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Finance minister assures Japan of Thailand’s ability to cope with rallies

More expansion for Northern Thai

Offshore Money…


Finance minister assures Japan of Thailand’s ability to cope with rallies

Finance Minister Korn Chatikavanij last Friday assured the Japanese government and private sector that the Thai government is in a position to cope with the planned mass rally by anti-government red shirt demonstrators over the weekend.

Speaking via the Telepresence System from Japan where he is leading a Thai delegation in a road show, he said top officials and private-sector executives had joined his trip to explain doubts by Japanese investors regarding economic conditions, ongoing rallies by red shirt protestors, and investment suspensions in the Maptaphut Industrial Estate.

The minister said he clarified to the Japanese government and private sector that the rallies by the red shirts, the United Front of Democracy Against Dictatorship (UDD) had been staged because the UDD members, most of which are supporters of ex-premier Thaksin Shinawatra, refused to accept the ruling by the Supreme Court’s Criminal Division for Political Office Holders ruling to confiscate part of the frozen assets of the ousted premier while most people of the country accepted the decision.

The Thai government decided to enforce the Internal Security Act (ISA) in the capital and its environs since it expected the violence to erupt anytime.

The move was made to keep peace and order and for the safety of Thai people.

Korn said he was optimistic the government could cope with the planned rallies, which would help boost confidence among Japanese investors.

“Should we continue doing something that hurts our country, foreign investors may shift to invest in other countries, as India has a growth potential, Indonesia has an abundance of natural resources, and Malaysia has a sound political stability,” he said.

Regarding the demand by the red shirt protesters for the dissolution of the House of Representatives, he said it depends on Prime Minister Abhisit Vejjajiva’s decision.

“The premier made his stance in the parliament that he is ready to dissolve the House if it could benefit the country. Normally, the House should be dissolved when the government is unable to perform its duty in the parliament. But in case the government is under heavy pressure from street protests, it is the premier’s discretion to seek a way out,” he said. (TNA)



More expansion for Northern Thai

Dr. Iain Corness
Northern Thai Realty and Export, 25 years in the business and the longest established realtors in Pattaya, opened its third office in Pattaya last week. The new premises are on Thappraya Road, after the Thepprasit Road junction on the left, leading down to the Hanuman statue.

From left, Darren Perfect (representative), John Seymour, Buaphan Endonpradou (property advisor) and Supatkhem Pinakase (secretary).

The full range of services are being offered from the new office, and not just the REBA (Real Estate Brokers Association) backed real estate dealings, but also business services including company formation, Will service, visas and work permits, and the full range of insurance services covering property, vehicle, health and travel as well as construction and renovations.

With offices in the Philippines and three in Pattaya, Managing Director John Seymour says he can now offer investors excellent opportunities both here and overseas.


Offshore Money…

Time for a fresh look at your UK pension?

Jerry Dingley,
Director, Capital Partners International Ltd.

Up until recently, the options for those living overseas with Pension funds locked up in the UK were extremely limited.

Before 2006, the millions of UK citizens and individuals of different nationalities from around the world who had accumulated substantial lump sums in private or company pension schemes had no facility to move those funds when they later decided to become non resident.

There was no regulated and approved option that allowed for the transfer of UK Pension Funds to an overseas scheme which was recognised by Her Majesty’s Revenue and Customs (HMRC). This meant that monies were trapped in existing schemes and bound by their rules, or transferable only to other onshore UK plans. The result was an inflexible, unfriendly tax environment for what are obviously an important part of most peoples’ long term finances.

Pensions “A” Day in the UK, enacted via new legislation in 2006, that made provision for those living overseas to move their accumulated pension money into more flexible arrangements offshore that reflect a “non-resident for tax purposes” status, and with the full endorsement of HMRC. The official name for this part of the Act became known as ‘QROPS’ or Qualifying Recognised Overseas Pension Scheme.

In most cases the benefits of doing so can be significant:

* Leave the accumulated fund intact for dependants

* No requirement to purchase an annuity

* No liability to UK tax on income taken

* Early retirement option and 25% lump sum cash withdrawal

* Flexibility of investment choice

The QROPS option can help UK expatriates and other nationalities who have emigrated and who now live in many different countries and jurisdictions around the world; for example France, Spain, Malta, Cyprus, Hong Kong, Singapore, Malaysia, Jersey, Isle of Man, Guernsey, India, China, Canada, Ireland, Israel, Thailand, Dubai, South Africa, Switzerland, Monaco, United Arab Emirates and others.

It cannot be overstated, however, that each and every jurisdiction and QROPS Trustee granted approval by the UK authority to administer these transfers must strictly follow the HMRC procedural guidelines. There have been several incidences where this has not been the case and the consequences have been severe, often resulting in the imposition of large tax penalties on the entire pension amount.

It should be noted that QROPS transfers are not right for everybody

You cannot transfer a state pension into a QROPS, nor can you transfer your pension if you have already started taking income from an annuity. In addition, there are some quality defined benefits and final salary schemes offering specific long term guarantees which would make a transfer to any other scheme ill advised. Examples of this are nurses, police and some quality blue chip corporate ‘final salary’ arrangements, but in the majority of cases, there are significant advantages for those who qualify for the QROPS system.

People with international lifestyles have individual requirements and no two expatriates’ needs are exactly the same. You may be dividing your time between different countries, retiring abroad, temporarily moving overseas to develop your career, or perhaps working in a foreign country while retaining your main residence at home.

Whatever your situation, a change of location brings many challenges as well as opportunities and a professional financial review now can result in maximizing pension benefits and opportunities for many years to come. All UK Pension holders of any nationality already living overseas or planning to move, would be well advised to examine their own position and pension transfer options.

This article was contributed by the partners of QROPS Pension Centre and IFA International Ltd. See www.qropspensioncentre .com and / or email info@ qropspensioncentre.com for more information.