasons, Marriott, and its own brand, the Anantara, which has 26 properties in 6 countries. It also operates 1,200 restaurants in Asia, the Middle East and Africa, under such brands as Swensens, Sizzler, Dairy Queen, Thai Express EXPR -0.05%, the Coffee Club and Burger King.

Heinecke has been building his fortune in Thailand and throughout Asia for nearly five decades. The son of an American Foreign Service member and a Voice of America journalist, Heinecke grew up in cities across Asia and attended high school in Thailand. More interested in go-karting than studying, he convinced the editor of Bangkok World to run his column on go-karts in exchange for selling ads.

Full story: http://www.forbes.com/sites/suzynam/2013/05/16/bill-heinecke-billionaire/

-- Forbes 2013-05-17

[Whiplash]

So he started his business when he was around 14 y/o..?

[chiangmaikelly]

So he started his business when he was around 14 y/o..?

17 I think. They called in Minor corp because he was a minor.

[bangkokstick]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

[market trader]

Just looked at my bank account and it made me feel good. I am a millionaire in Thailand. Then my wife broke my bubble by telling me that our account has gone up. She said we now have about $37,000 in our account.

Edited May 17, 2013 by metisdead
Bold removed.

[chiangmaikelly]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

Edited May 17, 2013 by chiangmaikelly

[mikecwm]

Just looked at my bank account and it made me feel good. I am a millionaire in Thailand. Then my wife broke my bubble by telling me that our account has gone up. She said we now have about $37,000 in our account.

You should move to Indonesia - you'd have 360,758,419 Rupiahs.

[Xonax]

Very impressing. Well done!

[GeorgeO]

So he started his business when he was around 14 y/o..?

17 I think. They called in Minor corp because he was a minor.

Before then I think. According to the article, after initially agreeing to sell ads in exchange for a column on go-karting "at the age of 17, he became the paper's advertising manager"....!

[GeorgeO]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

It doesn't say he was. He is a "rare example" of an American making it big in Thailand, but he is amongst millions of foreigners, including other Americans, who have renounced their citizenship for other countries.

[Berkshire]

This dude is a stud and has basically dispelled all myths about what farangs can and can't do in Thailand. I wonder if he ever post on TV.....not.

[3SoiDogNight]

Job well done! Congrats to William Heinecke.

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

It doesn't say he was. He is a "rare example" of an American making it big in Thailand, but he is amongst millions of foreigners, including other Americans, who have renounced their citizenship for other countries.

Sadly this will become more and more common due to the new FATCA laws passed by the current President. Giving up US citizenship isn't an easy process either. The IRS will hose you and your spouse for as much as they can for up to 10 years after renouncing citizenship.

[lomatopo]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

By "a lot of Americans" you mean how many, or what percentage?

Figures I found were 1,781 for 2011, or ~ 0.00057%.

[Sydebolle]

If I remember correctly, he was almost broke after the 1997 crash and powers did everything to haunt the Four Seasons Hotel. The Pizza Hut deal worked ultimately in his favour as Pizza Hut rented the locations from a company owned/controlled by him.
He outsmarted his own countrymen in a very legal, albeit Thai way which accounts for his success. The profit margins on Pizza Company, Swensen and Sizzler are mind boggling but - in all fairness - unlike many other local enterprises, he is known to deliver the promise.
Thailand can be proud of such an immigrant indeed; he achieved legally where many other born natives failed with illegal attempts!

[chiangmaikelly]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

By "a lot of Americans" you mean how many, or what percentage?

Figures I found were 1,781 for 2011, or ~ 0.00057%.

How many? More than one. Less than a million. 1,781 strikes me as a lot.

[dighambara]

chiangmaikelly

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

==============================================================================================

It is doubtful that many Americans renounce, because there is little to gain. Add in that the renouncement is useless, unless the State Department recognizes it by name and he remains a US citizen.

Example, a few years back the US Consul General visited UDon and was asked about the King - who renounced his US citizenship. The response was that should the King or any of his children request it, a US passport would be issued, as by law they are US citizens.

Then we have many examples of dual citizens in high places; Abasit in this century, Louis T. LeonOwens in the 19th century, et.al.

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[chiangmaikelly]

chiangmaikelly

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

==============================================================================================

It is doubtful that many Americans renounce, because there is little to gain. Add in that the renouncement is useless, unless the State Department recognizes it by name and he remains a US citizen.

Example, a few years back the US Consul General visited UDon and was asked about the King - who renounced his US citizenship. The response was that should the King or any of his children request it, a US passport would be issued, as by law they are US citizens.

Then we have many examples of dual citizens in high places; Abasit in this century, Louis T. LeonOwens in the 19th century, et.al.

You can read why he renounced his citizenship google it.

[gohmer]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

I have to inform you that in 2012 less than 1,800 U.S. citizens gave up their citizenship and that was double any other year in history. I don't think that constitutes "a lot", especially in contrast to the over 700,000 immigrants who became U.S. citizens in the same year. I'm speaking of people becoming sworn, legal, voting, citizens. That is also more new citizens than all other countries in the world put together hand out and, it is well below the over 1,000,000 who became legal U.S. citizens a few year prior. Oh, and while many people think it is Mexicans becoming the citizens, it is Chinese, Vietnamese, and Filipinos who are making up the bulk of new citizens.

Why would anyone want to become a citizen of Thailand unless you were a billionaire and made your money here. The majority of those giving up their citizenship in the U.S. are almost all wealthy, greed Fs who don't want to pay taxes after they made their money off the American system.

[belg]

wait... hotel operator, isn't that illegal for a farang ?

[chiangmaikelly]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

I have to inform you that in 2012 less than 1,800 U.S. citizens gave up their citizenship and that was double any other year in history. I don't think that constitutes "a lot", especially in contrast to the over 700,000 immigrants who became U.S. citizens in the same year. I'm speaking of people becoming sworn, legal, voting, citizens. That is also more new citizens than all other countries in the world put together hand out and, it is well below the over 1,000,000 who became legal U.S. citizens a few year prior. Oh, and while many people think it is Mexicans becoming the citizens, it is Chinese, Vietnamese, and Filipinos who are making up the bulk of new citizens.

Why would anyone want to become a citizen of Thailand unless you were a billionaire and made your money here. The majority of those giving up their citizenship in the U.S. are almost all wealthy, greed Fs who don't want to pay taxes after they made their money off the American system.

I would imagine it is hard work rather than the American system that makes the money. I guess we could debate what. "a lot" means for a while. Look at how long some seemingly simple words have been debated....I guess the real question is about which country is easier to make money in today. Heineke started with a loan of $2000 if I got the story right. Today that's $10,000. Which country would it be easier to make a billion from $10,000?

[mallyrd]

I first met Bill down in Songkhla where he was running Taylors Catering Services who provided chilled food etc. to the offshore rigs. Bill was also the first Westerner to obtain ownership of his own light aircraft complete with a license to fly the aircraft anywhere in Thailand.

Good Luck I say to him.

[dave111223]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

I have to inform you that in 2012 less than 1,800 U.S. citizens gave up their citizenship and that was double any other year in history. I don't think that constitutes "a lot", especially in contrast to the over 700,000 immigrants who became U.S. citizens in the same year. I'm speaking of people becoming sworn, legal, voting, citizens. That is also more new citizens than all other countries in the world put together hand out and, it is well below the over 1,000,000 who became legal U.S. citizens a few year prior. Oh, and while many people think it is Mexicans becoming the citizens, it is Chinese, Vietnamese, and Filipinos who are making up the bulk of new citizens.

Why would anyone want to become a citizen of Thailand unless you were a billionaire and made your money here. The majority of those giving up their citizenship in the U.S. are almost all wealthy, greed Fs who don't want to pay taxes after they made their money off the American system.

The funny thing is the 1,800 probably earned more than the 700,000 combined.

[rotary]

Giving up that US Citizenship is smart for many reasons not even thinking about the decline of the US over the last 25 years. Good to see him doing well. If it were easier to get other citizenships such as British or Aussie I think the Americans giving up US citizenships would be in the tens of thousands each year if not hundreds of thousands. The only thing holding back lots of people is the problem with getting a new citizenship. As far as the 700,000 coming to the US I notice, and this is true, we have immigrants driving trucks, working as janitors, etc. These are people from Asia or Africa not Mexico doing these jobs. I thought the reason they let people immigrant to the US was for skilled jobs like Doctors or Engineers. Another thing is many of these immigrants get that US passport then leave to work overseas on that US passport so really what good does that do the US as they let them immigrant to the US because they were doctors or engineers who skills are needed in the US. The US needs a work permit system that has nothing to do with a road to citizenship and they have to stop this anchor baby thing. Most countries in the world being born there has nothing to do with citizenship. Unless big changes are made the US will never stop this decline they have been in for many years. I think even the immigrants will see this decline soon and stop going to the US.

Edited May 17, 2013 by rotary

[lomatopo]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

I have to inform you that in 2012 less than 1,800 U.S. citizens gave up their citizenship and that was double any other year in history. I don't think that constitutes "a lot", especially in contrast to the over 700,000 immigrants who became U.S. citizens in the same year. I'm speaking of people becoming sworn, legal, voting, citizens. That is also more new citizens than all other countries in the world put together hand out and, it is well below the over 1,000,000 who became legal U.S. citizens a few year prior. Oh, and while many people think it is Mexicans becoming the citizens, it is Chinese, Vietnamese, and Filipinos who are making up the bulk of new citizens.

Why would anyone want to become a citizen of Thailand unless you were a billionaire and made your money here. The majority of those giving up their citizenship in the U.S. are almost all wealthy, greed Fs who don't want to pay taxes after they made their money off the American system.

The funny thing is the 1,800 probably earned more than the 700,000 combined.

Maybe just one? Eduardo Saverin.

But yes, for some it is to shield wealth, which by the way is fine.

[dave111223]

Giving up that US Citizenship is smart for many reasons not even thinking about the decline of the US over the last 25 years. Good to see him doing well. If it were easier to get other citizenships suck as British or Aussie I think the Americans giving up US citizenships would be in the tens of thousands each year. The only thing holding back lots of people is the problem with getting a new citizenship.

The only thing holding people back is not wanting to put a big target on your ass saying "IRS please ream here"

As they say: better to beg forgiveness than seek permission

Edited May 17, 2013 by dave111223

[HUAHIN62]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

By "a lot of Americans" you mean how many, or what percentage?

Figures I found were 1,781 for 2011, or ~ 0.00057%.

The problem is that these people are normaly business people employing others. So the numbers aren't as important as who they are and what they do.

[GrantSmith]

wait... hotel operator, isn't that illegal for a farang ?

Whilst he is "farang" by birth, he is also a thai citizen. Thus, he is not predicated from being in the hotel game.

It should be noted, his company "own" the Four Seasons and the Marriott not "manage" it. Four Seasons and Marriott "manage" these properties for the Minor Group.

[AlphMichaels]

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

By "a lot of Americans" you mean how many, or what percentage?

Figures I found were 1,781 for 2011, or ~ 0.00057%.

How many? More than one. Less than a million. 1,781 strikes me as a lot.

May be a good number for 2011. The number will rise exponentially for 2012 and the trend will continue UP.

[whybother]

chiangmaikelly

He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.

==============================================================================================

It is doubtful that many Americans renounce, because there is little to gain. Add in that the renouncement is useless, unless the State Department recognizes it by name and he remains a US citizen.

Example, a few years back the US Consul General visited UDon and was asked about the King - who renounced his US citizenship. The response was that should the King or any of his children request it, a US passport would be issued, as by law they are US citizens.

Then we have many examples of dual citizens in high places; Abasit in this century, Louis T. LeonOwens in the 19th century, et.al.

His son is planning to renounce his US Citizenship too, although he was born in Thailand. One of the reasons he's doing it is tax.

[wwest5829]

Job well done! Congrats to William Heinecke.

IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !

It doesn't say he was. He is a "rare example" of an American making it big in Thailand, but he is amongst millions of foreigners, including other Americans, who have renounced their citizenship for other countries.

Sadly this will become more and more common due to the new FATCA laws passed by the current President. Giving up US citizenship isn't an easy process either. The IRS will hose you and your spouse for as much as they can for up to 10 years after renouncing citizenship.

FATCA laws passed by the current President? I was not aware that American Presidents passed laws. I assume Congress passed the law and the current President signed the Congressionally passed law. If you are a fat cat renouncing for the purpose of tax evasion from the country that gained you your wealth, I have little empathy.