Married Expat looking for financial advice

[justinfreidman]

Good evening people...

Just a bit of my background. I have been living in Thailand for 15 years now. I came here on holiday when I was 20 and never left. I spent the first 5 years getting drunk and then opened a small business which over the years has afforded me to live comfortably here.

5 years ago I met my wife and 2 years ago we were married. We now have an 18 month old son and my step-daughter lives with us. My business is doing better each year and life is good. I'm very content.

Recently after a death in the family I inherrited quite a large sum of money. It's currently sat in my UK bank account. Now I'm not sure what to do with it...

I've always wanted to buy land here and build my own house which I could do with this money. However, I'm very hesitant due to the fact that a foreigner can't legally own land. One option is to put it in my wife's name but that would be insane. We're very happy at the moment but in 5-10 years who knows? I think that's too much of a risk.

The other thing in my mind is the old saying that they don't want us here, we don't have a right to be here and never invest in Thailand what you're not willing to lose.

I know a lot of people have houses in their business's name, but even that isn't properly legal and uses loopholes.

Any suggestions would be great. I guess a safe option would be to keep the money in the UK bank and keep renting!

Are there any other options open to me, i.e. putting the land and house in my son's name?

Thanks,

Justin.

[itsmylife]

If you dun trust her why you marry her ? If you can afford to lose why not place the bet ? if you can't afford to lose why come here ?

[justinfreidman]

If you dun trust her why you marry her ? If you can afford to lose why not place the bet ? if you can't afford to lose why come here ?

Where did I say I don't trust her? I have no idea what the rest of your sentence is saying.

[itsmylife]

If you dun trust her why you marry her ? If you can afford to lose why not place the bet ? if you can't afford to lose why come here ?

Where did I say I don't trust her? I have no idea what the rest of your sentence is saying.

---> One option is to put it in my wife's name but that would be insane

[justinfreidman]

LOL. That doesn't mean I don't trust her. Of course I trust her or I wouldn't have married her.

Just because we're in a loving relationship now doesn't mean we won't end up hating each other in 5, 10, 15 years time.....

[optad]

Justin, i think now is a good time to have a bit of cash. I would not be too quick to buy given renting here is a cash positive situation mostly. Given you are young and not in a superannuated industry i would have that more heavily on my mind than purchasing, or at least seeking over time to improve that imbalance.

I think what my point is leading to is your being able to get share value in the coming years which you can do now with this flexibility. This will be great security for you and any partner/family you may have in the future. Property might be part of that too but don't be totally committed to any one thing and do get superannuated. There will be no pension for you at 67 that you can be assured of.

[justinfreidman]

Thanks for the advice. I guess that brings me to the question about what to do with the cash? i.e. How much do you bring over and keep in Thai bank accounts.

How safe are Thai banks? Are your savings in a Thai bank insured at all?

Maybe it's time to open a few offshore accounts and spread the money out?

I've already invested 20% of the money in gold in the UK.

[justinfreidman]

The other thing I've considered is buying a few condos to rent out.

[Wrong Turn]

Good evening people...

Just a bit of my background. I have been living in Thailand for 15 years now. I came here on holiday when I was 20 and never left. I spent the first 5 years getting drunk and then opened a small business which over the years has afforded me to live comfortably here.

5 years ago I met my wife and 2 years ago we were married. We now have an 18 month old son and my step-daughter lives with us. My business is doing better each year and life is good. I'm very content.

Recently after a death in the family I inherrited quite a large sum of money. It's currently sat in my UK bank account. Now I'm not sure what to do with it...

I've always wanted to buy land here and build my own house which I could do with this money. However, I'm very hesitant due to the fact that a foreigner can't legally own land. One option is to put it in my wife's name but that would be insane. We're very happy at the moment but in 5-10 years who knows? I think that's too much of a risk.

The other thing in my mind is the old saying that they don't want us here, we don't have a right to be here and never invest in Thailand what you're not willing to lose.

I know a lot of people have houses in their business's name, but even that isn't properly legal and uses loopholes.

Any suggestions would be great. I guess a safe option would be to keep the money in the UK bank and keep renting!

Are there any other options open to me, i.e. putting the land and house in my son's name?

Don't "buy" in Thailand.

But IF you "buy" then buy cheap.

Who benefits? Not you.

Keep your investments, cash, and assets in your home country OUTSIDE of Thailand. You already stated why. (Wife.)

[VBF]

Justin,

You sound like a very new investor and as such you're pray to all sorts of cons and cheats. (Don't mean to be rude - that's just a friendly warning)

If your money is in the UK, rather than ask here, why not go to a REPUTABLE IFA (one who's covered by the FCA) and get professional advice.

There are those who understand the needs of expats - do NOT ask a bank - any recommendations are not independent; they're constrained to offer what the bank itself offers.

Be VERY VERY careful that whoever you approach is indeed covered by the FCA rules and if possible get some references from satisfied customers.

Please do NOT be tempted to use one of the so-called Financial Advisers who plague Thailand - they're mainly unregistered (or registered in places like Cyprus or Gibraltar) and if their incompetence loses all your money, you'll have no-one to help you get it back.

At the risk of sounding like I'm selling something (I'm not) I can recommend The Fry Group in Worthing who have handled my Tax and Investments since 1985 when i was an Expat in Saudi. I do not get paid by them, I'm simply recommending a firm whom I trust. You can contact them via their website.. http://www.thefrygroup.co.uk/

VBF

Edited December 21, 2015 by VBF

[tolsti]

Joined 4hrs ago.... Hmmmm

[VBF]

Joined 4hrs ago.... Hmmmm

We all have to start somewhere - maybe he joined specifically to ask this question.

Benefit of the doubt, perhaps?

Edited December 21, 2015 by VBF

[Changnoi2]

I wouldn't bother with building one. Just buy a nice house in a moobaan that is slightly below your budget and put it in your wifes name, then if you have to walk away from it in the future then it wont destroy you emotionally or financially. You can also mention to your wife that because the hose will go in her name then the holiday home/condo its going in yours...then get a bloody 20 mil Pent house.

[Happy Grumpy]

Keep serious money outside of Thailand.

I own condos here that I could walk away from.

If you have the money to invest in rental properties in your homeland, do that.

Don't touch the rental income until you need to.

If you don't ever need to, your son will do well out of it.

[SpokaneAl]

If you have not already, I would suggest that you consider saving/investing that money towards retirement rather than buying a house. I don't know your age but the earlier you put money aside the bigger pile it can grow into.

[JHolmesJr]

Just leave the money where it is....and dont mention it to the mrs....wait a minute....you already did?!

[Suradit69]

Thanks for the advice. I guess that brings me to the question about what to do with the cash? i.e. How much do you bring over and keep in Thai bank accounts.

How safe are Thai banks? Are your savings in a Thai bank insured at all?

Maybe it's time to open a few offshore accounts and spread the money out?

I've already invested 20% of the money in gold in the UK.

"How safe are Thai banks? Are your savings in a Thai bank insured at all?"

Safe compared to Lloyds, which had to be rescued by the government in UK or Northern Rock, which experienced a bank run and government take-over? Yes, they're pretty safe.

It is expected that depositor insurance will be reduced to one million baht per depositor per bank soon.

Not sure why you would want to keep much more in a bank account here unless you have a specific plan for it. It'll be safe, but there is exchange rate risk and income risk, both of which might make it more attractive to keep money in UK.

If you're not an experienced investor, the bank you use in UK probably has some conservative investment funds available for purchase that would generate income that could be paid into your savings account and transferred here from time to time to augment your income. Depending on the amount available and your tolerance for some risk, you might also invest in equity funds on offer by your bank. Be careful of "investment advisers" who offer their "expertise. You may even get a few sending you PMs after reading your original post. Stick with services and advice available through major reputable banks in UK. Investment advisers will be primarily interested in making money for themselves and some are decidedly dubious.

I'm sure there are many people who have done well with rental property either in UK or Thailand, but the few people I know to have done either have had nothing but headaches & disappointment.

Just as an example: http://www.barclays.co.uk/Investments/Choosinginvestments/P1242658185185

Edited December 21, 2015 by Suradit69

[VBF]

Thanks for the advice. I guess that brings me to the question about what to do with the cash? i.e. How much do you bring over and keep in Thai bank accounts.

How safe are Thai banks? Are your savings in a Thai bank insured at all?

Maybe it's time to open a few offshore accounts and spread the money out?

I've already invested 20% of the money in gold in the UK.

Safe compared to Lloyds, which had to be rescued by the government in UK or Northern Rock, which experienced a bank run and government take-over? Yes, they're pretty safe.

It is expected that depositor insurance will be reduced to one million baht per depositor per bank soon.

Except that with both Lloyds and Northern Rock which are regulated by the FSCS in UK, up to £85,000 (£75,000 from next month) of your money is protected if they go bust.

Nobody actually LOST their money when these two had problems.

This is relevant because the OP stated his money is presently in UK.

Conversely, the Thai depositor insurance equates to less than £20,000 - assuming the reduction goes ahead and assuming that foreigners with deposits are treated the same way as Thai depositors. Maybe they would, maybe they wouldn't but I would feel a little uncomfortable in that situation.

Edited December 21, 2015 by VBF

[Suradit69]

Thanks for the advice. I guess that brings me to the question about what to do with the cash? i.e. How much do you bring over and keep in Thai bank accounts.

How safe are Thai banks? Are your savings in a Thai bank insured at all?

Maybe it's time to open a few offshore accounts and spread the money out?

I've already invested 20% of the money in gold in the UK.

Safe compared to Lloyds, which had to be rescued by the government in UK or Northern Rock, which experienced a bank run and government take-over? Yes, they're pretty safe.

It is expected that depositor insurance will be reduced to one million baht per depositor per bank soon.

Except that with both Lloyds and Northern Rock which are regulated by the FSCS in UK, up to £85,000 (£75,000 from next month) of your money is protected if they go bust.

Nobody actually LOST their money when these two had problems.

This is relevant because the OP stated his money is presently in UK.

Conversely, the Thai depositor insurance equates to less than £20,000 - assuming the reduction goes ahead and assuming that foreigners with deposits are treated the same way as Thai depositors. Maybe they would, maybe they wouldn't but I would feel a little uncomfortable in that situation.

My point was that banks in the US, UK or the Eurozone (Greek banks come to mind) are not totally without risk and there's no reason to believe any of the major Thai banks is any more at risk. Obviously all the people who queued up to withdraw their money from Northern Rock felt " a little uncomfortable" and fearful.

"£75,000 from next month"

The O/P said he inherited "quite a large amount of money." If you consider £75,000 to be quite a large sum, then I suppose he can sleep well at night and I don't really expect any UK bank depositor has cause for alarm. But I expect he's talking about more than would be guaranteed in 2016.

I also suggested, unless he had some specific purpose for it, he would probably not have a reason to keep much more than the million baht guaranteed deposit.

"Maybe they would, maybe they wouldn't but I would feel a little uncomfortable in that situation."

There's no legitimate reason to believe that any depositors would not be covered by the stated Thai Government guarantee ... other than xenophobia.

Edited December 21, 2015 by Suradit69

[rocketboybkk]

Buy s place in uk & rent it out

Appreciation is 10%pa and it will afford you more income

How much have you in the bank - ball park?

Where in uk you from?

Forget building house in Thai

Been there & sold twice

Always seems like a good idea but never is

I'll never do it again - probably

I'm married 15yrs & back in uk

Have land in Pattaya & udon still which has risen in value but land & house build sums don't add up to the actual worth unless you use the Thai system & guess a high price of what you'd like it to be then add more on & keep doing this each January

Sent from my iPhone using Tapatalk

[VBF]

Thanks for the advice. I guess that brings me to the question about what to do with the cash? i.e. How much do you bring over and keep in Thai bank accounts.

How safe are Thai banks? Are your savings in a Thai bank insured at all?

Maybe it's time to open a few offshore accounts and spread the money out?

I've already invested 20% of the money in gold in the UK.

Safe compared to Lloyds, which had to be rescued by the government in UK or Northern Rock, which experienced a bank run and government take-over? Yes, they're pretty safe.

It is expected that depositor insurance will be reduced to one million baht per depositor per bank soon.

Except that with both Lloyds and Northern Rock which are regulated by the FSCS in UK, up to £85,000 (£75,000 from next month) of your money is protected if they go bust.

Nobody actually LOST their money when these two had problems.

This is relevant because the OP stated his money is presently in UK.

Conversely, the Thai depositor insurance equates to less than £20,000 - assuming the reduction goes ahead and assuming that foreigners with deposits are treated the same way as Thai depositors. Maybe they would, maybe they wouldn't but I would feel a little uncomfortable in that situation.

My point was that banks in the US, UK or the Eurozone (Greek banks come to mind) are not totally without risk and there's no reason to believe any of the major Thai banks is any more at risk. Obviously all the people who queued up to withdraw their money from Northern Rock felt " a little uncomfortable" and fearful.

"£75,000 from next month"

The O/P said he inherited "quite a large amount of money." If you consider £75,000 to be quite a large sum, then I suppose he can sleep well at night and I don't really expect any UK bank depositor has cause for alarm. But I expect he's talking about more than would be guaranteed in 2016.

I also suggested, unless he had some specific purpose for it, he would probably not have a reason to keep much more than the million baht guaranteed deposit.

"Maybe they would, maybe they wouldn't but I would feel a little uncomfortable in that situation."

There's no legitimate reason to believe that any depositors would not be covered by the stated Thai Government guarantee ... other than xenophobia.

I agree about £75K not being much but, that's per institution, so there's nothing preventing anyone from having accounts in multiple banks/building societies, assuming of course they wish to keep it in cash deposits - that's a whole different conversation though.

Not xenophobia exactly, but it has to be said that the Thai government's attitude to foreigners can be "changeable" . One only has to witness the many visa changes, the fact that foreigners are not allowed to own land, etc etc.

None of us knows what changes are yet to happen when certain major events (which we may not discuss here) occur in Thailand and Thailand is, whether one likes it or not, less well-equipped to handle financial crises than the western economies.

My point is that (IMO) it's more likely that deposits in Thailand may be less secure than similar deposits in UK/Europe/USA, added to which that, as I pointed out above, the amount of money guaranteed is that much less (about £20K as opposed to £75K)

Edited December 21, 2015 by VBF

[bwpage3]

Be happy you have this windfall and leave it in the bank in the UK for a rainy day.

Thailand is a poor investment anyway you look at it.

If you are smart, save the money and move your wife/son back to the UK where he can get a world class education.

That is the best investment a father can make.

[justinfreidman]

Morning Everyone,

Thanks for the replies they've been very helpful and I will take it all on board. Funnily enough I had a few PM's recommending financial advisers within minutes of posting... I have to give them 10/10 for trying.

The amount was around 300,000 GBP so not a bad sum and no I haven't told my wife about it. I've been tempted to buy a new car with it, but I already have a car, so no big spends.

I will certainly keep it outside of Thailand. I guess I will keep a million baht here in Thailand spread across a few difference banks for a rainy day.

My only concern about it in the UK (or any country) is if there is a banking crisis there (like in Greece) so I invested 60,000 of it in gold bullion which is kept in a safety deposit box. I was thinking about investing a little more in precious metals.

Is it worth opening a few different offshore accounts (HSBC / Citibank in Singapore?) and keeping some money there?

I guess the best investment for it would be property in the UK. I actually sold my house in the UK when I 21 and moved here. I had rented it out for a year and had some bad tenants that literally trashed the place. I didn't want the headaches of renting so sold the house so not sure if I want that again.

Again, thanks for the constructive replies.

Justin.

[jacko45k]

LOL. That doesn't mean I don't trust her. Of course I trust her or I wouldn't have married her.

Just because we're in a loving relationship now doesn't mean we won't end up hating each other in 5, 10, 15 years time.....

Absolutely, things can change over time.

You seem wise for your years.

You could consider buying a condo in your name and renting it out, or putting some into your company name.

Any property could be put into your company name too couldn't it?

If you want to leave it in the UK some dividend paying 'blue chip' stocks might be worthwhile for a long term holding, not oil related right now but good technology stocks

Edited December 22, 2015 by jacko45k

[catman20]

If you dun trust her why you marry her ? If you can afford to lose why not place the bet ? if you can't afford to lose why come here ?

bit hard on the poor guy, at least he is a wear it will finish at some stage as 99% do and wants to protect his assets.

buy land and a house in a company name takes all the risk out of losing it to the wife when it goes tits up.

[catman20]

Morning Everyone,

Thanks for the replies they've been very helpful and I will take it all on board. Funnily enough I had a few PM's recommending financial advisers within minutes of posting... I have to give them 10/10 for trying.

The amount was around 300,000 GBP so not a bad sum and no I haven't told my wife about it. I've been tempted to buy a new car with it, but I already have a car, so no big spends.

I will certainly keep it outside of Thailand. I guess I will keep a million baht here in Thailand spread across a few difference banks for a rainy day.

My only concern about it in the UK (or any country) is if there is a banking crisis there (like in Greece) so I invested 60,000 of it in gold bullion which is kept in a safety deposit box. I was thinking about investing a little more in precious metals.

Is it worth opening a few different offshore accounts (HSBC / Citibank in Singapore?) and keeping some money there?

I guess the best investment for it would be property in the UK. I actually sold my house in the UK when I 21 and moved here. I had rented it out for a year and had some bad tenants that literally trashed the place. I didn't want the headaches of renting so sold the house so not sure if I want that again.

Again, thanks for the constructive replies.

Justin.

wouldn't touch investment companies I did they had my money for 7 years I took all the risk they took there commission and if there was anything let I got it, after 7years all I got back was all my funds no profit and was told I was lucky I never lost any of my money.

Edited December 22, 2015 by catman20

[LukKrueng]

Since you are married and you came by this money while you are married, 50% of this money belongs to your wife already. If you buy a house / land under her name, you are entitled to 1/2 the property value should you get divorced in the future.

In general, although about 50% of marriages in the west end in divorce, I never understand those who live their lives in daily fear of the bad relationship that might (or might not) occur in the future (so many here in TVF keep contemplating what will happen if the marriage will go sour before they even get married to a woman they claim the LOVE...).

BTW - the NUMBER ONE reason to ALL divorce cases is marriage.......................

[ggt]

People the world over are trying to figure out where is the best place to place their money when the world's economies are retracting with no change of direction in site over the next several years...

One thing you may want to check into...if you consider leaving the money in a UK bank..you may actually lose money depending on how your money is being cared for by the bank...fees and negative interest rates are the new gimmicks banks are using to fleece customers...

You are prudent to consider the possibility that your marriage may not pass the test of time...most posters here could identify with that statement...so make sure what ever you do you leave yourself some money that no one can get to but you in case of an emergency or you need to make a move and need the funds to finance your move...

You may want to look into PMs...Precious Metals...the are priced extremely low at the moment...and of course could go lower...but history says it is set to explode upward at any time in the near future...you can google Buying Gold and Silver and get a ton of information...you also can store PMs in many different places throughout the world...not advisable to store PMs at home...for obvious reasons...

Good Luck...I wish it was as easy as buying a CD at a good interest rate...but there are not any financial instruments that pay well or that I would trust in today's world...

[SpokaneAl]

Since you are married and you came by this money while you are married, 50% of this money belongs to your wife already. If you buy a house / land under her name, you are entitled to 1/2 the property value should you get divorced in the future.

In general, although about 50% of marriages in the west end in divorce, I never understand those who live their lives in daily fear of the bad relationship that might (or might not) occur in the future (so many here in TVF keep contemplating what will happen if the marriage will go sour before they even get married to a woman they claim the LOVE...).

BTW - the NUMBER ONE reason to ALL divorce cases is marriage.......................

I don't know about England, but that is definitely not true in the US. If one person inherits the funds, if care is taken, those funds remain in the sole ownership of the inheritor, no matter what the marital status. It only becomes community property when you no longer segregate it and place the inheritance into accounts/property etc registered in joint ownership. Edited December 22, 2015 by SpokaneAl

[georgemandm]

LOL. That doesn't mean I don't trust her. Of course I trust her or I wouldn't have married her.

Just because we're in a loving relationship now doesn't mean we won't end up hating each other in 5, 10, 15 years time.....

Sorry to say you will be apart of the 99% of man that go to thailand if you put that money in to thailand , buy something back home if you can and rent it out .

But I am telling you not saying but telling you don't don't be that stupid and put that money in to thailand it is 3 rd world and the government sorry to say make it so hard for man from the west to live there and you have no hop at all of selling it if it turns to shit just look at how many homes are on the market in all of thailand that are build by western man shit loads and most never ever get sold .

So take my advice and not put it in to thailand my homes back home go up by $30,000 dollars a year in my country why would I be stupid to put all my money in to thailand no way . Rent rent because as you say you have no idea how you life will go in the future cheers all the best .