A Bank In Bangko Where I Can Open An Off-shore Account

[MattFS218]

Does anyone know any banks in Bangkok that allow Thais to open up an off-shore bank account in USD? I'd perfer a Singapore or Hong Kong bank account. What is the process, and what documents are necessary? I'm trying to keep the money away from Thai taxation.

[kudroz]

Does anyone know any banks in Bangkok that allow Thais to open up an off-shore bank account in USD? I'd perfer a Singapore or Hong Kong bank account. What is the process, and what documents are necessary? I'm trying to keep the money away from Thai taxation.

Assuming that you want to keep your foreign source income outside of Thailand for Tax Avoidance (which is legal) and not hiding Thai source income outside of Thailand for Tax Evasion (which is illegal); here is how you do it:

You will need to fly to either Hong Kong or Singapore, preferably Singapore. You will then want to go to either one of these 3 HSBC branches:

- 6 Claymore Hill, #02-01 Claymore Plaza

- 21 Collyer Quay, #02-01 HSBC Building

- 270 Orchard Road, #02-01, Crown Hotel At Orchard

You will need to bring:

- Proof of address (bank statement, credit card statement, utility bill or tabian baan) translated in English and preferably endorsed by a registered lawyer.

- Passport

It will take about 3-7 working days, and you will receive either a phone call or email letting you know if you were accepted or not. If you are, they will mail you the proper correspondence depending on which account you chose to open. AFAIK in Singapore, HSBC amd Citibank are the most expat friendly banks and they will open you an account without the requirements of you having Singapore residence or work permit.

If you do not wish to travel, HSBC in Isle of Man can open account remotely (by courrier), but you will need to provide more supportive documents.

Reference

HSBC Singapore

HSBC Isle of Man (also Jersey and Guernsey)

Citibank Singapore

Edited November 3, 2006 by kudroz

[the pleiadian]

If you say you want to open USD fixed term, HSBC in Singapore or HK do not have good rates as other banks. UOB Singapore or DBS Singapore have much better rates, over 4.6% annual for a 6 month term deposit. I have a fixed USD account in HK at Wing Hang Bank, also high interest at over 4.6%.

I heard in Thailand's Bangkok Bank also have USD and other foreign accounts now. The minimum for USD fixed term is only 10000USD. But the rate is terribel at 4.something% for 6 months term then minus 15% tax on interests so its only 3something %.

To open bank account in HK, generally all you need is your passport. I opened my accounts at Wing Hang bank, Hang Seng bank and also Standard Chartered bank in HK with only passports about 5-7 years ago. In Singapore, UOB and DBS want a letter of referal from your current bank, they did not ask me for proof of adress, but this is also up to the discrcetion of each branch.

[Naam]

" UOB Singapore or DBS Singapore have much better rates, over 4.6% annual for a 6 month term deposit. I have a fixed USD account in HK at Wing Hang Bank, also high interest at over 4.6%"

******

meager rate Pleiadian. i am getting presently 5.21% on USD overnight rate. the offered rate for 6 months is marginally higher but it does not pay because reinvesting the interest yields more (based on the fact that interest is credited twice a month vs. once in 6 months).

[MattFS218]

Yes, I'm trying to keep foreign sourced funds outside of thailand...for my Thai gf, which I believe is legal.

Does anyone know of a bank of any of these locations having a branch in Bangkok that would allow the creation of an offshore account inside Bangkok?

[MattFS218]

Would a USD account with Bangkok Bank be considered a foreign bank?

--matt

[MattFS218]

She is about to be issued a chunk of income from the sale of assets, by check drawn on a US bank in USD. I just need a quick way for her to deposit the check and keep it offshore. Would I be able to have the check issued to her, and have her endorce the check to my E*Trade bank in America, without me having to pay taxes on it?

[kudroz]

Would a USD account with Bangkok Bank be considered a foreign bank?

--matt

No

She is about to be issued a chunk of income from the sale of assets, by check drawn on a US bank in USD. I just need a quick way for her to deposit the check and keep it offshore. Would I be able to have the check issued to her, and have her endorce the check to my E*Trade bank in America, without me having to pay taxes on it?

I would not advise it and ETrade will not accept endorsed check made to someone else's name.

What kind of assets is she selling? Depending on which kind you may have tax implications in different jurisdictions.

[MattFS218]

thanks for the nfo kudroz,

She would be selling a high value internet domain name. I don't know of any tax implications. So now, all I need to do is find a bank in America that will acept deposits endorsed from a 3rd party...then I'm good to go.

She will conduct the transction, and I can deposit the check for her into my account. Walla.

[kudroz]

thanks for the nfo kudroz,

She would be selling a high value internet domain name. I don't know of any tax implications. So now, all I need to do is find a bank in America that will acept deposits endorsed from a 3rd party...then I'm good to go.

She will conduct the transction, and I can deposit the check for her into my account. Walla.

See my reply here http://www.thaivisa.com/forum/index.php?s=...st&p=971060