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al007

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Posts posted by al007

  1. Thousands of British expats could face tax penalties for undeclared cash: report

     

    http://www.internationalinvestment.net/products/thousands-british-expats-face-tax-penalties-undeclared-cash-report/

     

    Big brother is watching and closing in, it will only be a matter of time before visa information is shared between Thailand and the UK, ( and we do not know it is not being done at present)and then many claiming benefits , including inflation linked pensions identified and prosecuted

     

    If I were a UK pensions auditor, I would contact Thai immigration with a request to access their immigration system, and low and behold I would immediately expose a lot of fraud, and recover big sums for the UK revenue

     

    As regards undeclared cash, I believe as Thai Tax residents we do not have to pay tax on overseas earnings so long as the interest is not remitted to Thailand in the year in which it is  earnt, ANY CLARIFICATION from those better informed than me appreciated. This benefit is also applicable to Thai Citizens

     

    Thailand is a very tax friendly country to live in

     

    In the meantime, if you are one of those who has "forgotten to tell HMRC, and UK pensions where you live, " I would strongly recommend you do so soon, the benefit could be, no questions and no big penalties and repayment of what has been claimed incorrectly

     

    A simple letter like I wish to inform you I will be living in Thailand from say August 2017 should be sufficient

  2. Just bought  electric gate closers  32 kilos from china, tried to avoid DHL, and of course when in Bangkok DHL gave all sorts of problems

     

    Fortunately the seller gave a very reasonable invoice price attached to the shipment and saved big money, but still paid a lot of duty and vat on the invoice price plus also have to pay it on the shipping costs, then DHL add on another 200 to each invoice for handling

     

    I thought there was free trade with china ??

     

    However received today

  3. All being made too difficult

     

    Take a blank sheet of A4

     

    And write this is my last will and testament, I am of sound mind and I revoke all former wills and codicils and intentionally wish to die intestate

     

    have it witnessed and signed and that is your last will

  4. I am on no six on marriage extension

     

    Yes the paper work is a little greater

     

    However as we know rules are always changing, and I believe we are safer with a marriage extension rather than retirement extension

     

    The govt in its wisdom could make the requirements on the retirement, any time too onerous for many, I think they are unlikely to do this on the marriage extension as it would directly impact on Thai ladies

  5. There is a lot of talk here about double taxation agreements DTAs. 

     

    Remember a DTA does not cover reciprocal agreements for the likes of healthcare and government paid pensions, the UK has a DTA with Thailand but no reciprocal pensions and healthcare agreement, hence no indexation of Uk pensions to people living here

     

    The Philippines on the other hand has a reciprocal agreement for pensions and healthcare, and if you lived there you would get your indexation of pension each year

     

    And yes it all takes a lot of understanding

    • Like 1
  6. 13 minutes ago, BritTim said:

    At one time, any foreigner who spent more than (if I remember correctly) 90 days in Thailand during the year was obliged to get a tax clearance on every occasion before leaving the country. It was a nightmare. The best Prime Minister Thailand ever had (Anand) earned my eternal gratitude for abolishing this. If it ever came back, I would probably never spend significant time in Thailand again.

    Yes not  uncommon, around 1970 I was working for PriceWaterhouse in Jamaica and to go to even Miami for a week end you needed a tax clearance letter

     

    that was when I started t learn to type after the  secretaries had gone home, bad man that I am the easy way was to type my own and sign them, never had a problem, and incidentally I also paid all the taxes I owed in that country

  7. 5 minutes ago, mngmn said:

    Do you mean that pension income is not taxed in Thailand?  It certainly is in UK and in Australia (unless it is received from a registered superannuation fund in Australia's case).  Have also heard of Aussies who become non-tax residents of Australia, losing their 17k personal allowance and are then taxed on their Australian state pension!

     

    Don't know which country you are from, but in Australia's case, your wife would be a non-resident for tax purposes and she would pay Australian tax unless you set up a superannuation fund for her which I believe would be difficult as as she is a non-resident.

     

    Tax is incredibly complex.  Best to get a trust worthy tax advisor in your home country to do your estate planning.  Beware of local advice and most certainly do not plan on any information you receive on this forum - including myself!

    I am talking about a thai wife resident in thailand, and the income would be defined as widows pension

     

    I have a better tax knowledge than most as a simple retired Chartered Accountant

     

    But to get a definitive answer I probably need a local thai tax expert

  8. 16 minutes ago, CharlieH said:

    Not quite.

    "Resident” means any person residing in Thailand for a period or periods aggregating more than 180 days in any tax (calendar) year. 

     

    So if you are here more than 180 days in a tax year you are liable for tax on income from within Thailand AND from outside. Unless the income from outside is already taxed and that country had a bilateral agreement with Thailand.

    Is my understanding.

    I believe this is not totally correct read what ubonjoe posted only taxed on income brought into thailand in the same year as it is earnt, so leave that income outside thailand for the tax year and it becomes savings, and no tax on savings brought in 

     

     

  9. 1 hour ago, overherebc said:

    UK taxes my pensions so Thailand does not require me to pay any tax here. If I changed my UK status for tax then I would be liable to pay tax on the money if it arrives in Thailand in the same year it's paid in UK.

    Scandies seem to be stuck with a different system.

    I think this is maybe incorrect

     

    As a retired UK Chartered Accountant, I believe what ever your status is in the UK any pension or other income generated in the UK is liable to UK tax and there is no way round that whatsoever

     

    In my case My UK OAP is just below £10,000 pa and as the personal allowance is above this and I have no other UK income I am taxed at 0% in the UK on my UK pension

     

    Thailand says I believe pension income is tax free here in Thailand

     

    I have another pension from A QROPS in Gibraltar this gets taxed at 2.5% in Gibraltar but there is no further tax to pay whenever I bring it to thailand as it is pension income, Gibraltar has no double taxation agreement with Thailand so I believe

     

    If your QROPS were in Malta you would suffer 30% Maltese withholding tax and as there is no Malta /thailand double taxation agreement, you would be unable to reclaim that tax deducted, so choice of location for QROPS is critical

     

    I am no Thailand tax expert but believe my understanding to be correct

     

     

  10. I understand Thailand immigration computer system based on the USA model, and will compare date of birth, facial recognition, and probably more than we know

     

    So gone are the days when a quick name change, or a new passport will eradicate ability to link to previous one

     

    All it now does; is when found out make the consequences far more severe

     

    Keep life simple and play by the rules, but then no doubt the Bangkok Hilton may be appealing to some; but not me

  11. 4 hours ago, Bulldozer Dawn said:

    Al007

     

    You will recall that I am a long term member and fellow participant on TV.

     

    I commented recently on one of your posts on another thread about live aboard sailing.  I observed that it was a wise and insightful comment upon life especially given your current health situation.  I understand, from your own previous posts here on TV, that you are currently battling cancer and have other very serious related health problems. You thanked me for my kind words.

     

     

    Ok lets try and clear the air

     

    I am very aware of defamation laws, and do not wish to go there

     

    I appreciate your opinion, and trust on a reciprocal basis I am also allowed to have an opinion

     

    I wrote some general comments without naming any one or intending to shame anyone particularly as is still my wish

     

    You have named a bank and a financial institution  giving the  links, something I did not do, especially respecting defamation laws

     

    Maybe other TV members will check those links and offer their views

     

    I MAYBE INCORRECT ON MY DOUBTS but believe I am entitled to my personal opinion

     

    I stand very strongly behind my comments that to obtain 8% returns on US dollars without very high risk is almost impossible, show me and I will invest substantially

     

    We do also live in an environment where boiler house scammers are prevalent unfortunately

     

    Am I not entitled to my opinion do not touch it with a barge pole, only my humble opinion, I was also wrong on the Facebook floatation, I thought it was overpriced, I was so very wrong

     

    Obviously you have seen the same advert that I also saw, , you are suggesting to me that I have made defamatory statement, I assure you and all others that is not my intention

     

    I have also seen on this other site a poster with a similar name to yours Bulldozer, I draw no conclusion from this, but wonder if the two are the same with vested interests

     

    Would it be possible for you to say whether or not you have any interest in this other forum

     

    I have also tried to unsubscribe from this other website

     

    I wish to quietly enjoy what life I may have left

     

    Please do not upset further an old man dying from both Prostate and Colorectal cancers

     

    You are VERY entitled to your opinion but please allow others to draw their own conclusions

     

    MAYBE THE MODERATORS FEEL THIS THREAD SHOULD BE CLOSED, AND I LEAVE THAT DECISION UPTO THEM, all I am trying to do is honestly save the financially uneducated from loosing money, many honest people are maybe too trusting

     

    God Bless

  12. 40 minutes ago, starky said:

    Do you also feel the same amount of hate for women (not only Thai) that pick on those that arent financially aware and do them out of houses, cars and their life savings too or is this just a narrow focus rant?

    This is not intended to be a narrow focus rant

     

    I believe I have above average financial intelligence

     

    The average bad female preys on one , these prey on everyone

     

    Yes I am trying honestly and without motive to stop some of this exploitation

     

    The wealthy , if they are stupid and greedy their problem

     

    But lets take the man of 70, retired in Thailand, has told the UK he is here and does not get his inflation linked rise every year, maybe he has £60,000 in the bank, and is struggling to make ends meet, and he is getting almost no interest on his money, that is where my so called rant is aimed, a 7 to 8% return to him is very attractive, maybe at home he was a fireman, or a policeman, or a store keeper who knows

     

    Governments in my country the UK try to protect people. and I am only trying in my own little way to offer advice,

     

    And Yes i was ripped off by one Russian/Israeli bitch, she took 85% of my worldwide assets after 15 months of marriage, but I learnt and am not bitter, without that bitch from hell, I would not have my peace and contentment today with my thai wife of 9 yrs, I learn from my mistakes and try to share my experiences to help others

     

    Thai Visa is only as good as the quality of the posts it receives

     

     

  13. I have to add the following, I believe a large number of these scammers originate from my country, United Kingdom, originally they hid on the costa del sol/crime, in southern Spain, but many have now migrated to Asia, and the cheap international call costs makes life easy for them here

     

    Yes they will dress well, yes they drive expensive cars, yes they look successful, yes they talk well, and the little wife then says look they do so well why don't we listen to them

     

    Wolf in sheeps clothing

  14. As an older man, who hates to see other honest people exploited, all I am saying is be careful

     

    The defamation laws make it difficult to actually name, and show explicitly what I found, these laws protect the criminals

     

    As a simple retired Chartered Accountant, who has worked globally in treasury and many areas of finance, I am simply trying to warn people, from my own personal experiences over many years

     

    Many years ago, like maybe 1978/79 Mexico was offering 360% per annum interest on the peso, not a boiler room scam, BUT the currency was devaluing at a faster rate, so if you took 100US dollars invested in pesos, at the end of the year, despite the very high apparent rate you actually got back only 90 US$, at that time in the UK rates were close to 17% and even higher in the USA

     

    It is quite possible to get to get higher rates on some currencies, but then you have to look at the exchange risk as well

     

    The advert I refer to above, was made to look like a reputable Thai bank offering this, however when checked in a little more depth was a separate organisation, claiming to be set up to benefit children, although there was an email address looking very similar to the banks name

     

    US $ and Thai Batt were both being suggested at around 8.5% for two year fixed, so they take your money and have two years before the day of reckoning, the advert refers to some risk, so in two years time when all is lost they say to you we told you of the risk

     

    This is being offered in an unregulated country, in an unregulated financial environment, these types of adverts in Europe, USA, Australia are illegal

     

    Also my post on that particular site was removed, this is a site promoting general investment, and my post was carefully worded, suggesting this is not kosher

     

    I personally do not believe Thai Banks in Thailand are particularly risky

     

    I am fortunate I have a very broad financial background, and generally get investing correct, but not always, I to have made expensive mistakes, I only try to gently warn people, be careful with hard earnt money

     

    In the UK and Offshore QROPS pensions field there are many pensioners, including some Chartered Accountants, who have been ripped off, even honest investments can go wrong, but I say at least try to stay at the beginning with the honest ones so as to give luck a better chance

  15. 10 minutes ago, stevenl said:


    Very strict defamation rules in Thailand.

    sent using Tapatalk
     

    You are absolutely correct, and it works so strongly in favor of the crooks and dishonest, and make keeping the honest and gullible well informed  rather difficult,

     

    I often wonder how sites like trip adviser manage to post honest and negative reviews about specific properties, if I owned a rip off place and someone wrote a bad but honest review all I would have to do is say defamation and it would probably vanish

  16. Well amazing absolutely amazing

     

    My observations on where these returns were being offered, have been removed

     

    PLEASE BE CAREFUL WITH YOUR MONEY, it is to be used for you to live on, for your pleasure, to pay your bills to lavish on yourself BUT not unknowingly be given to scammers

  17. Mr Old Guy, hopefully YOUNG AT HEART, 

     

    I was born with nothing, and came to this world hoping for luck, and with some help from myself I have been very lucky

     

    I read this topic because I also worry about dying

     

    I am appalled by some of the uncaring nasty posts here

     

    Remember most funerals are done at local temple, and the party afterwards is probably paid for by the contributions from the attendees, I am sure a funeral need not be an expensive item

     

    I have requested my wife not to waste money when I go, and when the vultures arrive as they will asking for too much money just say unfortunately he did not leave me well provided for ( not actually true but gets rid of them )

     

    If you ever want to talk please PM me and I will willingly give you my number

     

    Remember you are already lucky by having a caring Thai wife

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