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Bankruptcy

Discussion forum for expats moving to or living in Thailand.

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Bankruptcy

Post Posted: Fri Dec 26, 2008 5:04 pm

I am planing moving to thailand in june but when i was younger i was made bankrupt and would just like to know if this will follow me as i would like to buy a house or condo.At the moment i don't earn great money but by june i will probably be on about £6000 a month and was wondering if this will work in my favour.I would be extreamly greatful if anybody could help me with this problem.

Regards
Dillon.

 

d1llon
Newbie
Newbie
 
 
  
Re: Bankruptcy

Post Posted: Thu Jan 01, 2009 10:55 am

From: Alex Tees ;www.legalexchange.com.au

Previous bankruptcy means you should arrange it so at least part of your income goes to a trust set up in a low tax offshore jursidiction such as the Isle of Man.

We can help you with this email atees @ bigpond.com

Any monies sent to UK should be kept in another structure/limited partnreship ? There.

Regards

Alex Tees
www.legalexchange.com.au

 

atees
Newbie
Newbie
 
 
  
Re: Bankruptcy

Post Posted: Tue Jan 06, 2009 4:08 am

d1llon, you do not make it clear if once you are living in Thailand you will still have the £6k/month income?

If so, you will be able to live like royalty there.

Buying a house: be warned that there is no 100% legal water tight way you, as a foreigner, can own land in Thailand. (Unless you are extremely wealthy).

Buying a condo: make sure it has foreign title. i.e. That there are not more than 49% of units in the block foreign owned.
Watch out for poorly maintained, crumbling old blocks and make sure there is a good residents association & that maintenence fees are actually spent on maintenence.

Mortgages for foreigners, with the exception of some new builds, are not commonly available.

My advice would be to rent a condo or house initially for a year or so before buying.

Deposits on new build condos: It is common for developers to take many more deposits than there are units available. This ofcourse gives them working capital with which to build. Near to completion they will tell you they have ballsed up & there isn't a unit available at the agreed price & offer you your deposit back. Hmmm, nice free loan!
If this happens just stand your ground & you should get your original deal.

 

Lancashirelad
Regular Poster
Regular Poster
 
 
  
Re: Bankruptcy

Post Posted: Wed Jan 14, 2009 5:39 am

Thanks for the advice guys it is very much appreciated and sorry I’ve not replied earlier but things are a little hectic at work. Just to answer your question Lancashirelad i will have 6/k tax free because I will be working all over the world but going back to Thailand on my time off. Do you suggest putting some of my wages into a Thai bank account or will my UK account be accepted over there?

 

d1llon
Newbie
Newbie
 
 
  
Re: Bankruptcy

Post Posted: Wed Jan 14, 2009 9:11 pm

If you do decide to buy then probably a Thai bank account would be useful.
Some banks won't let you open an account unless you have a visa, but if you are introduced by an existing customer, Thai or farang (foreigner) they may over look it.

However if you're only going to be visiting as you indicate, then i would open a Nationwide flex account here which will allow you free cash withdrawals anywhere in the world.

Can you get me a job on £6k a month? Smile

 

Lancashirelad
Regular Poster
Regular Poster
 
 
  
Re: Bankruptcy

Post Posted: Tue Jan 27, 2009 2:07 am

BEWARE of anything on the internet. Anything.

 

letitbe
Newbie
Newbie
 
 
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