American Born Entrepreneur Becomes Billionaire In Thailand

[FDog]

Good on him. People that renounce citizenship because of tax implications are smart businessmen. It would be daft and stupid not to do it.

[dave111223]

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.

Unless you become a fatcat off government handouts then how did the country gain your wealth for you? The guy in the story grew up in Asia/Thailand and built a business empire, how is it right that he should have to pay huge amounts of his income to the US?

[Boksida]

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.

I regret to inform you that Bill Heinecke was not the first westerner licensed to fly around Thailand. William (Bill) Bird was flying around Thailand in his own aircraft on a regular basis in the 60s and 70s. His son attended school (ISB) with Bill Heinecke.

[Ragzilb]

Haha Wonder how much Bill Gates would have if he moved to Indonesia.

[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.

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.

FATCA was signed in to law on March 18, 2010. Guess who was President then?

If you read the law, anyone that earns more than $10,000 USD per year is considered a 'fat cat'. So that would include every US expat all the way down to low salary English teachers here in Thailand. William Heinecke earned his wealth here in Asia so he doesn't owe the US IRS a dime. The long-term consequences of running away people like William Heinecke and Eduardo Saverin while we let in millions of low-skilled people jumping over the border will be devastating. Who will pay for Obamacare and other government services once we run off our best & brightest? With your attitude, I assume you hate Tina Turner as well. Much of her wealth was earned in the US but now she is a citizen of Switzerland - not the United States.

It's easy to hate on the rich but the IRS definition of 'rich' just may include you as well.

Also, before you start saying the illegals in the US are doing jobs we don't want, that is total b.s. I have friends and relatives with teenage kids that can't get jobs at local fast-food places because many business prefer to hire an illegal instead of an American teenager. When I was a teen (1980s), I worked a crummy job at Taco Bell but it was income that allowed me to buy a car (a beat up Ford Pinto), money to go to concerts, buy records, score weed, beer, Boones Farm (for the girls) and other things teenagers like to do. Even driving an old Pinto was better than waiting for a bus and therefore I got laid more (our main priority as teens).

Teens often do not have this option and early step of independence anymore. Many are being brainwashed in to thinking green and that government will take care of them.

***rant over***

[impulse]

Good on him. I mean that.

But one western foreigner becoming a billionaire in Thailand compared to the thousands of foreign born millionaires and dozens of foreign born billionaires in the USA and Europe is hardly reason to celebrate Thailand as a land of opportunity...

BTW, I don't begrudge the guy giving up his citizenship. If I could get a decent passport, I would, too. In a minute. I made what money I have in Asia.

If Halliburton (and dozens of major corporations) can abandon the USA for tax reasons...

[daboyz1]

I'm a U.S. citizen and I lived in Thailand for 3 years. You have to pay taxes to the U.S. govt. if you are citizen, no matter where you live. I found this odd. I kept asking myself "What am I paying taxes for?" I wasn't driving on any U.S. roads. I didn't have any children benefiting from education in the U.S. As far as I could tell, I was paying thousands of dollars a year in taxes simply for the privilege of carrying a U.S. passport.

I got stitched up at the Lad Phrao police station once, and was told to sign what I assumed was some sort of confession (It was all in Thai) When I refused, they showed me what jail looked like. I saw about 10 Thai guys in a cell that looked like it was made for 2. I kept calling the U.S. embassy ACS number over and over. No one answered. I ended up signing it and they let me go. I still have no idea what I signed. So I found myself asking again, "Why am I paying taxes?"

[Khun Jean]

I still have no idea what I signed.

Mm, that would be categorized as .....

So I found myself asking again, "Why am I paying taxes?"

If you never go back, why not just stop.

[impulse]

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%.

Conclusion: Not too many smart people in the US.

Not at all. Quick calculation: What's it cost to get a passport in a decent country vs what's it cost to pay taxes so the IRS doesn't ruin your life.

As has been said earlier (not by me), if Americans could afford to get passports from Oz, NZ, UK, or any other country that doesn't track and tax their citizens living abroad, there would be a stampede. Unfortunately, they typically require large investment or other onerous citizenship processes.

And those few countries that will sell you a legal passport are passports that won't get you across many borders.

If I'm wrong (I often am), I'd love to hear personal experiences.

Edited May 17, 2013 by impulse

[impulse]

I still have no idea what I signed.

Mm, that would be categorized as .....

>So I found myself asking again, "Why am I paying taxes?"

If you never go back, why not just stop.

'Cause eventually, your passport will expire and then you're hooped.

[SteeleJoe]

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

I realize that your joke was meant to make a (tired and cliched) point, but it makes no sense.

[SteeleJoe]

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.

I've been an admirer since seeing a tiny article about him in Time magazine when I first came to Thailand in '82 and I've followed him ever since. He was a visionary and made his visions spectacularly successful.

However, while I don't deny his extraordinary abilities and drive or diminish his accomplishments, very, very few Farangs in Thailand can get the head start he did (starting as a teen and with the right connections etc). So I don't know how much his story illustrates what is possible for Farangs here.

[Wat dee]

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.

What's so special about US citizenship?

[daboyz1]

Exactly.

I still have no idea what I signed.

Mm, that would be categorized as .....

>So I found myself asking again, "Why am I paying taxes?"

ockquote> If you never go back, why not just stop.

'Cause eventually, your passport will expire and then you're hooped.

Edited May 17, 2013 by daboyz1

[daboyz1]

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.

What's so special about US citizenship?

As far as I can tell it's the visa-free travel to alot of countries. Other than that, I can't think of anything.

[BlackPuddingBertha]

Anyone who has glanced at a Pizza Company menu will easily understand why the owner is a billionaire even though the restaurants are empty: at 400B for a pizza he only needs to sell a handful every day to achieve the title.

But all that doesnt stop the pizzas from being horrendously overpriced. The only mystery is what sort of idiot would actually pay that price for a bad pizza? I certainly wouldn't.

[lemoncake]

belg, on 17 May 2013 - 10:14, said:

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

under what law?

[SteeleJoe]

Anyone who has glanced at a Pizza Company menu will easily understand why the owner is a billionaire even though the restaurants are empty: at 400B for a pizza he only needs to sell a handful every day to achieve the title.

Anyone who glanced at your post will easily understand why you won't be as successful as Heinecke.

I share your opinion of the quality of the pizzas and their pricing. But the post above is wrong on so many levels...

[bangon04]

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!

and with the benefit of a Thai education.....

[chiangmaikelly]

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!

and with the benefit of a Thai education.....

I bet a certain family is wondering why they wasted the money sending sonny boy to Oxford.

[SteeleJoe]

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!

and with the benefit of a Thai education.....

I bet a certain family is wondering why they wasted the money sending sonny boy to Oxford.

Implying that ISB is representative of "Thai education" - or can even be called that - is about as nonsensical as believing that an Oxford education would be a waste of money (or that the particular student of Oxford*, or his family, were even hoping he would do what Bill Heinicke did; methinks that family - being among the top tier of their society - aren't necessarily feeling like they or their son haven't measured up to Mr. Heinecke).

*Pretty sad to even feel compelled to bring him in though, really...

Edited May 17, 2013 by SteeleJoe

[Estrada]

Anyone who has glanced at a Pizza Company menu will easily understand why the owner is a billionaire even though the restaurants are empty: at 400B for a pizza he only needs to sell a handful every day to achieve the title.

But all that doesnt stop the pizzas from being horrendously overpriced. The only mystery is what sort of idiot would actually pay that price for a bad pizza? I certainly wouldn't.

Anyone who has glanced at a Pizza Company menu will easily understand why the owner is a billionaire even though the restaurants are empty: at 400B for a pizza he only needs to sell a handful every day to achieve the title.

But all that doesnt stop the pizzas from being horrendously overpriced. The only mystery is what sort of idiot would actually pay that price for a bad pizza? I certainly wouldn't.

Bill and another friend in my Rotary Club were drinking in a pub many years ago when Bill said he had the idea to open a Pizza Hut franchise in Bangkok. My friend said "You will never get Thai's to eat Pizza", and did not invest in the franchise. I remember my Thai girl friend in the UK at that time also saying "Who would pay B400 for cheese on toast?". Amazingly Bill has proven us wrong and Thais have been flocking to fast food restaurants ever since for cheese on toast. As a result of this, there has been an explosion of slimming clubs and fitness clubs so that Thais who were predominately slim through eating healthy Thai food when I first came to Thailand 30 years ago, can lose all that extra weight caused by eating American style fatty foods. Personally I never used to like pizza, but his Pizza Company recipes are quite tasty. I think the best Pizzas are by Scoozi Restaurants such as in Seacon Square. However I must watch my weight I do not want to pay B400 for a pizza and then B400 at fitness first to take off the extra 2kgs!

[chiangmaikelly]

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!

and with the benefit of a Thai education.....

I bet a certain family is wondering why they wasted the money sending sonny boy to Oxford.

Implying that ISB is representative of "Thai education" - or can even be called that - is about as nonsensical as believing that an Oxford education would be a waste of money (or that the particular student of Oxford*, or his family, were even hoping he would do what Bill Heinicke did; methinks that family - being among the top tier of their society - aren't necessarily feeling like they or their son haven't measured up to Mr. Heinecke).

*Pretty sad to even feel compelled to bring him in though, really...

You're right. There is no point in education if one wants to be rich. Luck, persistence, intellegence, guts; you can always pay someone with an education to advise you.

[chiangmaikelly]

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!

and with the benefit of a Thai education.....

I bet a certain family is wondering why they wasted the money sending sonny boy to Oxford.

Implying that ISB is representative of "Thai education" - or can even be called that - is about as nonsensical as believing that an Oxford education would be a waste of money (or that the particular student of Oxford*, or his family, were even hoping he would do what Bill Heinicke did; methinks that family - being among the top tier of their society - aren't necessarily feeling like they or their son haven't measured up to Mr. Heinecke).

*Pretty sad to even feel compelled to bring him in though, really...

You're right. There is no point in education if one wants to be rich. Luck, persistence, intellegence, guts; you can always pay someone with an education to advise you.

I am right (in the post you quote).

But the rest of your post has nothing to do with anything I said, is something I would never say, and is not necessarily true at all.

If by the time you have received your secondary schooling - in Heinecke's case at an excellent school - you already have a business and other advantages (that he did), tertiary education is not always needed given the strengths you list. However, while I am the LAST one to insist that one must graduate from university to be successful - and even well educated - it is ridiculous to suggest that an education would serve no purpose in most cases and the vast majority of people don't have the abilities, opportunities, or inclinations to be an independent entrepreneur.

Ya you are right, "the vast majority of people don't have the abilities, opportunities, or inclinations to be an independent entrepreneur."

[metisdead]

A post with messed up quote headers has been removed, When you get this message:

You have posted more than the allowed number of quoted blocks of text

Don't use the BBCode Mode switch to bypass this as it only leaves a post with garbled quote headers and your post will be deleted.

[SteeleJoe]

A post with messed up quote headers has been removed, When you get this message:

You have posted more than the allowed number of quoted blocks of text

Don't use the BBCode Mode switch to bypass this as it only leaves a post with garbled quote headers and your post will be deleted.

Interestingly enough I didn't get that message. A vagary of the iPad app?

I wouldn't know how to use the BBCode Mode switch to bypass if I wanted to.

[lomatopo]

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

Not sure if you actually understand what the word "exponentially" means?

I think the 2012 figure was less than 1,800.

Even just based on Q1/2013 figures (679), maybe you meant a 30% increase?

Some interesting names: Harmed Kharzai's brother, Denise Rich.

Anyway, more than off-set by the ~ 2,600 EB5's (millionaires) from China.

Any employees Eduardo Saverin, who emigrated from Brazil to the U.S., might have accounted for, maybe a PA, are more than off-set by increased hiring at The FaceBook.

I think quite a few recent immigrants have been quite successful in the U.S., not including Barack Obama. Josie Natori, Lowell Hawthorne, Arnold Schwarzenegger, Shama Kabani, Sergey Brin, Carlos Castro, Jose Wilfredo Flores, John Catsimatidis, Igor Olenicoff, Jerry Yang. Obviously this list could go on for a few more paragraphs. And Abdulfattah "John" Jandali (Syria), and his mother, Joanne Carole Schieble (Switzerland) were immigrants; and the birth parents of Steve Jobs.

It is still relatively easy to hide/shield assets and income, and manage tax burdens, while maintaining U.S citizenship assuming you can get the proper advice and lobby for even more favorable treatments.

[terryp]

he got involved with some Thai elites who funded his business, not difficult once you make a profit (the Royal Garden Hotel, before it was the shopping mall on Pattaya beach road is what made all the doors open for him) he then saw the Yum brands opportunity and bought the Thailand franchise....I read his book , what a load of garbage

[3SoiDogNight]

I think quite a few recent immigrants have been quite successful in the U.S., not including Barack Obama. Josie Natori, Lowell Hawthorne, Arnold Schwarzenegger, Shama Kabani, Sergey Brin, Carlos Castro, Jose Wilfredo Flores, John Catsimatidis, Igor Olenicoff, Jerry Yang. Obviously this list could go on for a few more paragraphs. And Abdulfattah "John" Jandali (Syria), and his mother, Joanne Carole Schieble (Switzerland) were immigrants; and the birth parents of Steve Jobs.

Barack Obama, LOL!

You are correct about successful immigrants in America and we need more like the one's you listed. All of those you listed came to America LEGALLY and had no left-wing, non-profit advocacy groups fighting for them. To allow those who sneak across the boarder illegally is unfair to those that come to America the legal way. Sharing a boarder with a nation doesn't give you a right to jump in line ahead of everyone else that are playing by the rules.

..and I'm all in favor of deporting Baraq Hussein Obama, his illegal aunt collecting welfare and his drunk driving uncle!

[HarryMilton]

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

No, 17, as it stated in the report. 47 years ago, nearly five decades.